Vinh City residents are mainly selling gold as the price, despite falling, is still 'stuck' at a high level.
(Baonghean.vn) - Gold prices hit a record high last weekend and are still at a high level despite the decrease. Currently, Vinh City residents are cautious about the market and are not rushing to buy gold for investment at this time, and many people come to gold shops mainly to sell.
According to a survey by PV, on the morning of August 10, the listed gold price at gold shops in Vinh City fluctuated from 59 - 60 million VND/tael (selling) and 57 - 58.5 million VND/tael (buying) for SJC gold bars.
For 9999 gold, the current buying price is 5.3 - 5.4 million VND/tael and the selling price ranges from 5.5 - 5.7 million VND/tael. Although not at a record level, this is still a very high price compared to a week ago.
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| People jostled to buy and sell gold in Vinh City last weekend. Photo: QA |
Due to the developments related to gold prices, the number of people coming to gold shops in Vinh City to trade increased dramatically over the past weekend. This morning (August 10), some gold shops in Vinh City were also quite crowded with buyers and sellers, understanding the psychology, many gold shops also opened very early to welcome customers.
However, according to a survey at gold shops in Vinh City, during the last 2 days of the weekend and this morning (August 10), people came to the shops mainly to sell gold, very few people bought it.
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| Since early morning of August 10, some gold shops in Vinh City have opened their doors to welcome customers. Photo: QA |
Ms. Nguyen Thanh H., owner of a gold shop, said: "The number of people selling gold has increased dramatically, the peak was last Saturday and Sunday when more than 100 customers came to my shop to sell gold. On the contrary, only a few customers asked to buy gold, and if they did, they only bought a few taels, not for investment...".
That is also the general situation of the gold market at the moment. Most people are cautious, exploring the market, not rushing to make investment decisions at this time.
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| Gold prices were publicly listed on the morning of August 10 for people's reference. Photo: QA |
The number of customers coming to the shop has increased by about 50% compared to normal days, however, it looks crowded but people mainly come to see the price, not to make many transactions. Many people bring gold and then see that the price is lower than yesterday, so they take the gold back, so in reality, it is very difficult to close a gold transaction at this time...
According to gold shop owners, among the items bought and sold in the past 3 days, round rings, gold bracelets, and SJC gold bars were also sold by many people because the price reached 62 million VND/tael, the highest ever.
It is known that the main reason why people only sell gold, very few buy gold for investment at this time is because the current gold price is at a high level and there is no sign of a sharp decrease. Besides, the Covid-19 epidemic is complicated, so weddings are being postponed, the demand for wedding gold and gold jewelry as gifts has decreased sharply.
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| Experts predict that gold prices will continue to increase in the coming time. Photo: QA |
Since the beginning of 2020, spot gold prices have increased by more than 17% due to the impact of the US-China trade war, recent instability in the Gulf region, as well as signals of interest rate cuts from many central banks around the world. According to forecasts of many experts, international and domestic gold prices will continue to increase and create many new records, possibly even reaching 3,000 USD next year.
