Shocking price increase, many Nghe An people still invest in gold

Today (March 14), the domestic gold market continues to witness a strong increase, especially for gold rings. As of early this afternoon, the selling price of gold rings has exceeded 96 million VND/tael. This is also the highest price ever for gold rings. This shows a strong upward trend in gold prices in the context of many people wanting to hold this precious metal.

DOJI Group and Bao Tin Minh Chau are the two businesses with the strongest gold price adjustments, increasing by over VND2 million/tael compared to the previous session, bringing the selling price of gold rings to VND96.3 million/tael. On the buying side, gold rings of these two brands are anchored at around VND94.80 - 94.85 million/tael. Other brands such as PNJ are currently listing the price of plain gold rings at VND94.1 - 96 million/tael.

In Nghe An, according to a survey, the current listed price of gold rings is 93 million VND - 93.80 million VND/tael (buy) and 96.80 - 97.30 million VND/tael (sell). Accordingly, the selling price is 500-1 million VND/tael higher than the average price of the whole country (depending on each enterprise).

According to experts, the gold market is "rising unstoppably" due to instability surrounding US import tax policy and investors betting on the possibility that the US Federal Reserve (Fed) will loosen monetary policy.

The price of gold is very high, but a survey shows that many people still come to the stores to buy gold. At the store of Kim Thanh Huy Gold and Silver Company Limited (Cao Thang Street, Vinh City) on March 14, there were many people coming to trade, accordingly, the number of customers coming to buy gold increased compared to normal days. Ms. Nguyen Hanh Duyen, Dien Thanh town (Dien Chau), said that today she decided to buy 1 tael of gold ring although she was a bit worried about the risk because of "chasing the peak", but she hopes that the price will continue to increase in the near future.

Meanwhile, a representative of a gold and silver shop on Tran Phu Street (Vinh City) also said that there were more people coming to buy gold than to sell. “Previously, when gold was fixed at 95 million VND/tael (selling) and 91.20 million VND/tael (buying), people basically came to sell to take profit. Most of these customers have been buying gold for many years, now seeing a good profit, they sell, and some people invest short-term, and sell when they need capital.

In the past two days, the price of gold has skyrocketed by the hour. Many people who were hesitant to buy before have now, worried that the price of gold will exceed 100 million VND/tael, spent money to buy gold. In addition, due to concerns about inflation, low interest rates in banks, and currency devaluation, many people choose gold as a safe haven.

Although the number of customers buying gold has increased, in Nghe An, according to records, there has not been a shortage of goods, people have to line up to buy and gold shops only sell in small quantities like in big cities. The gold market is more vibrant, but only a few shops are crowded with customers, while many shops are deserted.

Ms. Trinh Thi Minh H., a customer, said: “I have some idle money, I planned to buy gold a week ago but seeing the high price of gold, I was hesitant to buy. Now, seeing the price of gold continuously increasing and forecast to increase further, sometimes it is even difficult to buy, I decided to put money down. I am buying for savings, so I am not waiting for the price of gold to decrease, if it does not decrease but increases again, I will miss out. Currently, the interest rate on deposits in banks is too low.”

Bought 5 taels of gold close to the God of Wealth's day at the price of 90.5 million VND/tael, now seeing the gold price increase sharply, if sold at the price of 94 million VND/tael, Ms. Duong Thi Tuyet Nhung (Hung Loc ward, Vinh city) would have a profit of nearly 20 million VND after only 1 month of investment.

“I brought the gold to the store to sell because I thought it would be profitable and I needed money for business. However, I hesitated because the difference between buying and selling prices was high (VND3 million/tael). After posting on the gold exchange group, someone agreed to buy it at VND95 million/tael. This proves that although the price of gold has increased, the demand for buying is quite high,” said Ms. Nhung.

The market is currently concerned that the tense trade relations between the US and major partners could cause a global economic recession, causing investors to increase their demand for safe havens in precious metals, especially gold. This is the reason why gold prices have been rising steadily to new records and approaching the $3,000 mark. US stocks are still in the red, which also supports the strong increase in gold prices as many investors shift their capital into precious metals. Optimism is returning to the market, 2/3 of experts and retail investors believe that gold prices will continue to increase strongly...