Gold ring price sets new record, Nghe An gold market falls into 'waiting state'

Along with the sharp increase in the world gold price, on the morning of April 1, the gold price at private gold and silver businesses in the province also adjusted to increase accordingly. Accordingly, the price of SJC gold bars was listed at 77.80-78 million VND/tael (buy) and 80.70-81 million VND/tael (sell), respectively. The price of SJC gold did not fluctuate much. Notably, at many gold shops, the price of SJC gold was temporarily "hidden", not updated on the electronic board, only when a customer asked for a transaction, the staff would quote the price.

Meanwhile, the price of 9999 plain round rings increased sharply, "accelerating" to set a new record when reaching 72 million VND/tael. According to a survey on the morning of April 1, the price of gold rings listed by gold and silver shops in Nghe An was specifically: 68.50 - 69 million VND/tael (buy) and 71.90 - 72.50 million VND/tael (sell).

According to records, although the price of gold rings has increased sharply, gold transactions in Nghe An have been quite quiet. "This morning alone, the number of customers coming to the store has not decreased compared to previous days, but most of them came to consult the price and not to buy or sell. There were few buyers and sellers in both directions," said Ms. Kim Chung, an employee of a gold shop on Tran Phu Street.

The news that gold bar prices are increasing while the State is taking steps to tighten the gold bar market and eliminate the monopoly of the SJC brand has made many people worried. Ms. Nguyen Thi MA said: “After reading the news in the newspaper that from the afternoon of March 28, experts and members of the National Financial and Monetary Policy Advisory Council agreed to propose removing the monopoly of SJC gold bars, I was worried that the price of gold bars would drop sharply, so I decided to sell all of my gold bar reserves.

However, when I surveyed the prices at gold shops, I saw that the price of gold bars was stable, and the world gold price was also increasing, so I was hesitant. Therefore, I am trying to wait and see if there are any fluctuations in this week's trading session before selling."

The price of gold rings also increased dramatically when it surpassed the threshold of 72 million VND/tael. Therefore, those who intend to buy for investment are still hesitant to spend money, while speculators have not yet decided to take profit at this time. In gold shops, transactions are mainly small, only those who really need money urgently sell gold and those who need gold as gifts or for weddings buy gold.

“Although the world gold price is forecast to continue to increase, there are idle funds that want to invest in gold. However, according to experts' recommendations, when the monopoly on SJC gold bars is removed, the domestic gold price will decrease. Therefore, I am still hesitant to buy. I will wait until the market is more stable before deciding,” said Mr. Nguyen Trong N. (Quan Bau, Vinh City).

On the seller side, although the price of gold rings has increased sharply, compared to the time of purchase, many people are still hesitant to sell. The reason is because the difference between the selling and buying prices is quite high. Particularly for 9999 gold rings in Nghe An, the difference between buying and selling is 4 million VND/tael, so many investors do not want to sell gold at this time.

“Compared to the time of purchase, I have now made a profit of nearly 5 million VND/tael. However, the difference between the two prices is too high, so I am considering not selling to take profit. Moreover, after selling gold, I still don’t know what to invest in…”, a customer shared.

Due to the high difference, the gold price is still fluctuating in many directions and waiting for the abolition of the gold bar monopoly to be approved, so the gold market in Nghe An is in a "waiting state" with quiet transactions.