Vietnamese Gold Price Continues to Decline, Losses Widen

Two weeks after hitting its low on July 23rd, the gold price has continued to decline. At SJC, the buying price of gold bars was 137 million VND/ounce and the selling price was 141 million VND/ounce. Those who bought on July 23rd at 140 million VND/ounce lost 2.5 million VND/ounce by the end of the first week, and now the loss has increased to 3 million VND/ounce.

At DOJI, gold bars are currently priced at 137 million VND/ounce for buying and 141 million VND/ounce for selling. Compared to the selling price of 140 million VND/ounce on July 23rd, buyers lost 2.5 million VND/ounce in the first week and are now losing 3 million VND/ounce in the second week.

PNJ Hanoi saw a loss of 3.8 million VND/ounce in the first week, but this has narrowed to 3 million VND/ounce, matching the general market level. Mi Hong continues to be the place where those buying at the bottom can breathe the easiest, with SJC gold bars currently being bought at 137 million VND/ounce and sold at 139 million VND/ounce.

Overall, after two weeks, those who bought at the bottom on July 23rd not only failed to break even but also saw their losses widen by approximately 500,000 VND/ounce compared to the first week. With the current buy-sell spread of 4 million VND/ounce, the selling price would have to increase by about 3 million VND/ounce, exceeding 144 million VND/ounce, for those who bought on July 23rd to break even.