As of the morning of March 8, Saigon Jewelry Company listed SJC gold bar prices at about VND 182-185 million per tael for buying and selling, unchanged from the previous day as the domestic market was closed for weekend trading.
Other major traders, including Phu Nhuan Jewelry, DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai and Mi Hong, also ended the week with gold bar prices at similar levels.
Compared with the record high of VND 190.9 million per tael recorded on March 2, domestic gold bar prices have fallen by nearly VND 6 million per tael.
After accounting for the gap between buying and selling prices, investors who bought gold at the peak are now facing losses of nearly VND 9 million per tael, equivalent to about 5 per cent.
However, compared with the level recorded at the end of last week, the decline is smaller, at roughly VND 2 million per tael. Including the buy-sell spread, investors who purchased gold late last week are estimated to be losing about VND 5 million per tael.
Similar declines were recorded in the gold ring segment, where prices dropped by around VND 5-6 million per tael over the past week.
Saigon Jewelry Company currently lists 99.99 per cent gold rings weighing between one and five chi at about VND 181.7 million per tael for buying and VND 184.7 million per tael for selling.
Other traders such as Phu Quy Group, Phu Nhuan Jewelry, DOJI, Mi Hong, Bao Tin Minh Chau and Bao Tin Manh Hai also ended the week with gold ring prices ranging from VND 182-185 million per tael, roughly equivalent to SJC gold bars.
With the weekly decline of VND 5-6 million per tael and a buy-sell spread of around VND 3 million per tael, investors who bought gold rings at more than VND 190 million per tael on March 2 are now facing losses of around VND 8-9 million per tael.
Meanwhile, the gap between domestic gold prices and global gold prices converted at the March 6 exchange rate has widened to about VND 21 million per tael.
In its latest report, the World Gold Council said a potential weakening trend in the US Dollar Index could support gold prices in the medium term.
Rising geopolitical tensions are also reinforcing gold’s role as a safe-haven asset. According to historical data from the council, gold prices have risen in roughly two-thirds of cases when geopolitical tensions escalate significantly.
Despite the generally positive outlook, the council warned that the current high price level may make some investors more cautious.
If strong financial flows continue to support economic growth in regions such as Europe, Japan and other major economies, gold could become less attractive as investors shift toward equities amid stable growth prospects.
