Gold price peaked at over 92 million VND/tael, in Nghe An there was no jostling for gold transactions.
(Baonghean.vn) - The price of SJC gold bars continuously broke all records, soaring to over 92 million VND/tael, while the price of gold rings was also adjusted to increase, reaching 77 million VND/tael. Gold prices increased shockingly, the gold market in Nghe An was crowded with traders in some places, and quiet in others....
Updated to 13:45, domestic gold prices continue to increase. At Saigon Jewelry, SJC gold prices rose to 89.9-92.2 million VND/tael, up 2.7 million VND/tael since early this morning. Other businesses such as Bao Tin Minh Chau and PNJ also raised the selling price of SJC gold to 92 million VND/tael.
Ring gold also continued to increase by 300 thousand VND/tael compared to this morning, thereby increasing by 1.3 million VND/tael compared to yesterday. Currently, PNJ and SJC listed 74.6-76.4 million VND/tael. Meanwhile, Bao Tin Minh Chau applied a higher level of 75.28-76.78 million VND/tael. DOJI listed 75.3-76.8 million VND/tael.
In the world, the price of gold is also increasing strongly, currently up to 2,365 USD/ounce, about 15 USD/ounce higher than this morning. Converted according to the current USD exchange rate, the international gold price is equivalent to nearly 73 million VND/tael (excluding taxes and fees).
In Nghe An, gold prices are adjusted by businesses to increase according to domestic gold prices. However, most gold shops leave the SJC gold price blank on the price list, the gold bar buying and selling prices are answered by gold shop staff when customers have a need. Accordingly, the SJC gold bar price in Nghe An is currently being traded at 88.5 million VND/tael (buy) and 92.3 million VND/tael (sell). However, according to records, in most gold shops, there are no transactions of gold bars.
The reason analyzed by gold bar shop owners is that, firstly, the price of gold bars is "at the peak", increasing shockingly every hour and at such a high level that no one dares to "spend money" to buy gold bars at this time. On the contrary, the price of gold bars is increasing, many people would have made a good profit if they sold them, but because currently, selling gold for cash deposits with low interest rates, they do not know where to invest, so they do not sell.
In addition, the price of gold bars increases, at the same time, the price of gold rings also increases, and if comparing the difference between buying and selling, it is disadvantageous, so customers do not sell gold bars to switch to gold rings. On the other hand, according to many predictions, the price of gold bars will continue to increase, so many people have a wait-and-see mentality, not rushing to buy or sell at this time.
Currently, compared to yesterday, the price of 9999 round gold rings has increased by nearly 2.8 million VND/tael. Accordingly, gold ring prices are being bought by gold and silver businesses in Nghe An at 74 million VND/tael and sold at 77 million VND/tael.
According to a survey, gold purchasing power in Nghe An increased last week. On May 10, the number of people coming to trade was large but there was no sudden change. There was no rush to buy or sell, long lines to buy, and gold shops did not limit the amount of gold that people could buy.
Even in Vinh city, there are only a few gold shops with many people coming to do transactions and consult prices, but there are some shops that are deserted. Even in the "gold street" Cao Thang - where about 20 large and small gold shops are located, only a few shops are crowded with people coming and going, the rest are very deserted.
Ms. Tran Thi Hoang My, a customer, said: “Reading the gold price information in the newspaper, I saw people in big cities jostling to buy gold, the maximum purchase quantity is only 3 taels/time, even if I want to buy more, I can't. I also intend to buy gold to store when I have some spare money, I went around to survey the prices at the shops, there was no jostling, and the shops all replied that buying gold rings, 1 tael or more is still enough.”
Meanwhile, in the district gold shops, the trading atmosphere is normal, purchasing power only increased slightly and there is nothing extraordinary. Mr. Vinh Huy, owner of a gold shop in Dung town (Thanh Chuong) said: "The gold price is according to the general adjustment level of the whole country and each business has its own calculations to list the price, however, the price difference between gold and silver businesses is also within the limit of 30,000 VND - 180,000 VND/tael. In our shop in the past few days, the number of customers has increased, but they mainly refer to the price, the amount of gold sold - bought has not increased much compared to before".
Gold prices are witnessing a new upward trend and according to forecasts, the world gold market may climb to the 3,000 USD/ounce mark in the near future. In case the price of this precious metal can climb to the 3,000 USD/ounce level, the domestic SJC gold price may reach 110 million VND/tael, which could increase by more than 22% from the current level. This forecast may happen if in the near future Vietnam does not have a gold supply to the market.
However, many analysts believe that this year, the possibility of SJC gold bar price reaching 100 million VND is low, only about 30%. Explaining this, experts predict that there will be intervention from State management agencies in the face of the situation of gold price increasing too hot like the recent time.
On the other hand, if the price of gold rises too high and reaches a point where people can no longer buy it, the gold market will fall rapidly. At that time, the gold price bubble will burst, and those who hold gold and wait for the price to increase sharply will face many risks.
