Gold ring prices reach new high, Nghe An market remains calm.
Currently, the price of gold rings has reached a new peak, and the price of gold bars has increased significantly. However, in Nghe An province, gold trading remains extremely sluggish.
On the morning of September 17th, world gold prices surged and reached an unprecedented high of $2,589 per ounce.
In the domestic market, major businesses adjusted the listed price of SJC gold bars to 80-82 million VND/ounce (buy - sell), an increase of 1.5 million VND in each direction, after 12 consecutive sessions without price changes. The difference between the buying and selling price is 2 million VND.
Gold ring prices also reversed course and increased slightly compared to the previous session. Specifically, the price of plain gold rings from Thang Long Dragon Gold at Bao Tin Minh Chau Company stood at 77.98 - 79.2 million VND/ounce (buy - sell), an increase of 100,000 VND/ounce in the buying price and a sharp increase of 220,000 VND/ounce in the selling price compared to the previous closing session. The buy-sell spread was 1.22 million VND/ounce.
Doji Hung Thinh Vuong 9999 gold rings from Doji Group in Hanoi market are priced at 78-79.2 million VND/ounce, an increase of 100,000 VND/ounce for both buying and selling prices compared to the previous closing session. The buy-sell spread is 1.2 million VND/ounce.
In Nghe An province, the price of gold bars has not yet been publicly listed, and most gold shops are not yet trading in gold bars. Conversely, the price of gold rings has increased sharply, with the listed price nearly 1 million VND/ounce higher than the national average price.
Specifically: Gold shops are buying gold rings at 77-77.8 million VND/ounce, and selling them at 79.75-80.20 million VND/ounce. The price difference between gold shops ranges from 500,000-700,000 VND/ounce for both buying and selling.
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Gold ring prices are considered to have reached an all-time high, yet in Nghe An province, the gold market is very quiet during this period, both in terms of buying and selling.
Ms. Truong Thi Anh, an employee at a large gold shop in Vinh City, said: “The price of gold rings has increased sharply, the highest ever, amidst continuously record-breaking global gold prices. Meanwhile, the price of SJC gold bars usually adjusts more slowly because the State Bank of Vietnam sets the price. According to experts, gold prices will continue to rise from now until the end of the year and break new records. However, in recent days, transactions at the shop have not fluctuated much.”
According to representatives of several private gold and silver businesses in Vinh City, gold trading has slowed down somewhat at this time due to several reasons. Firstly, those with capital are currently focusing their funds on stockpiling for year-end business. Secondly, the real estate market has shown signs of recovery, especially the auction of land plots in Vinh City, which has been quite active recently. Thirdly, interest rates at many banks have been adjusted upwards.
Furthermore, controlling trading activities in gold and jewelry businesses and shops, as well as preventing smuggling, has contributed to bringing order to transactions.
On the selling side, although the price of gold rings has risen sharply and reached a new peak, the difference between the buying and selling price is quite large (nearly 3 million VND/ounce), so buyers only profit with long-term investments, while short-term investments will certainly result in losses.
Ms. Tran Thi Thanh H., residing in Do Luong town, said: “I need capital for my business and was planning to sell my gold to invest, but the current selling price compared to the purchase price four months ago still doesn't yield a profit, so I haven't sold yet. Instead, I'm taking out a temporary bank loan to manage. If you have spare cash and consider gold as a way to store assets, then you should invest. However, if your cash flow is constantly circulating for investment, then gold isn't a good option. Besides, I don't have the expertise to speculate and take profits like others do.”
Gold prices are expected to continue breaking records amid investor predictions that the US Federal Reserve (Fed) will cut its benchmark interest rate for the first time on September 18, possibly by 25 or 50 basis points (i.e., 0.25% or 0.5%).
Besides the Fed's interest rate decision, several other developments next week could also impact precious metals, including monetary policy announcements from the Bank of England and the Bank of Japan on September 19th. In the long term, analysts believe that many factors will influence gold prices, such as the US election...
