Are gold shops in Nghe An temporarily suspending transactions of SJC gold bars?
The price of gold rings is continuously rising, and the gold ring market is quite active. Meanwhile, many businesses in Nghe An have temporarily suspended trading in gold bars for several weeks now…
On the morning of July 15th, the price of gold rings in Vietnam increased by 100,000 VND per tael. Accordingly, SJC Company bought at 75.15 million VND and sold at 76.75 million VND; PNJ Company bought at 75.15 million VND and sold at 76.6 million VND…
In addition, gold trading companies have taken new action, increasing the buying price of gold bars by 500,000 VND/ounce after 5 weeks of stagnation, to 75.48 million VND, while the selling price remains unchanged at 76.98 million VND. Currently, the price of SJC gold bars is nearly 3 million VND/ounce higher than the world price, and gold rings are 2.6 million VND/ounce higher.
In Nghe An province, according to a survey of several gold and silver businesses, gold rings are currently being bought at 74.00-76.20 million VND/ounce and sold at 76.65-77.45 million VND/ounce. The price difference between gold and silver businesses is quite high, reaching nearly 2 million VND/ounce for both buying and selling.
The price of gold rings has risen sharply, sometimes exceeding the price of gold bars, making the gold ring market in Nghe An quite vibrant. Mr. Nguyen Duy Tuan P., who was buying gold at a gold shop on Cao Thang Street, said: “The price of gold rings is closer to the world gold price, fluctuating steadily in line with the world gold price. Therefore, I choose to invest in gold rings. I invest in gold when I have spare money and it's for the long term, so in my opinion, gold rings are more stable and safer.”
According to gold shop owners, for more than a month now, the amount of gold rings sold has been 2-3 times higher than before. Whether buying gold for weddings, gifts, or for savings and investment, people are choosing to buy gold rings. In the last few days, as the price of gold rings has continued to rise, surpassing the price of gold bars, people at gold shops have mainly been selling gold bars.
Ms. Tran Anh Thu, an employee at a large gold shop on Cao Thang Street, said: "The price of gold rings remains high, close to the world gold price, with little fluctuation in the opposite direction, so buyers choose to invest, and when the price of gold rings rises, many people also take advantage of the opportunity to sell and lock in profits."
Conversely, for nearly five weeks, the price of SJC gold bars has remained unchanged. Starting on June 3rd, the State Bank of Vietnam began selling gold to stabilize prices through four state-owned commercial banks and SJC Company. Subsequently, the price of SJC gold bars decreased by 3 million VND/ounce, from 79.98 million VND/ounce to 76.98 million VND/ounce on June 6th, and has remained at that level until now. Gold trading units in the market maintain the buying price at 74.98 million VND/ounce and the selling price at 76.98 million VND/ounce.
Compared to its peak, the price of gold bars was up to 17-18 million VND/ounce higher than the price of gold rings. Now, the price of gold rings has surpassed that of gold bars, with the price of gold rings officially higher than SJC gold bars for the first time by 150,000 - 400,000 VND/ounce.
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Therefore, people are quite hesitant to buy gold bars. And for more than a month now, gold bar trading in Nghe An has been temporarily suspended. On the morning of July 15th, when directly inquiring at large gold shops on Cao Thang, Tran Phu, and Le Loi streets, it was learned that for many days, businesses have not been buying or selling gold bars, and the gold bar section on the price list is blank.
At many gold shops in districts such as Dien Chau, Yen Thanh, Do Luong, and Thai Hoa town, staff have announced that they have temporarily suspended transactions for several days. When asked why they are not conducting transactions, the staff replied, "You should ask the shop owner directly."
"Since gold bars were transferred to the four major banks for sale, gold shops in Vinh City have stopped buying and selling gold bars. Occasionally, I stop by the large gold shops to see if there are any customers selling gold bars, and then I buy them back," said Ms. Nguyen Thi MH.
Kitco News' latest weekly gold survey shows that leading experts are optimistic about the upside prospects for gold next week, while retail investor sentiment remains very positive.
Specifically, 12 out of 13 Wall Street experts predict that gold prices will rise further next week, while only one analyst predicts a decrease. None of the experts predict that gold will remain stable next week.
Meanwhile, 178 votes were cast in Kitco News' online poll of retail investors. This group of investors maintained their optimistic stance from last week.
Specifically, 119 traders predicted that gold prices would rise next week (67%); 32 others predicted the precious metal would trade lower (18%); and only 27 held a neutral view (15%).
