Gold ring price in Nghe An decreased sharply, purchasing power increased slightly
Gold prices have been continuously decreasing, compared to the recent peak, the precious metal has decreased by 6 - 8 million VND per tael. The gold market in Nghe An at this time is starting to warm up as purchasing power increases slightly...
As of 11:30 a.m. on November 13, the price of SJC gold bars was listed at VND80.5 - 80.7 million/tael (buy) and VND84 million/tael (sell). The difference between the buying and selling prices of SJC gold was VND3.3 - 3.5 million/tael.
At the same time, the price of 9999 round gold rings was listed at 80 - 83.2 million VND/tael (buy - sell).
The world gold price listed on Kitco at 11:30 a.m. on November 13 (Vietnam time) is at 2,610.085 USD/ounce.
In Nghe An, the gold price has also been adjusted down following the domestic gold price. Accordingly, the price of gold bars has not been publicly listed yet and gold shops have not yet traded this item. In particular, 9999 gold rings are listed at 80-80.8 million VND/tael (buy) and 83.20-84.50 million VND/tael (sell). The difference between buying and selling ranges from 3.3-4.5 million VND/tael.
At gold and silver shops in the province, the trading atmosphere is somewhat lively again in the selling direction. Accordingly, many people, seeing the gold price decrease, thought that this was a suitable price, so they chose to buy gold to store.
Ms. Luong Thi Kim Tien - a resident waiting to buy gold at a gold shop on Nguyen Van Cu Street said: "Previously, the gold price was too high so I did not dare to buy because I only bought it to save money. Now the gold price has decreased so I decided to buy. If when the gold price was high, buying gold from reputable big brands was very difficult, now the round ring item is quite abundant, I bought 5 bars of 9999 gold rings in blister packs for 83.20 million VND/tael".
After consulting prices at all the gold shops on Cao Thang Street, Mr. Ho Huu T. also decided to buy 3 gold rings in a blister pack for 83.40 million VND/tael. This price, compared to some private gold and silver shops, is 500,000 - 1 million VND/tael lower.
“At branded gold and silver businesses, the selling price of gold is lower and the buying price is higher, meaning the difference between buying and selling is narrower than at private gold and silver stores. Moreover, when buying, they have electronic invoices, and buyers have to present their citizen identification, so I feel more secure,” said Mr. T.
According to records, in Nghe An, during the time when gold prices fell sharply, there were no major fluctuations in the market like in big cities like Hanoi, Da Nang or Ho Chi Minh City.
“The number of people coming to buy gold in the past two days has increased, but not dramatically. There are also people coming to sell gold, but very few, only those who really need cash sell gold. Currently, we have enough gold to meet people's transactions. There is no limit on the amount sold, nor is there a refusal to buy retail gold from people,” said Ms. Lam Anh, an employee of a gold shop on Tran Phu Street.
According to analysts, gold prices are under downward pressure as the US dollar index and US Treasury yields have risen sharply, currently trading at 105.86 points; US bond yields have risen to a high of 4.5%. In particular, the gold price increase has been delayed since Donald Trump was re-elected as US President. Gold prices have retested the support level at $2,600/ounce as traders take profits and switch to stocks and cryptocurrencies.
However, analysts at the World Gold Council believe that the pullback is temporary and a short-term phenomenon. Technically, gold is in a downtrend as it trades below the $2,603 support level and could fall to $2,500. On the other hand, if gold breaks above and holds $2,600, it could rebound and test resistance levels at $2,647, $2,650, and further to $2,710.
According to the State Bank's recommendation, gold is a commodity with unpredictable and complicated fluctuations. If people invest in gold, they face many risks when buying and selling. Accordingly, the State Bank does not encourage people to hoard gold.
