Gold price increases shockingly, Nghe An gold market in 'waiting' state

This morning (February 25), the world gold price increased sharply, with the spot gold price increasing by 18 USD, to 2,954.3 USD/ounce. Gold futures last traded at 2,968.8 USD/ounce, up 15.6 USD compared to early yesterday morning.

Domestically, currently, the price of SJC gold bars is listed by Saigon Jewelry Company at 90-92.3 million VND/tael (buy - sell), an increase of 800,000 VND/tael for both buying and selling; the price of SJC gold bars is listed by DOJI Group at 90-92.3 million VND/tael (buy - sell), an increase of 800,000 VND/tael for both buying and selling; and Bao Tin Minh Chau lists the price of SJC gold bars at 90-92 million VND/tael (buy - sell); an increase of 600,000 VND/tael for buying and an increase of 500,000 VND/tael for selling.

In Nghe An, at 9:00 a.m. on February 25, the price of gold rings was listed by private gold and silver businesses at VND93-94 million/tael (selling) and VND90-90.40 million/tael (buying). Thus, in Nghe An, the selling price of gold is VND600,000-1.5 million/tael higher than the domestic price, while the selling price is VND200,000-500,000/tael lower. The difference between selling and buying is quite high, from VND3-3.5 million/tael, higher than the general difference range of the whole country.

Gold prices increased dramatically, setting a new record after 2 sessions of slight decline, but the gold market in Nghe An was quite quiet. According to records, this morning (February 25) at gold shops on Cao Thang Street (Vinh City), the number of customers coming to trade was quite sparse. Partly due to the rain, partly because people are considering trading gold at this time.

Ms. Kim Dung - owner of a gold shop on Cao Thang Street said: "Last week, when the gold price increased to 92 million VND/tael (selling) and 89.5 million VND/tael (buying), many people took advantage of the high gold price to sell for profit. At the shop, the amount of gold bought overwhelmed the amount of gold sold. At times, despite "lack of capital", we had to mobilize other sources to buy for people. Up to today, the gold buying price has increased by nearly 1 million VND/tael but very few people come to sell."

Having nearly 15 taels of gold in storage, and currently needing money to switch to another investment channel, Mr. Dau Dinh Quang in Hung Dong ward, Vinh city is considering selling his gold.

Mr. Quang said: “Currently, selling at the current price is quite profitable. However, the difference between buying and selling is quite large, so I have to consider it carefully. Moreover, when referring to the news on the media, the gold price is likely to continue to increase. Therefore, I will wait a few more days to see how the market fluctuates before closing the sale.”

At this time, gold prices fluctuate unpredictably, without following any rules, so both gold and silver businesses and people are quite cautious when making transactions. “Those who have money to invest in gold when the price of gold increases dramatically have stopped buying, waiting for the price of gold to drop to a more reasonable level before buying. As for sellers, they expect the price of gold to continue to increase, so they wait for another 1-2 beats before deciding.

At this sensitive time, not only for the people but also for shop owners like us, there is a lot of pressure when trading. The price is high, if the sellers do not buy, they will lose their reputation to buy or sell, if they do not close the deal in time, they will also suffer losses", said the owner of a reputable gold shop in Thanh Chuong.

According to forecasts, the demand for investment in gold is high, so gold still has room to continue to increase. Because currently, gold is acting as a hedge against the depreciation of the USD and other currencies. On the other hand, tariff measures can accelerate this process when global commodity prices increase. In addition, if global central banks (including the US Federal Reserve - FED) reduce interest rates or pump money to fight economic weakness, prices will tend to increase, making gold more attractive to investors. There is a high possibility that gold will reach the $ 3,000 / ounce mark next week.