With prices constantly fluctuating, the gold market in Nghe An is sluggish.

Opening the trading session this morning, gold prices continued to rise, heading towards the 70 million VND/ounce mark. Photo: Thanh Phuc

Openingtrading sessionOn the morning of March 24th, world gold prices continued to rise sharply, reaching $1,994 per ounce, nearly $20 higher than yesterday. Converted to Vietnamese Dong, this is equivalent to 56.9 million VND per tael (excluding taxes and fees). Consequently, domestic gold prices also increased; the SJC gold bar price at Eximbank was listed at 66.7 million VND per tael for buying and 67.2 million VND per tael for selling.

Meanwhile, Saigon Jewelry Company (SJC) increased the price by 100,000 VND, bringing the buying price to 66.65 million VND/ounce and the selling price to 67.35 million VND; 9999 gold rings also increased by 100,000 VND, bringing the buying price to 55.05 million VND and the selling price to 56.05 million VND.

Gold shops in Nghe An province are adjusting their prices upwards in line with domestic gold prices and the rising global gold market. Photo: Thanh Phuc

In Vinh City, gold shops have also adjusted gold prices upwards, specifically as follows: The buying price for 9999 gold is 54.2 million VND/ounce, and the selling price is 57.5 million VND/ounce; the buying price for SJC gold bars is 66.6 million VND/ounce and the selling price is 68.3 million VND/ounce. At a large gold shop on Cao Thang Street, on the morning of March 24th, there was a large number of customers coming and going, but very few people were buying or selling.

Ms. Tran Hong Minh, an employee at a gold shop, said that most customers come to check the situation and inquire about prices rather than buying or selling. Only a few people, after reading forecasts of a continued sharp increase in gold prices, buy to hoard, but not many. Those who have gold to sell are waiting for the price to rise further.

At many jewelry stores, there was a large number of customers, but most were just checking prices. Photo: Thanh Phuc

According to the observations of thegold shopIn Vinh City, the recent trend of some people buying gold is mainly to repay debts and settle loans, fearing further increases in gold prices. Currently, the real estate market is slowing down, and bank interest rates are being adjusted downwards, so many people with idle money are looking to invest in gold for profit. However, the sharp increase in gold prices is causing people to worry about the risks associated with this precious metal.

Ms. Bach Kim Cuc, a customer trading gold, said: "If I sold at this time, I could make a profit of 5-6 million VND per tael, but the world gold price is rising, so I'm not in a hurry to sell. The surplus money is also in savings; I don't dare risk investing in gold at this time."

The number of customers making transactions is quite low. Photo: Thanh Phuc

Although the volume of transactions is insignificant, the rapid price changes have resulted in varying gold prices in Nghe An province. According to a preliminary survey, on the morning of March 24th, at Kim Thanh Huy gold shop, the buying price of 9999 gold was 54.2 million VND/ounce and the selling price was 57.5 million VND/ounce; the buying price of SJC gold bars was 66.6 million VND/ounce and the selling price was 68.3 million VND/ounce; while at DOJI gold and gemstone group, the listed gold prices were as follows: 9999 gold was 54.40 million VND/ounce (buying) and 55.55 million VND/ounce (selling), SJC gold bars were 66.60 million VND/ounce (buying) and 67.35 million VND/ounce (selling). At some other gold shops, the prices also vary considerably (from 100,000 to 700,000 VND per tael).

Most people come to buy gold jewelry and wedding gifts. Photo: CSCC

According to gold shop owners, because prices fluctuate rapidly, while displaying the price is one thing, the actual price announced during the transaction will be the price at the time of the sale, not the price on the board.

According to forecasts, ifprecious metalsWith gold prices rising above $2,000 per ounce, the equivalent price would exceed 57.1 million VND per tael (excluding taxes and fees). If SJC gold bars maintain their previous high price gap compared to the world market, the domestic gold price could reach 70 million VND per tael. Many experts believe that the current gold market price is fraught with risks. Therefore, people and investors need to be extremely cautious to avoid being drawn into the downward spiral of rising gold prices.