After the auction, gold price remains high, Nghe An gold market 'warms up' again
(Baonghean.vn) - After 3 times of announcing gold bar auctions, the gold price is still anchored at over 84 million VND/tael and is currently approaching the 85 million VND/tael mark. The gold market in Nghe An is also on the way to becoming active again.
On the morning of April 26, the price of SJC gold bars increased by 700,000 VND/tael for buying and 600,000 VND/tael for selling. Accordingly, the price of SJC gold bars was listed by businesses at 82.40-82.70 million VND/tael (buying) and 84.8-85 million VND/tael (selling).
The listed price of gold rings is 73.62 million VND/tael (buy) and 75.8 million VND/tael (sell).
In Nghe An, the price of SJC gold bars is still blank on the price list of gold shops, only when customers come to make a transaction will the staff announce the price. Meanwhile, the price of gold rings is hovering around 72 million VND/tael (buy) and 77.2 million VND/tael (sell).
According to records, on the morning of April 26, despite the hot weather and the rising gold price, there were quite a lot of customers coming to trade at gold shops. Ms. Mai Kieu Oanh, owner of a gold shop on Cao Thang Street (Vinh City) said: "Last weekend, when the news of the gold auction was about to take place, transactions at the shop seemed to stagnate because people were waiting for the price movement after the auction.
Because, according to the assessment, the gold price will decrease when the market is supplemented with supply. However, the auctions did not go as expected, the winning gold volume was quite low, the bidding price was high. Therefore, in recent days, the gold price has rebounded. In this morning's trading session, the gold price increased sharply and according to predictions, the gold price will continue to increase.
After a week of gathering information about gold auctions, surveying gold prices and predicting the market, Ms. Vu Thi Thuy H. (Hung Chinh commune, Vinh city) decided to invest more than 1 billion VND to buy gold for investment. Accordingly, this time, Ms. H. bought 50% gold rings and 50% gold bars.
Ms. Vu Thi Thuy H. said: “At this time, investing in gold is still the safest channel. According to forecasts, inflation is on the rise in the near future, gold prices will increase even more, I am very worried about the currency losing value so I buy gold to store.”
Although she does not invest in gold, in recent years, Ms. Nguyen Quynh T. still keeps the habit of buying 1 tael of gold every month to "save" when she receives her monthly allowance.
“The price of gold is high, but for me, buying gold is not an investment or a speculation, but just a hedge when needed. Therefore, whether it increases or decreases, I still take out of my monthly income to buy 1 tael to save,” said Ms. T.
On the other hand, many people decided to sell when they saw the price of gold bars increase again, about to reach 85 million VND/tael. Ms. BH (Quan Bau, Vinh City), needed money to solve business matters. At the beginning of the week, she planned to sell gold for cash, but the gold price was decreasing at that time, so she followed the advice of some people to wait until after the auction to see how the gold price would develop before selling. Now, seeing that the gold price has increased again, she felt that the price was good, so she decided to sell 3 taels of gold bars.
“First, I need cash to solve problems. Second, the current gold price is quite high and profitable. Third, I think the State will definitely have appropriate policies to stabilize the gold market in the near future, so the price of gold bars will hardly increase sharply compared to the present. Those are the reasons why I decided to sell gold to solve problems instead of borrowing,” Ms. H. shared.
According to information from gold shops, in the past 2 days, when gold prices increased again, gold transactions in both buying and selling directions have improved compared to last weekend.
Through gold auctions, the State Bank wants to narrow the gap between domestic and international gold prices, but in reality, expectations have not been met.
Currently, people still have to buy SJC gold at a price 14 million VND/tael higher than the world price, and also have to accept a difference of 2.4 - 3.0 million VND/tael between buying and selling prices. Therefore, the gold bar auction only helps to reduce the tension of supply and demand in the short term. To stabilize the gold market, in the long term, we still have to consider amending the Decree on the management of gold trading activities.
