Gold price fluctuates dramatically, Nghe An people sell to 'take profit'

Last week (May 13-19),gold marketrecorded strong fluctuations. On the morning of May 13, the price of gold dropped sharply from the mark of 92.4 million VND/tael set at the end of last week to around 88.5 million VND/tael, down 3.9 million VND/tael in buying and down 3.4 million VND/tael in selling.

After 3 mid-week sessions, gold prices fluctuated around 89 million VND/tael, until May 17, gold prices turned to increase and have recovered for the past 3 consecutive days. Accordingly, by the morning of May 19, the price of SJC gold bars was listed around 87.7 million VND/tael (buy) and 90.4 million VND/tael (sell).

Thus, compared to the first session of the week on May 13 (85.85 - 88.5 million VND/tael), the price of SJC gold listed by Saigon Jewelry Company increased by 2.2 million VND/tael for buying and increased by 2 million VND/tael for selling.

Stillgold ring pricelisted at 75.6 - 77.2 million VND/tael (buy - sell); increased 600,000 VND/tael compared to last week.

Domestic gold prices increased following the upward trend of world prices. In the international market, gold prices today closed the trading week at 2,414 USD/ounce, up 75 USD/ounce. World gold prices are also heading towards the historical peak at 2,430 USD/ounce.

InNghe An, gold prices also recorded a week full of price fluctuations. As of this morning, May 19, SJC gold prices have not been publicly listed by businesses on the price list. When asked, employees of gold shops gave prices of 87.5 million VND/tael (buy) and 90.5 million VND/tael (sell).

As for gold rings, some shops list the price publicly, but some only announce the price when customers have a need. Accordingly, the price difference between gold rings between shops is about 120,000-150,000 VND/tael. Specifically, the price of 9999 gold rings is listed at 74 million VND/tael (buy) and 78 million VND/tael (sell).

Investing in and accumulating gold is a long-standing habit of many people, especially those who want to find a safe form of investment that can fight inflation and tends to increase in value over time. However, in the context of the domestic gold market with strong fluctuations, there are times when the gold price increases and decreases by millions of VND/tael in just one trading session, making many gold investors "restless".

Ms. Nguyen Phuong Dung (Vinh City) said that for many years she has often bought gold to save because this precious metal has high liquidity, easy to buy and accumulate little by little and sell quickly to spend when necessary. In the past, she often bought gold bars for long-term investment, but recently gold has fluctuated strongly, not only monthly as before but also many times a day, so she chose to buy gold rings.

Ms. Phuong Dung said: “The price of gold bars is too different from the world gold price and fluctuates unpredictably. Therefore, when the price of gold bars increased again, I decided to sell gold bars and wait for a low price to buy gold rings for storage because it is safer.”

Last year, after withdrawing her deposit from the bank due to an incident, Ms. Phan My Yen (Nghia Thuan commune, Thai Hoa town) decided to use 2 billion VND to invest in gold. At that time, the price of gold was at 83 million VND/tael, now the price of gold bars has increased so she decided to sell the gold bars to make a profit.

“Gold fluctuates unpredictably, I constantly monitor and update the gold price but I feel worried. All my capital is only that much so I don’t dare to take risks. Now, I decided to sell gold bars, use half of the capital to buy gold rings and deposit the other half in the bank, now the interest rate is also increasing so it is quite stable,” said Ms. My Yen.

Walking around the gold shops in Vinh city, the gold shops are quite bustling, with many people coming to trade. According to observations, the number of people coming to sell gold is greater than the number of people coming to buy gold.

Ms. Luong Hong Nhung, manager of a gold shop on Le Loi Street, said: “In the past two days, the number of people coming to sell gold bars and gold rings has increased. The amount of gold purchased increased by about 15% compared to the previous week, while the amount of gold sold has slowed down. On this occasion, most customers refer to the fluctuations in gold prices to sell gold bars and switch to buying gold rings. Currently, the supply of gold rings at the shop is still guaranteed.”

In addition, from the beginning of May 2024 until now, nearly 25 banks have adjusted deposit interest rates up by 0.5%/year, some banks have even adjusted their interest rates up 2-3 times in a month, so many people decided to sell gold bars to make a profit and deposit them in banks, waiting for gold prices to stabilize before reinvesting./.