Prices fluctuate continuously, Nghe An gold market is quiet

Opening this morning's trading session, gold prices continued to increase, heading towards the 70 million VND/tael mark. Photo: Thanh Phuc

Openingtrading sessionOn the morning of March 24, the world gold price continued to increase sharply, reaching 1,994 USD/ounce, up nearly 20 USD compared to yesterday. Converted, the world gold price is equivalent to 56.9 million VND/tael (excluding taxes and fees). Accordingly, the domestic gold price was also adjusted to increase, the price of SJC gold bars at Eximbank listed the buying price at 66.7 million VND/tael, selling price at 67.2 million VND.

Meanwhile, Saigon Jewelry Company - SJC increased by 100,000 VND, bringing the buying price to 66.65 million VND/tael, selling price 67.35 million VND; 4-number 9 gold ring also increased by 100,000 VND, bringing the buying price to 55.05 million VND, selling price 56.05 million VND.

Nghe An gold shops adjust prices to increase according to domestic gold prices and the increase in world gold prices. Photo: Thanh Phuc

In Vinh city, gold shops have also adjusted the gold price to increase, specifically as follows: The buying price of 9999 gold is 54.2 million VND/tael, the selling price is 57.5 million VND/tael; the buying price of SJC gold bars is 66.6 million VND/tael and the selling price is 68.3 million VND/tael. At a large gold shop on Cao Thang street, on the morning of March 24, there were quite a lot of customers coming in and out but very few people buying and selling.

Ms. Tran Hong Minh - a gold shop employee said that most customers come to see the situation and inquire about prices, but few buy or sell. Only a few people, when reading the forecast that gold prices will continue to increase sharply, buy and store, but not many, while those who have gold to sell are waiting for the price of gold to increase further.

At many gold shops, there are many customers but they are mainly there to inquire about prices. Photo: Thanh Phuc

According to the records of thegold shopIn Vinh city, the trend of buying gold by some people in recent days is mainly to pay off debts and liquidate loans because of fear that gold prices will increase further. Currently, the real estate market is slowing down, bank interest rates are adjusted down, so many people with idle money are aiming to invest in gold to make a profit. However, because gold prices are on the rise, people are worried about the risks of this precious metal.

Ms. Bach Kim Cuc - a resident who came to trade gold said: "If I sell at this time, I will make a profit of 5-6 million VND/tael, but the world gold price is pushing up so I am not in a hurry to sell. I am saving the remaining money and do not dare to risk investing in gold at this time."

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

Although the buying and selling volume is insignificant, the price changes so quickly that the listing of gold prices in Nghe An is different in each place. According to a preliminary survey, on the morning of March 24, at Kim Thanh Huy gold shop, the buying price of 9999 gold was 54.2 million VND/tael, the selling price was 57.5 million VND/tael; the buying price of SJC gold bars was 66.6 million VND/tael and the selling price was 68.3 million VND/tael; and at DOJI Gold and Gemstone Group, the listed gold prices were as follows: 9999 was 54.40 million VND/tael (buy) and 55.55 million VND/tael (sell), SJC gold bars were 66.60 million VND/tael (buy) and 67.35 million VND/tael (sell); In some other gold shops, the price also differs quite a bit (from 100,000-700,000 VND/tael).

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

According to the explanation of gold shop owners, because prices fluctuate quickly, listing is one thing, but when customers make transactions, the price will be announced at the time of purchase and sale, not the price on the board.

According to forecasts, ifprecious metalto over 2,000 USD/ounce, equivalent to over 57.1 million VND/tael (excluding taxes and fees). At that time, if SJC gold bars maintain a higher gap than the world as before, the domestic gold price will reach 70 million VND per tael. Many experts say that the current market gold price is fraught with many risks. Therefore, people and investors need to be extremely careful to avoid being dragged deeper into the spiral of gold prices.