Gold ring price hits record high, Nghe An people hesitate to take profit

Gold price today, September 25, 2024, in the world increased continuously, continuing to set a new peak of over 2,662 USD/ounce. Domestically, gold rings increased continuously to 82.5 million VND/tael (sold), SJC gold bars remained at 83.5 million VND.

Specifically, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 80.8-82.3 million VND/tael (buy - sell), an increase of 800 thousand VND/tael for buying and 1 million VND/tael for selling compared to yesterday's closing price.

Doji Gold and Gemstone Group listed the price of 9999 plain round gold rings at 81.45-82.5 million VND/tael (buy - sell), an increase of 850 thousand VND/tael in both buying and selling compared to yesterday's closing price. This is the highest price ever for plain round gold rings in the country.

In Nghe An, the price of gold rings is listed by private gold and silver businesses at specific prices: selling price 83.40 million VND - 84 million VND/tael; buying price 80.30 million VND - 80.50 million VND/tael.

At the same time, many shops have started accepting gold bar transactions for purchase at VND80 million/tael. The price of gold rings has increased, gold bars have started to be bought back after a long period of no trading, so the gold market in Nghe An is more vibrant.

According to a representative of a gold and silver business, most people are currently selling gold rings to make a profit. “The price of gold rings began to increase rapidly from the end of October last year and has been increasing steadily. Since the beginning of the year alone, each tael of plain rings has increased by nearly 20 million VND, equivalent to a profit margin of more than 30%.”

The increase in precious metals was driven by many factors, from tight supply in the domestic market, increased demand in the context of reduced savings interest rates to resonance with world prices when the international market had many record sessions.

While SJC gold bars have plummeted due to the State Bank’s policies, gold rings have consistently outperformed other investment channels in terms of profitability. With this record increase in gold prices, many people are excited to invest in gold and consider this the time to sell to “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 planned to sell them but hesitated. Now, she has made a profit of about 5 million VND per tael, so she decided to sell them to make a profit.

“After more than a month, I thought the profit of 5 million VND/tael was good enough. Therefore, I decided to sell half of the gold I had invested to get money for other things. There are about 15 taels left because I don’t need the money yet, so I will wait a bit longer before selling,” said Ms. H.

Meanwhile, this morning (September 25), many people who came to the gold shop to check the price felt regretful for selling gold too soon. Mr. Vu Trong T. (Hung Chinh commune, Hung Nguyen) said: "In April 2024, I bought 5 taels of gold at 77 million VND/tael, thinking that was high. Unexpectedly, after only 5 months, gold exceeded 84 million VND/tael."

After a long time, Nghe An market stopped trading gold bars, now, some gold shops have accepted to buy back gold bars for people. However, the price of gold bars has not been publicly listed, the purchase is made based on the general domestic price and the agreement between the buyer and the seller.

Ms. Tran Thi Hieu Thuy, a resident of Bao Thanh commune (Yen Thanh) said: "More than a month ago, my family needed money, so I brought 2 taels of SJC gold bars to Vinh to sell, but no shop would accept them, so I had to bring them back and borrow cash to make ends meet. Now, the price of gold has increased, so the price of gold bars has also increased, so I brought the gold bars to ask, and a gold shop agreed to buy them for 80 million VND/tael."

Despite a sharp increase of about 28% since the beginning of the year, gold is forecast to continue climbing and reaching new peaks from now until the end of the year and into 2025. Gold is likely to reach $2,700/ounce by the end of this year and $3,000/ounce in the first half of next year.

Gold prices are expected to increase not only because of a weakening US dollar and rising geopolitical tensions, but also because of demand from countries like China and India.

Gold prices are continuously breaking peaks and reaching unprecedented highs, many people are wondering whether they should buy gold now to catch the "wave" in the coming time or not. According to current experts, world gold prices are on a strong upward trend, with prices surpassing the threshold of 2,600 USD/ounce.

People should be careful and consider carefully before buying instead of following the crowd. Gold prices are very hot, so do not be hasty and invest all your capital in gold. You should closely monitor information from channels, statements, actions of the Government, the State Bank and the latest developments in the market.

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"During the gold price fever, absolutely avoid borrowing money to buy gold. Because when the gold price suddenly drops, the borrower will simultaneously be under heavy pressure from losing money and paying off debt."

Dr. Nguyen Tri Hieu

Thanh Phuc