Gold price continues to increase but buyers still suffer heavy losses
After the trading sessions slowed down, on November 16, the domestic gold price suddenly increased by 300,000 VND/tael. Although the price of gold increased, the difference between buying and selling prices remained at 1 million dong/tael, causing gold buyers to suffer heavy losses.
At 7 a.m. on November 16, the domestic price of gold bars was listed by Doji Jewelry Group at 66.7 – 67.7 million VND/tael (buying in – selling out), an increase of 300,000 VND/tael in Vietnam. both buying and selling directions compared to yesterday.
Phu Quy Jewelry Group listed at 66.7 – 67.7 million VND/tael, an increase of 200,000 VND/tael in the buying side and 250,000 VND/tael in the selling side. The round ring is listed at 53.4 – 54.35 million VND/tael, remaining the same as yesterday’s closing session.
The Saigon Jewelry Company (SJC) listed the price of gold bars at 66.7 – 67.7 million VND/tael, an increase of 200,000 VND/tael in both buying and selling directions. The price of SJC gold ring (weight of 1 thread, 2 thread and 5 thread) is at 53.8 – 54.8 million VND/tael, up 150,000 VND/tael.
Although the gold price increased, the gold company simultaneously widened the difference between the buying and selling prices to 1 million dong/tael. The fact that the gold store pulled the difference between buying and selling made gold buyers suffer heavy losses even though the gold price increased.
In the morning of November 16 (Vietnam time), the world gold price was at 1,776 USD/ounce, up 7 USD/ounce compared to the end of the previous afternoon. According to the current exchange rate at Vietcombank, the world gold price is about 53 million VND/tael (excluding taxes and fees).
Gold price increased but buyers still suffered heavy losses. Illustrations
On the domestic currency market, at 7 am on November 16, the central exchange rate was kept unchanged by the State Bank on November 15 at 23,677 VND/USD, down 1 VND/USD compared to the previous one. The reference rate at the State Bank’s Transaction Office is at 24,860 VND/USD.
At commercial banks, at 7:00 am on November 16, Vietcombank listed the exchange rate at 24,580 – 24,860 VND/USD, unchanged in both buying and selling directions. Vietinbank listed at 24,555 – 24,861 VND/USD, an increase of 20 VND/USD in the buying direction and 3 VND/USD in the selling side compared to the previous one.
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