Near Tet, gold price in Nghe An increases again

In the first 10 days of 2025, the price of gold has continuously increased. As of January 10, the price of gold has increased by more than 2 million VND/tael compared to the previous month. Specifically, gold bars of brands are being bought at 84.5 million VND and sold at 86 million VND/tael. With the above price, SJC gold bars are 3.4 million VND/tael higher than the international gold price.

For SJC 9999 gold rings, the listed price is 84.5 million VND/tael for buying and 85.8 million VND/tael for selling, an increase of 500,000 VND in both directions compared to January 9.

In Nghe An, the gold price on the morning of January 10 was listed as follows: gold ring price fluctuated from 84.5-85 million VND/tael (buy) and 86.45-87.0 million VND/tael (sell); gold bars alone have not been publicly listed yet. Compared to the domestic gold price, the gold price in Nghe An was listed 500,000-700,000 VND/tael higher for selling; the buying-selling gap therefore widened, 1.7-2 million VND/tael.

Unlike previous years, the gold market is bustling near Tet this year, it is already December 11 but the gold market in Nghe An is quite quiet. There are times when gold shops are crowded but mainly to explore prices, buying and selling transactions are only sporadic. In which, mainly retail purchases of wedding rings and gifts.

Ms. Nguyen Thanh Vinh, an employee at a gold shop on Cao Thang Street (Vinh City) said: “Gold prices have increased sharply in the first days of 2025. However, purchasing power is weak. We only sell retail to those who want to buy wedding gold and jewelry gold.”

According to Ms. Vinh, the reason for the low gold purchasing power is that the gold price has fluctuated erratically in the past, and the price of gold has increased sharply near Tet, while the economy is in difficulty, and most people do not have money to accumulate assets. On the other hand, at the end of the year, the real estate market is "hot" again, and many people with idle capital are investing in houses and land.

“Buying gold at the end of the year is usually for people with remittances sent home; workers with Tet bonuses. This year, the economy is facing general difficulties, workers working abroad do not have abundant sources of money, and many agencies and businesses have also cut salaries and bonuses. With little money, they do not choose gold as an investment channel,” said Ms. Nguyen Kim Oanh, owner of a gold shop in Do Luong town (Do Luong).

The buying side is not as active as previous years. Although compared to a few months ago, many gold investors have made a profit, very few people sell gold to take profit at this time. According to analysis, people expect the gold price to continue to increase; meanwhile, business and trade are difficult and sluggish, so many small traders do not need capital to store a lot of goods, so they do not sell gold to get capital to do business.

Mr. Trinh Minh Thanh, a food trader in Dung town (Thanh Chuong) said: "Every year, one month before Tet, we have to sell gold for cash to buy Tet goods, the capital can be up to a billion VND. This year, business is slow, so we only take a small amount of goods, there is no need to sell the stored gold to get capital for business."

Gold shop owners said that gold shops have prepared products to serve the market before and after Tet, but the quantity is not as much as in previous years. Hopefully, the gold market will improve in the days leading up to Tet.

Although purchasing power is weak and people's demand is not high, the price of gold has increased sharply. What is the reason? According to experts, the reason is that the source of raw materials for gold production is scarce, so many establishments are operating at a low level or temporarily stopping. Therefore, to have products to sell during Tet, some units import God of Wealth gold products or Italian gold necklaces. However, these products often do not meet seasonal needs, as well as consumer tastes, so they are difficult to sell.

Moreover, the import of gold products from abroad for consumption must bear high taxes. Besides, the domestic gold price is affected by the scarcity of supply as well as fluctuations in world prices. The price of SJC gold bars is currently controlled by the State Bank, while the price of gold rings follows the supply and demand in the market, so the price of gold rings is currently on the rise.

According to forecasts, in 2025, gold prices will continue to increase, although the rate may be slower than in previous years.