Gold prices fluctuate, Nghe An gold shops are deserted
Despite the continuous fluctuations in gold prices and the increase in gold ring prices, the gold market in Nghe An is currently quite quiet, with few customers trading...
This morning (August 11), the price of SJC gold bars was listed at 76.5-78.5 million VND/tael (buy - sell). Compared to the first trading session of the week, the price of SJC gold bars decreased by nearly 2 million VND/tael.
Meanwhile, the price of 9999 round rings is listed at 76.35-77.70 million VND/tael (buy - sell). Compared to the first trading session of the week, the price of gold rings increased by 100,000 VND/tael for buying and 200,000 VND/tael for selling.
At the end of the trading session of the week, the world gold price stood at 2,430 USD/ounce, down 12 USD/ounce compared to the closing session of the previous week. The world gold price fluctuated continuously with a large amplitude last week. Monday at the beginning of the week witnessed a sharp decline in the gold price when the market was under selling pressure in the context of investors continuing to sell gold to compensate for losses in the stock market.
However, in the following sessions, gold prices gradually regained their position and increased back to the safe price zone. According to forecasts, gold prices will increase to 2,500 USD/ounce by the end of this year and 2,600 USD/ounce by 2025, but the risk is still tilted towards the possibility of exceeding this price level sooner.
Through monitoring, it is shown that in recent trading sessions, the price of gold rings often fluctuates in the same direction as the world market. Therefore, investors can refer to the world market and the opinions of experts before making investment decisions.
In Nghe An, the price of 9999 gold rings was listed on the morning of August 11 at 75.55-78.20 million VND/tael (buying, selling), higher than the domestic market, and the difference between gold and silver businesses in the area was about 300,000-700,000 VND/tael. According to records, for nearly half a month now, the gold market has been quite quiet, the number of people coming to trade in both selling and buying directions has decreased.
“Usually, in the seventh lunar month, there are fewer customers because people are hesitant to invest in gold. In addition, due to the erratic fluctuations in gold prices, not many people have invested in gold; those who intend to sell gold are also hesitant because the gold price is forecast to increase in the near future. Meanwhile, celebratory parties, bonus parties or wedding parties are not held on this occasion, so there is no demand for gold as gifts or congratulations,” said Ms. Phung Thuy Loan, an employee of a gold and silver business on Le Loi Street, Vinh City.
According to observations, although it is the weekend, in the “gold street” Cao Thang, the gold shops are sparsely populated. Only occasionally do customers stop by to check the prices.
Ms. Nguyen Thi Minh, a resident, said: “There is a sum of money that must be settled at the end of the third quarter, while the loan interest rate is increasing, so I plan to sell the gold I have stored to pay. However, at this time, the gold price has increased slightly, but compared to 3 months ago, if I sell, I will lose more than 10 million VND/tael, so I am considering it. According to forecasts, the gold price will increase sharply in the fourth quarter of 2024, so I am waiting to see how the market fluctuates before deciding.”
Meanwhile, at this time, deposit interest rates at banks have been adjusted to increase, the real estate market in both land and projects is showing signs of warming up, along with the stimulus policy in the ghost month from investors, so people with a lot of idle money and large capital are shifting their cash flow to real estate instead of hoarding gold.
“With a fair amount of capital, I initially planned to invest in long-term gold. However, in recent months, when real estate projects have policies to stimulate buyers, support disbursement, and support interest rates, the initial capital outlay is not much. Especially, if you put down the money at the right time, selling "hand-to-hand" also has a quite high difference compared to investing in gold, so I am shifting my investment to real estate and holding on to reserve items for the year-end market,” said Mr. Phan Manh Phu./.
