Gold reversed to increase sharply, Nghe An gold market slowed down
On the morning of May 29, the price of gold bars increased dramatically, the price of gold rings also remained at the highest level in the past 10 days. The price of gold increased sharply but gold transactions in Nghe An were less active…
By 11am on May 29, domestic gold prices increased sharply, accordingly, SJC gold bar prices reached 91 million VND/tael (selling) and 88 million VND/tael (buying), an increase of 500,000 - 700,000 VND/tael compared to the closing price of yesterday's trading session (May 28).
The price of 9999 gold rings alone recorded the highest level in the past week, fluctuating around 77.02 million VND/tael. Specifically as follows: The price of SJC 1C - 5C gold rings today is at 74.95 million VND/tael for buying and 76.55 million VND/tael for selling.
Compared to the beginning of yesterday's trading session, the price of gold rings increased by 100,000 VND/tael for buying and selling; DOJI's 9999 gold ring price is listed at 75.4 - 76.8 million VND/tael (buying - selling). Compared to the beginning of yesterday's trading session, the price of gold rings increased by 100 - 500,000 VND/tael for buying and selling.
On the morning of May 29, the world gold price was trading at 2,356.78 USD/ounce. Converted according to the exchange rate on the free market (25,840 VND/USD), the world gold price is currently at 74.21 million VND/tael (including taxes and fees), 2.3-2.5 million VND/tael lower than gold rings and 16.6-17 million VND/tael lower than gold bars.
According to Kitco’s forecast, gold is entering another rally after last week’s plunge. Accordingly, if it breaks the resistance of $2,385/ounce, gold will return to the overall uptrend that has existed before. The target will be $2,500/ounce.
In addition to increasing following the general trend of world gold prices, domestic gold prices are also affected by many factors. Firstly, the State Bank decided to stop gold auctions after failing to achieve the goal of bringing domestic gold prices closer to world prices and stabilizing the market.
At the same time, the State Bank also announced plans to implement new measures to stabilize the gold market from June 3. Gold market management has been strengthened recently as authorities have fined many gold trading units for price violations and selling goods of unknown origin.
These are important developments that may affect people's investment and gold buying and selling decisions in the coming time.
In Nghe An, on the morning of May 29, gold prices were also adjusted up by businesses following domestic and world gold prices. Although the price of SJC gold bars was not publicly listed on the price board, the transaction prices offered by gold shops were VND88.5 million/tael (buy) and VND91.2 million/tael (sell).
The price of 9999 gold rings is 77.5-77.6 million VND/tael (selling) and 74 million VND/tael (buying). The gold price increased after a series of sharp declines, but according to records, the gold market in Nghe An is quite quiet.
“The price of gold has increased again in the past two days, but both the selling and buying prices have decreased. On the selling side, only a few people come to buy gold for weddings, gifts or to pay off debts when the time comes. On the buying side, there are also very few customers,” said Mr. Nguyen Quang Huy - manager of a gold counter of a gold and silver business on Le Loi Street (Vinh City).
According to the shop owner, the reason for the decrease in both buying and selling prices is because the price of gold decreased last week, so investors or those who had planned to buy gold in advance took advantage of the "bottom price" to buy.
Therefore, when the gold price increases, only those who urgently need to use gold will "spend money". On the contrary, only those who need cash will sell gold at this time, while investors who wait for gold to peak will sell gold to "take profit".
“The price of gold has increased sharply compared to last week, the price of gold bars has increased by more than 1 million VND/tael. However, at that time, the buying price was 89.9 million VND/tael (now 91.1 million VND/tael) but the selling price was only 88.5 million VND/tael.
Therefore, at this time, selling gold means a loss of nearly 1.4 million VND/tael and no profit. To make a profit, you have to wait for gold to reach a new peak and decide to invest long-term,” said Mr. Nguyen Phu H. (Vinh city).
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