Gold price suddenly increased by nearly 10 million VND/tael compared to August 12, gold shops in Vinh City are deserted

According to a survey by PV, the price of gold in Nghe An is currently on the rise again. Only 44-45 million VND/tael on August 12, on the morning of August 15, the price of SJC gold fluctuated at 54-55 million VND/tael for buying and 56-57 million VND/tael for selling, this price increased by about 2-3 million VND/tael compared to 2 days ago.

For 9999 gold, the current price is 5.1 - 5.3 million VND/tael for buying and 5.4 - 5.5 million VND/tael for selling, an increase of about 300,000 VND/tael compared to previous days.

Gold prices in Vinh City have increased again after a sharp decline. Photo: QA

Although gold prices increased again, the gold market in Vinh City was quite quiet on the morning of August 15, even though it was the weekend.

Ms. Nguyen Thi Nga, owner of a gold shop, said: "At this time last week, the price of gold reached a peak of 62 million VND/tael, people crowded to sell gold. But now, although gold is still at a high level, there are no customers. I opened the shop since morning but only had a few customers."

Gold shops had few customers coming to make transactions on the morning of August 15. Photo: QA

That was also the general situation of many gold shops in Vinh City on the morning of August 15. Most of the shops were deserted, no longer crowded and bustling, the number of people consulting gold prices was greater than the number of people actually transacting and buying and selling.

It is known that the reason for the sluggish gold market is because gold is currently at a high price, combined with the fact that weddings are being postponed due to the epidemic, so the number of people buying gold is very low. On the contrary, the number of people selling gold is also low because according to gold shop owners, most people sold their gold a week ago when the price peaked.

Gold has fallen from 61.62 million VND/tael to 43-44 million VND before, it can be said that many gold shops have suffered heavy losses. After all, they still have to buy gold from the seller who previously sold it at a high price and have to sell it when the price drops when people want to buy. The more gold falls, the more the shop owners lose, if they bought a tael at a high price of 58 million VND, they had to sell it for 44-45 million VND before, a loss of nearly 10 million VND/tael. That is the reason why the difference between buying and selling is getting bigger during the time when gold fluctuates.

There are many explanations for why gold has rebounded, such as the Covid-19 pandemic is still complicated, economies are pumping capital to save the situation, businesses in difficult areas... but it cannot be fully explained because there are no new factors.

Previously, with the news that Russia successfully produced a Covid-19 vaccine, the price of gold dropped sharply.

The past week has been a "shocking" week for gold prices and those who were lucky enough to buy gold saw a sharp drop in prices on August 12. Gold prices are generally still mysterious and unpredictable for traders and investors.

Gold prices are listed for people's reference on the morning of August 15. Photo: Quang An