Gold ring prices reach record highs, people in Nghe An hesitate to take profits.
Gold rings hit a new record high, soaring to over 84 million VND per tael. In Nghe An, the gold market has become vibrant again, but many people are still hesitant to sell to lock in profits…
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Today, September 25, 2024, gold prices worldwide continue to rise, reaching new highs above $2,662 per ounce. Domestically, gold rings increased steadily to 82.5 million VND/ounce (selling price), while SJC gold bars remained at 83.5 million VND.
Specifically, Saigon Jewelry Company (SJC) raised the price of gold rings weighing 1-5 taels to 80.8-82.3 million VND/tael (buy - sell), an increase of 800,000 VND/tael in the buying price and 1 million VND/tael in the selling price compared to yesterday's closing price.
Doji Gold and Gemstone Group listed the price of 9999 pure gold rings at 81.45-82.5 million VND/ounce (buy - sell), an increase of 850,000 VND/ounce in both buying and selling prices compared to yesterday's closing price. This is the highest price ever for pure gold rings in the domestic market.
In Nghe An, private gold and silver businesses list the following prices for gold rings: selling price 83.40 million VND - 84 million VND/ounce; buying price 80.30 million VND - 80.50 million VND/ounce.
At the same time, many shops have started accepting gold bar transactions at a buying price of 80 million VND/ounce. With the price of gold rings rising and gold bars being bought back after a long period of inactivity, the gold market in Nghe An has become more vibrant.
According to a representative of a gold and silver business, most people are currently selling gold rings to lock in profits. “The price of gold rings started rising rapidly from the end of October last year and the upward trend continues to widen. Since the beginning of this year alone, each plain gold ring has increased by nearly 20 million VND, equivalent to a profit margin of over 30%.”
The upward trend in precious metals is driven by several factors, from tight domestic supply and increased demand amid falling savings interest rates to the synergy with global prices as international markets have seen several record-breaking sessions.
While SJC gold bars experienced a sharp decline due to the State Bank's policies, gold rings consistently outperformed other investment channels in terms of return. Given this record-high gold price, many investors are excited about investing in gold and consider this the opportune time to sell and "take profits."
Ms. Tran Thi TH (Thanh Chuong) bought a large quantity of gold rings in July 2024. At one point, she needed money and considered selling them but hesitated. Now, calculating the profit, she has made approximately 5 million VND per ring, so she has decided to sell them to lock in her profit.
"After more than a month, I think a profit of 5 million VND per tael is good enough. Therefore, I decided to sell half of the gold I bought for investment to get money for other things. I still have about 15 taels left, but I don't need the money yet, so I'll wait a little longer before selling them," Ms. H. said.
Meanwhile, this morning (September 25th), many people who came to gold shops to check prices regretted selling their gold too early to lock in profits. Mr. Vu Trong T. (Hung Chinh commune, Hung Nguyen district) said: “In April 2024, I bought 5 taels of gold at 77 million VND/tael, thinking that was already high. Unexpectedly, after only 5 months, the price of gold has exceeded 84 million VND/tael.”
After a long period of suspension of gold bar trading in Nghe An province, some gold shops have now started buying back gold bars from the public. However, the price of gold bars is still not publicly listed; the buying price is based on the national market rate and is subject to agreement between the buyer and seller.
Ms. Tran Thi Hieu Thuy, a resident of Bao Thanh commune (Yen Thanh district), said: “More than a month ago, I needed money for a family matter, so I took 2 SJC gold bars to Vinh to sell, but no gold shop would buy them. I had to bring them back and borrow cash to cover the expenses. Now, with the price of gold increasing, I took the gold bars to inquire, and a gold shop offered to buy them for 80 million VND per bar.”
Despite a sharp increase of approximately 28% since the beginning of the year, gold is projected to continue its ascent and reach new highs between now and the end of the year, and throughout 2025. Gold is likely to reach $2,700 per ounce by the end of this year and $3,000 per ounce in the first half of next year.
Gold is projected to rise in price not only because of the weakening US dollar and increased geopolitical tensions, but also due to demand from countries like China and India.
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Gold prices are continuously breaking records and reaching unprecedented highs, leading many to wonder whether they should buy gold now to capitalize on the upcoming surge. According to experts, the current global gold price is on a strong upward trend, exceeding $2,600 per ounce.
People should carefully consider their options before buying gold instead of following the crowd. Gold prices are soaring, so don't be hasty and invest all your capital in gold. You should closely monitor information from various sources, including statements and actions from the Government and the State Bank, as well as the latest market developments.
"During a gold price surge, absolutely avoid borrowing money to buy gold. Because when the price of gold suddenly drops, borrowers will simultaneously face heavy pressure from losing money and repaying debts."
Dr. Nguyen Tri Hieu