Nghe An: Gold price approaches 67 million VND/tael, trading is quiet

Gold price is setting a new "record" at 67 million VND/tael. Photo: Thanh Phuc

At the gold and gemstone companies on Cao Thang Street, the boardgold price listinghas changed a lot compared to the late afternoon trading session on February 24. Accordingly, the gold buying price at 11:30 am on February 25 at reputable gold shops in Vinh city was commonly 65.2 million VND/tael and the selling price was 67 million VND/tael, an increase of nearly 600,000 VND/tael in the buying direction and 1.1 million VND/tael in the selling direction. And currently, the difference between the buying price and the selling price is quite high at 1.7 million VND/tael.

Gold prices at major gold shops in Yen Thanh, Do Luong, Que Phong... have also been adjusted to increase according to the domestic and provincial gold markets. However, depending on the type of gold and gold quality, the shops have a difference in listed prices from about 300,000 - 500,000 VND/tael (ranging from 64.5-65.5 million VND/tael (buy) and 66.8-67 million VND/tael (sell).

Gold prices are high, but trading counters say that many people come to consult prices, but in reality, buying and selling have decreased compared to before. Photo: Thanh Phuc

The price of round rings also increased, accordingly, round jewelry rings cost 5.5 - 5.7 million VND/tael (buy in - sell out), 9999 round rings cost 5.9 million VND/tael (buy in - sell out); the price of 24K Rong Thang Long gold of Bao Tin Minh Chau is 54.55 - 55.65 million VND/tael (buy in - sell out)...

According to statistics, with 4 consecutive strong increases since the beginning of the week,SJC gold pricehas increased by a total of 2.5 million VND/tael. Meanwhile, the price of Doji gold has increased by 4.3 million VND per tael. The price of 24K Rong Thang Long gold of Bao Tin Minh Chau increased sharply by 1.27 million VND for buying and 1.82 million VND for selling. With a lower increase, the price of 9999 gold brand NPQ of Phu Quy increased by 850,000 VND for buying and 1 million VND for selling...

Customers are mainly retail customers coming to buy gold jewelry. Photo: Thanh Phuc

At current prices,difference between world and domestic gold priceshas reached 14 million VND/tael. This is the "record" increase ever. And according to forecasts, this increase will be maintained for a while longer, at least until the end of the April term.

After soaring to nearly $2,000/ounce, the world gold price fell in the trading session last night (February 24) after US President Joe Biden announced new tough sanctions against Russia related to Russia-Ukraine tensions. At 9:00 this morning, the world gold price was $1,909.30/ounce. However, despite the decrease in the world gold price, the domestic gold price is still on the rise.

Faced with the fluctuating gold prices, speculators are not in a hurry to sell their gold for profit, so the number of customers coming to sell gold is not much. Photo: Thanh Phuc

Gold price fluctuatesand set a new price record, however, the gold market in Nghe An is quite quiet and less vibrant. Mr. Anh Vu, owner of a gold shop on Cao Thang Street (Vinh City) said: "The epidemic is complicated, the economy is difficult, all business activities are stagnant, so people do not want to sell gold when they do not know where to invest and do not dare to buy gold to speculate when the gold price is at its peak. Therefore, both buying and selling prices at our company have not increased but even decreased compared to before."

According to a survey, most customers coming to gold shops at this time are buying wedding rings, buying round rings as dowry and a few come to sell gold but the number is insignificant.

According to gold shop owners, the most exciting market at the moment is still the wedding ring market. Photo: Thanh Phuc

Currently, the tension between Russia and Ukraine has pushed oil prices up, causing the risk of inflation in many countries to increase, while gold prices have also increased. However, the large gap between domestic and world gold prices poses many potential risks. Therefore, according to experts, people and investors should not invest in gold for storage or speculation at this time to avoid losses.