Gold prices fluctuate, leaving gold shops in Nghe An province with few customers.
Despite the constantly fluctuating gold prices and the increase in the price of gold rings, the gold market in Nghe An is currently quite quiet, with few customers making transactions…
This morning (August 11th), the price of SJC gold bars was listed at 76.5-78.5 million VND/ounce (buying price - selling price). Compared to the beginning of the week, the price of SJC gold bars decreased by nearly 2 million VND/ounce.
Meanwhile, the price of 9999 pure gold rings is listed at 76.35-77.70 million VND/ounce (buying price - selling price). Compared to the beginning of the week, the price of gold rings increased by 100,000 VND/ounce for the buying price and 200,000 VND/ounce for the selling price.
At the close of trading this week, the world gold price stood at $2,430 per ounce, down $12 per ounce from the previous week's close. World gold prices fluctuated significantly throughout the week. Monday saw a sharp drop in gold prices as the market faced selling pressure amid investors continuing to sell gold to offset losses in the stock market.
However, in subsequent sessions, gold prices gradually regained their footing and rose back to a safe price range. Forecasts indicate that gold prices will reach $2,500 per ounce by the end of this year and $2,600 per ounce by 2025, but the risk remains that it could surpass these levels sooner.
Observations show that in recent trading sessions, the price of gold rings has generally fluctuated in the same direction as the global market. Therefore, investors can refer to the global market and expert opinions before making investment decisions.
In Nghe An, the price of 9999 gold rings listed on the morning of August 11th was 75.55-78.20 million VND/ounce (buying and selling price), higher than the domestic market, with a difference of approximately 300,000-700,000 VND/ounce between gold and silver businesses in the area. It has been observed that for nearly half a month, the gold market has been quite quiet, with a decrease in the number of people trading in both buying and selling.
“Usually, in the seventh lunar month, there are fewer customers because people are hesitant to invest in gold. Furthermore, due to the volatile price of gold, not many people are investing in it; those intending to sell gold are also hesitant as forecasts predict a price increase in the near future. Meanwhile, celebrations, award ceremonies, and wedding parties are not held during this time, so there is no demand for gold as gifts or presents,” said Ms. Phung Thuy Loan, an employee of a gold and silver business on Le Loi Street, Vinh City.
Observations show that, despite it being the weekend, the gold shops on Cao Thang Street, known as the "gold street," were sparsely populated. Occasionally, customers would stop by to inquire about prices.
Ms. Nguyen Thi Minh, a local resident, said: “I have a debt to settle at the end of the third quarter, and with rising interest rates, I plan to sell my stored gold to cover it. However, although the price of gold has increased slightly compared to three months ago, selling it would result in a loss of over 10 million VND per tael, so I'm still considering it. According to forecasts, the price of gold will rise sharply in the fourth quarter of 2024, so I'm waiting to see how the market fluctuates before making a decision.”
Meanwhile, with bank deposit interest rates rising, the real estate market (both land plots and projects) showing signs of warming up, coupled with stimulus policies during the "ghost month" from investors, those with large amounts of idle money and substantial capital are shifting their funds to real estate instead of hoarding gold.
“I had a decent amount of capital and initially intended to invest in gold for the long term. However, in the past few months, with real estate projects implementing policies to stimulate demand, support disbursement, and offer interest rate subsidies, the initial capital outlay has decreased. Especially, if I invest at the right time, selling quickly can yield a significant profit compared to gold, so I'm shifting my investment focus to real estate and stockpiling other assets for the year-end market,” said Phan Manh Phu.
