Gold prices rise, Nghe An people rush to sell for profit

Currently, the gold price is at its highest level since peaking in August 2020. Specifically, SJC gold bars are priced at 61.3 - 61.5 million VND/tael for sale and 60 - 60.5 million VND/tael for purchase. Photo: Thanh Phuc

On the"golden streets" Cao Thang, Tran Phu, Le Loi(Vinh City) These days, the number of people coming to trade at gold shops is more bustling and lively. Most of them are people bringing gold to sell.

Ms. Diem My, an employee at a gold shop on Cao Thang Street, said: “The number of buyers is very small, only buying wedding rings and small-value gold jewelry. On the other hand, the number of people selling gold has increased compared to previous weeks.”

Gold prices are high, many people are taking advantage to sell to make a profit. Photo: Thanh Phuc

Bringing gold from Dien Chau to Vinh City to sell, Ms. Nguyen Thi TH said: “After consulting the prices, I found that the gold price in Vinh was 700,000 VND/tael higher than in Dien Chau, so I brought it here to sell. The gold is the savings of my two children working abroad. I usually buy it for 52 million VND/tael, but now I can sell it for more than 60 million VND/tael. I want to sell it when I have a profit and also to buy land for my two children in town.”

Large gold shops in Dien Chau, Yen Thanh, Do Luong... last week also recorded an increase in the number of people coming to trade, mainly to sell. "Only sophisticated investors consider and calculate according to forecasts of gold price fluctuations to decide whether to buy or sell. As for people, most of them hoard gold, or when they need money, they have to sell, or when they see a profit, they sell. Last week, gold prices continued to increase, so people brought gold to sell for profit. On the contrary, at this time, after a period of suspension, weddings are starting to "enter the season", sogold jewelry,Round rings and wedding rings are also more popular," said Ms. Nguyen Thi Than, owner of a gold shop in Do Luong town.

Most people sell gold to make a profit, a few buy wedding rings and gold jewelry. Photo: Thanh Phuc

Now, after a week of continuous increase,SJC gold bar priceThe listed price at gold shops is fluctuating around 61 million to 61.5 million VND/tael (selling) and 59.5 million to 60.2 million VND/tael (buying). The 9999 round ring costs 5.4 million VND/tael and is bought for 5.23 million VND/tael.

With the buying and selling price range being widened by businesses to nearly a million VND/tael, and the domestic gold price being higher than the world price by a record 8-9.5 million VND/tael, most people only sell to take profit, not buy for investment.

According to experts, the sharp increase in domestic gold prices and the large difference compared to the world prices as at present is not normal. Gold prices can decrease at any time, so this is not the right time for people to choose gold as an investment channel./.