Gold price increases, Nghe An gold market gradually 'warms up'
In the trading session last week, world gold prices fluctuated continuously, domestic gold prices increased, and gold trading in Nghe An became active again.
At the end of the last trading week, the world gold price closed at 2,513 USD/ounce, an increase of 6 USD/ounce compared to the previous week. During the week, the precious metal on the international market fluctuated violently, when it reached a new historical peak of over 2,530 USD/ounce, then plummeted to 2,470 USD/ounce due to profit-taking pressure from investors.
While the world gold price is bustling, the gold price in the domestic market fluctuates quite slightly. Accordingly, the price of SJC gold bars closed the week at 79 million VND/tael for buying and 81 million VND/tael for selling, an increase of 1 million VND/tael compared to the end of last week.
The price of 24K gold rings and jewelry of all kinds only increased by 100,000 - 200,000 VND/tael for buying, but kept the selling price unchanged, reaching 77.1 - 78.4 million VND/tael (buying - selling).
In Nghe An, surveyed on the morning of August 25, the listed price of gold rings fluctuated from 76.2 - 77.2 million VND/tael (buy) and 78.4 - 79.5 million VND/tael (sell). The price difference between gold and silver businesses was up to 1 million VND/tael. The price of gold rings increased slightly, closely following the fluctuations of world gold prices, so many people choose gold rings for investment and storage.
Choosing to buy a plain round ring for storage, Ms. Nguyen Thi Tuyet Tr. (Do Luong town) said: "Having 300 million VND in idle money, after considering saving or buying gold for storage, I decided to buy 4 taels of plain round rings, divided by weight (1 chi, 3 chi, 5 chi and 10 chi) so that when needed, it will be easier to sell."
Meanwhile, many people choose this time to take profits, so the number of people selling gold is also quite large. "Currently, the price of round gold rings is being bought by us at 77.2 million VND/tael, the highest level since the beginning of the year. Some people need capital to hold goods at the end of the year and some people see that there is profit so they sell gold to take profits.
Last week, the number of people coming to sell gold was quite large, the amount of gold the store bought increased about 30% compared to the previous week," said Mr. Hoang Ngoc Hoa, an employee of a gold store on Cao Thang Street (Vinh City).
In June 2024, Mr. Nguyen Duy Phuc H. asked a relative to buy 6 taels of SJC gold bars for him at the price of 76.98 million VND/tael sold by the State-owned commercial bank Agribank. Recently, he needed money to pay for goods, but because the price of gold bars was low and shops in Nghe An stopped trading, he had to borrow money from relatives to make up for it.
Now that the price of gold bars has increased, many gold and silver businesses in Nghe An are buying gold bars again, so he decided to sell all 6 taels to pay off his debt. Mr. Phuc H. said: "Calculating, each tael earns 2 million VND in profit, spending 460 million VND, after 2 months, the profit is 12 million VND, compared to depositing in the bank, the interest is many times higher."
For those who invest at the right time, do not "chase the peak" and know how to close the profit at the right time, investing in gold is still the most effective. At the same time, when determining that gold is just a channel for storage, you must invest long-term. Because, although the price of gold is currently increasing, the price of gold bars is on the way to recovery, if you buy in the short term, it is very easy to lose.
“If you bought gold bars at the end of last week at VND80 million/tael and sold them today, August 25, the buyer would lose VND1 million/tael. Similarly, if you bought gold rings on August 18 for VND78.5 million/tael and now sell them at VND76.5 million/tael, you would lose VND2 million/tael.
The reason is that the difference between buying and selling gold is high, so buyers can easily lose money in the short term," said Ms. Nguyen Thi Huong, owner of a private gold and silver business on Le Loi Street (Vinh City).
Commenting on the gold price trend next week, both analysts and investors expect the gold price to continue to increase after maintaining the 2,500 mark, the highest level of the gold price since the beginning of the year. According to the survey results of Kitco News on Wall Street with 12 analysts participating in the answer, of which, up to 58% of opinions said that the gold price will continue to increase, only 17% of opinions said that the gold price will cool down and the remaining 25% predicted that the gold price will go sideways.
