Gold prices keep 'dancing', people rush to sell to make profit
(Baonghean.vn) - Gold prices have continuously increased to "unprecedented" highs, so many people who have gold reserves have taken the opportunity to sell it for profit.
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| At the end of this morning's trading session, the price of SJC gold bars was listed at 75.05 million VND/tael, considered "an unprecedented high in history". Photo: Thanh Phuc |
End of trading session on the morning of March 8,gold pricelisted at gold shops in Vinh city are 75.50 million VND/tael of SJC gold bars (selling), 5.9 million VND/chi (9999 round ring). Accordingly, compared to yesterday morning's trading session, gold has "jumped" by 4.23 million VND/tael. This price is considered "unprecedented in history" in both buying and selling directions.
Mr. Thai Ba Than, owner of a large gold shop in Dien Chau, said: “The tense situation in Ukraine dominated the fluctuations of the gold market on the first day of the week. The world gold price surpassed the 2,000 USD/ounce mark in the trading session on the evening of March 7 (Vietnam time). This is the highest level in the past 1.5 years. Meanwhile, the domestic gold price increased sharply, the difference with the world gold price was up to 18 million VND/tael. Currently, the gold price is being adjusted continuously. At the end of this morning's session, the buying price was 70.5 million VND/tael and the selling price was 75.05 million VND/tael (for SJC gold bars)”.
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| The number of customers trading increased on the selling side. Most of them are people using idle money to invest, when gold prices go up, they take advantage of selling to make a profit. Photo: Thanh Phuc |
Gold prices continue to increaseSo many gold owners are taking advantage of the opportunity to sell for profit. Compared to the beginning of the Year of the Tiger, sellers have made a profit of about 9 million VND per tael. Ms. Nguyen Anh Tuyet (Do Luong town) is waiting to sell gold at a large gold shop on Cao Thang street and said: “Last year, after selling land, the remaining money deposited in the bank had low interest, so I bought gold to store. The gold price at that time (September 2021) was 56.2 million VND/tael. That was the capital saved, so I determined when it was necessary to use it, but the gold price increased, the profit was nearly 15 million VND/tael, so my children also discussed selling, and when the gold price went down, they would buy again.”
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| The counters of gold shops are always crowded. Photo: Thanh Phuc |
The number of people who have gold has rushed to sell for profit, causingThe gold market is becoming more vibrant.According to records, the number of people coming to trade at gold shops is high, higher than the trading session last week. "The number of people coming to sell gold is quite large, in which gold bars account for a large number, while gold jewelry and round rings are less. Most of them are people with idle money to invest in gold and when the price of gold is high, they sell to make a profit," said Ms. Hong Nga, an employee of a gold shop on Cao Thang Street (Vinh City).
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| The price of gold is constantly "dancing", attracting people's attention. Besides the number of people coming to buy and sell, the number of people coming to consult the price fluctuations is quite large. Photo: Thanh Phuc |
According to statistics from a gold and silver business in Vinh City, the number of people selling gold bars in 2 days (March 7 and 8) increased about 2.5 times compared to previous days, the amount of gold bought accounted for 80% of the transactions in the day, and the amount of gold sold was quite low.
In fact, the current difference between buying and selling prices is quite high. At 12:00 on March 8, the buying price of gold at gold shops ranged from 70.2 million VND/tael - 70.5 million VND/tael (SJC gold bars) and 5.6 million VND/chi (9999 round rings). Meanwhile, the selling price was 75.05 million VND/tael (SJC gold bars) and 5.9 million VND/chi (9999 round rings). The difference between buying and selling prices of SJC gold was pushed to the highest level of 5 million VND/tael, while normally it is only about 700,000 - 1,000,000 VND. According to experts, "widening" this difference will push more risks onto customers.
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| In fact, the range of gold buying and selling prices is quite wide and the price of SJC gold bars is far higher than that of jewelry gold and rings, so people should not rush to buy SJC gold bars at this time to avoid risks. Photo: Thanh Phuc |
The notable point is that after the world gold price jumped to 2,000 USD/ounce, converted to VND, it is priced at 57 million VND/tael (including taxes and fees), but SJC gold is continuously adjusted by businesses to increase every hour, making those who want to buy and sell gold feel "dizzy".
Gold purchasing powernot increase but even decrease but the price is still pushed up. This does not reflect the true nature of supply and demand of the market. Therefore, many reputable gold shops in Vinh city have advised people not to chase SJC gold when the price is too far apart from other types of gold rings, 24K jewelry gold and world gold prices, to avoid risks and guide customers to buy 9999 round rings.
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| On the morning of March 8, at many gold shops, the counters were quite bustling as many people bought jewelry as gifts for International Women's Day. Photo: Thanh Phuc |
Ms. Manh My Duyen, owner of the private gold and silver business Duong Hong (Tran Phu Street - Vinh City) said: "People should not buy SJC gold bars at this time. Instead, they can buy round rings to avoid future risks. The world gold price is forecast to continue to increase but not "increase rapidly" like the domestic gold price. Therefore, people need to consider when holding gold for speculation at this time."