High buy-sell spread paralyzes Nghe An gold market.
Currently, the gold market in Nghe An is in a near-frozen state due to the excessively high difference between buying and selling prices.
On the afternoon of April 17th, domestic gold prices continued to surge dramatically. At the opening of trading this afternoon, domestic gold prices set a new record, with SJC gold listed at 115.50 million VND/ounce for buying (up 2.5 million VND/ounce) and 118 million VND/ounce for selling (up 2.5 million VND/ounce).
DOJI gold prices are 115.50 million VND/ounce for buying (up 2.5 million VND/ounce) and 118 million VND/ounce for selling (up 2.5 million VND/ounce).
PNJ gold is currently being bought at 114 million VND/ounce (up 3.5 million VND/ounce) and sold at 117 million VND/ounce (up 3.4 million VND/ounce).
Meanwhile, gold rings also surged to 113-114 million VND/ounce (buying price) and 117-118 million VND/ounce (selling price). This marks the 14th time in 2025 that world gold prices have reached a new peak, reflecting the strong appeal of the precious metal amidst global volatility.
In Nghe An, the price of gold is currently listed by private gold and silver businesses at 111-119 million VND/ounce (buying price - selling price). Specifically: At Kim Thanh Huy gold and silver business, the price is 10,900,000 VND/ounce (buying price) and 11,900,000 VND/ounce (selling price); at Nhu Trinh gold and silver business (Yen Thanh district), the price is 11,150,000 VND/ounce - 11,700,000 VND/ounce (buying price - selling price); and at Mai Linh gold shop (Thanh Chuong district), the price is 11,200,000 VND/ounce - 11,750,000 VND/ounce (buying price - selling price).
Normally, the difference between the buying and selling price of gold only ranges from 700,000 to 1.5 million VND/ounce, and at most only about 2-3 million VND/ounce during sensitive periods. However, on April 17, 2025, in Nghe An, the spread between buying and selling prices at gold shops widened significantly compared to previous trading sessions.
Specifically, the selling price differs from the buying price by as much as 600,000 - 800,000 VND per tael (equivalent to 6-10 million VND per ounce), which is 2-3 times higher than the normal level and 2-3 times higher than the buy-sell spread in the domestic market.
This clearly indicates that the gold market is in a state of instability, and gold trading businesses must widen their margins to avoid risk. Furthermore, when prices rise too high, businesses are hesitant to buy, because if the price reverses, they will suffer significant losses.
Therefore, when the spread between buying and selling prices is unusually high, it negatively impacts the market. Sellers are reluctant to sell because they would suffer heavy losses due to low buying prices. Buyers are also hesitant to buy because prices are too high and they fear a sharp drop in price afterward. As a result, the gold market in Nghe An is currently paralyzed.
In contrast to previous gold rushes where people would sell their gold to take profits, the afternoon of April 17th witnessed a starkly different scene: quiet and cautious. Most people were observing from the sidelines. "I'm hesitant to buy because I'm afraid of buying at the peak, and if I sell, I'll be forced to accept a very low price. I had two gold bars that I intended to sell, but the price difference was too high, so I decided against it and will wait a few more days to see what happens," said Mr. Nguyen Van Tam (Quan Bau Ward, Vinh City).
According to observations at several gold shops on the afternoon of April 17th, the number of customers was very low. Most only came to inquire about prices and then left. Almost no actual transactions took place. The excessively widening price fluctuation in the gold market is causing concern about market instability and public sentiment.
