Domestic and world gold prices slowly decrease, Nghe An market shows signs of slowing down
After several sessions of decline, on the morning of October 23, domestic and international gold prices showed signs of slowing down, even increasing slightly. However, in Nghe An, the market was still quite quiet. People were hesitant to spend money, while many gold shops announced that they were "out of stock", only accepting deposits and making appointments for delivery a few days later.
World and domestic gold prices show signs of recovery
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As of 9:00 a.m. on October 23, the domestic price of SJC gold bars increased slightly compared to the previous session. DOJI Group listed it at 146.6 - 148.6 million VND/tael (buy-sell), an increase of 100,000 VND/tael in both directions, a difference of 2 million VND/tael.
Bao Tin Minh Chau listed 147.6 - 148.6 million VND/tael, an increase of 600,000 VND for buying and 100,000 VND for selling, a difference of 1 million VND/tael. Phu Quy Group announced 146-148.6 million VND/tael, keeping the buying price unchanged and increasing 100,000 VND/tael for selling.
The price of 9999 gold rings fluctuated between brands. DOJI increased by 500,000 VND/tael in both directions, Phu Quy increased by 100,000 VND/tael, while Bao Tin Minh Chau decreased by 2.5 million VND/tael. The difference between buying and selling prices is still commonly around 3 million VND/tael, making the risk for individual investors high.
On the world market, at 9:00 a.m. (Vietnam time), the gold price stood at around 4,075.3 USD/ounce, down 34.7 USD compared to the previous session. Although still in an adjustment trend, experts said the decline has slowed down. According to senior analysts, the recent sharp declines were mainly due to concerns about prices rising too quickly, while the fundamental factors supporting gold have not changed.
Technical analysts predict that gold's resistance zone is around $4,100/ounce, and the support zone is $4,000/ounce, the milestones that will determine the next trend of the market.
Nghe An gold market stagnates
Along with the domestic fluctuations, the gold price in Nghe An on the morning of October 23 also increased slightly after many days of deep decline. According to records, by 11:00 a.m., large gold shops in Vinh City listed the price at 146 - 147 million VND/tael (buy) and 151.5 - 154 million VND/tael (sell), an increase of 1 - 1.5 million VND/tael compared to yesterday.
Despite the slight increase in prices, market transactions remain quiet. Many people choose to observe instead of buying and selling immediately, because they are worried about price fluctuations.
Ms. Duong Thi Viet Nga, in Vinh Hung ward, shared: “I am holding 5 taels of 9999 gold rings that I have saved for many years. Yesterday, when I saw the sharp drop in price, I was planning to sell them to buy whole taels of gold, but now the price has increased so I am not in a hurry. Gold is so erratic now, I am afraid that I will regret it if I sell it.”
In the afternoon, the number of customers coming to gold shops was not much. Some people with spare money came to ask for the price but had not decided yet. Mr. Bien Trung Dung from Do Luong commune said: "I intend to buy gold for storage, but seeing that today's price has increased by 2-3 million VND/tael compared to yesterday, I am hesitant. If the price is more stable in the next few days, I will buy."
Some gold shop owners said that the rapid price fluctuations have temporarily slowed down transactions. Sellers do not dare to sell, and buyers are also hesitant. "Currently, 9999 gold rings are almost out of stock. We still accept deposits from customers, but it will take 3-5 days to deliver. The general psychology is that everyone is afraid that after buying, the price will turn around and drop again," said Linh Trang, owner of a gold shop on Cao Thang Street.
Ms. My Ha in Vinh Loc ward said: "Yesterday the shop quoted a price of 149 million VND/tael but there was no immediate delivery, so I hesitated to buy. Now the price has increased to 151.5 million VND, I have to deposit 100 million VND for 2 taels of gold, and I can only receive it 5 days later. I was worried, but I was afraid the price would increase so I had to accept it."
According to gold traders in Nghe An, transactions these days are mainly retail customers, small scale. The amount of purchases has decreased, while the number of people coming to sell is also low due to concerns that prices may increase further. Some gold shops said they are increasing purchases to have reserves, although general transactions have been lively and "warmed up" compared to the time when gold "fever" last week.
Experts say the buying and selling gap is high, so short-term investors are vulnerable to risks if prices reverse. For people, gold is still a safe asset, but at this stage, they need to observe carefully and avoid chasing purchases when the market is not stable.
