Gold ring price hits new peak, Nghe An market 'quiet'
Currently, the price of gold rings has reached a new peak, and gold bars have increased. However, in Nghe An, gold transactions are extremely quiet.
On the morning of September 17, world gold prices increased sharply and reached an unprecedented peak of 2,589 USD/ounce.
In the domestic market, large enterprises adjusted the listed price of SJC gold bars to 80-82 million VND/tael (buy - sell), an increase of 1.5 million VND each way, after 12 consecutive sessions of unchanged price. The difference between buying and selling is 2 million VND.
The price of gold rings also reversed and increased slightly compared to the previous session. Specifically, the Thang Long dragon gold round ring at Bao Tin Minh Chau Company stood at 77.98 - 79.2 million VND/tael (buy - sell), an increase of 100,000 VND/tael for buying and a sharp increase of 220,000 VND/tael for selling compared to the previous session. The difference between buying and selling is 1.22 million VND/tael.
Doji Hung Thinh Vuong 9999 gold ring of Doji Group in Hanoi market stood at 78 - 79.2 million VND/tael, an increase of 100,000 VND/tael for both buying and selling compared to the previous session. The difference between buying and selling was 1.2 million VND/tael.
In Nghe An, up to this point, gold bars have not been publicly listed in price and most gold shops have not traded gold bars. On the contrary, the price of gold rings has increased sharply, the listed price is nearly 1 million VND/tael higher than the general domestic price.
Specifically: The price of gold rings is bought by gold shops at 77 - 77.8 million VND/tael, the selling price is 79.75 - 80.20 million VND/tael. The difference between gold shops fluctuates from 500,000 - 700,000 VND/tael in both selling and buying directions.
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The price of gold rings is considered to have reached its peak, the highest ever, but in Nghe An during this period, the gold market is very quiet in both buying and selling directions.
Ms. Truong Thi Anh, an employee at a large gold shop in Vinh City, said: “The price of gold rings has increased the most ever in the context of the world gold price continuously reaching new peaks. Meanwhile, the price of SJC gold bars is often adjusted more slowly because the State Bank sets the price. According to experts, the price of gold will continue to increase from now until the end of the year and break new records. However, in the past few days, transactions at the shop have not changed much.”
According to representatives of some private gold and silver businesses in Vinh city, gold transactions have slowed down for many reasons. Firstly, at this time, those with capital are concentrating their cash flow to hold goods for year-end business. Secondly, the real estate market has shown signs of recovery, especially the land auctions in Vinh city have been quite active recently. Thirdly, many banks have adjusted their interest rates upward.
Furthermore, controlling trading activities at trading companies, gold and gemstone shops as well as preventing smuggling has contributed to keeping transactions in order.
On the selling side, although the price of gold rings increased, reaching a new peak, due to the high difference between buying and selling (nearly 3 million VND/tael), buyers only make a profit when investing in the long term, but if investing in the short term, they will definitely lose.
Ms. Tran Thi Thanh H., residing in Do Luong town, said: “I need capital to do business and plan to sell gold for investment, but the current selling price is still not profitable compared to the purchase price 4 months ago, so I have not sold it yet. Instead, I temporarily borrowed from the bank to manage. If you have idle money and consider gold as a way to store assets, you should invest. But if the cash flow is always circulating for investment, gold is not a good choice. Meanwhile, I also do not understand the gold market to surf and make profits like others.”
Gold prices are expected to continue to break the peak in the context of investors predicting that the US Federal Reserve (Fed) will reduce the basic interest rate for the first time on September 18, possibly by 25 or 50 basis points (ie 0.25% or 0.5%).
In addition to the Fed's interest rate decision, a number of other developments next week could also impact the precious metal, including the monetary policy announcements by the Bank of England and the Bank of Japan on September 19. In the long term, analysts say many factors affect gold prices, such as the US election...
