Gold prices skyrocket, Nghe An people rush to sell to make profit

According to the update, by 2:00 p.m. on February 20, the domestic gold ring market continued to record an increase compared to the previous trading session. Most brands adjusted the price up from VND100,000 to VND1 million/tael. Specifically: The price of 9999 gold rings was traded at VND89.70 - VND91.80 million/tael (buy - sell), the price of gold bars was VND89.80 - VND92.10 million/tael (buy - sell).

In the international market, the world gold price reached 2,941.88 USD/ounce, up 12.31 USD (+0.42%) compared to yesterday. Converted according to Vietcombank exchange rate, the world gold price is currently equivalent to 89.98 million VND/tael. This price is close to the buying price of many domestic brands, showing the stability between the domestic and world markets.

In Nghe An, the price of 9999 gold rings has reached 93 million VND/tael (selling price). Accordingly, 9999 plain round rings are listed at 92.60 - 93 million VND/tael (selling price)... higher than the domestic selling price by 700,000 - 1.2 million VND/tael. Meanwhile, the buying price fluctuates from 89.30 - 89.90 million VND/tael. The difference between buying and selling is up to 2.2 - 2.8 million VND/tael.

According to records, since yesterday, the price of gold has skyrocketed, then decreased slightly, and today, the price of gold continues to increase. Before the fluctuations of the gold market, many people have seized the opportunity of high gold prices to sell for profit.

Gold shop owners said that the number of customers coming to trade has increased in the past few days, especially in the buying direction. Ms. Lan Oanh, a gold counter employee at a gold shop on Cao Thang Street, said: “Since the beginning of the week, many people have brought gold to sell. Most of them are short-term investors. They bought gold last year, and sold it when they saw a profit last year. Some people buy a few taels, some buy up to tens of taels.”

Having just received payment for selling 5 taels of gold from the buying counter, Ms. Dang Thi Hong M. (Quan Bau, Vinh City) said: “I choose gold as an investment channel, so when I see the price is safe, I will sell it. When I bought it in early November 2024, the price was 84.5 million VND/tael. Currently, selling it has made a profit. I will wait for the price to drop to around 85 - 86 million VND/tael to buy it back.”

For many people, gold is an investment channel, so when they see a profit, they will sell. Many people, with the fear that the price of gold will decrease after a sharp increase, rush to sell right when the price is "at the top".

Due to the psychology of selling to take profit, in recent days, gold shops have been bustling in the buying direction. "Of every 10 people who come to the shop, 6-7 come to sell gold. In addition to gold bought for investment and storage, many people collect wedding gold, wedding jewelry, plain rings... to come to the shop to sell. On the other hand, the number of buyers is low," said Ms. Le Dung - owner of a gold shop on Cao Thang Street.

According to gold experts, the trend of gold prices in the coming time is still upward.