Gold bars suddenly increased in price, how is the Nghe An market?

After nearly 2 months of maintaining the price at 76.98 million VND/tael, at times being "surpassed" by the price of gold bars, since yesterday morning (July 18), four state-owned banks Agribank, BIDV, Vietcombank and VietinBank have simultaneously adjusted the selling price of gold bars by 3.02 million VND to 80 million VND/tael. Major domestic brands have also simultaneously adjusted the buying and selling prices of SJC gold to a new price of 78.5 - 80 million VND/tael.

Despite the world gold price “plummeting” and the domestic gold ring price decreasing, this morning, July 19, the gold bar price remained at 80 million VND/tael (sell) and 78.5 million VND/tael (buy). Accordingly, at 11:00 a.m. on July 19, the world gold price stood at 2,423 USD/ounce, a sharp decrease of 40 USD/ounce compared to the same time yesterday morning (July 18).

In Nghe An, the market is quite quiet in the face of the opposite fluctuations in gold prices, especially the shocking increase in gold bar prices. Walking around the large gold shops in Vinh city on the morning of July 19, it was noted that most of them were quite deserted. Gold bar prices increased sharply, but most gold and silver businesses in Nghe An did not list the prices of gold bars.

When asked to sell/buy gold bars, many stores replied that they had stopped trading; some store employees said that they currently had no gold bars to sell, and to buy, they had to contact the business owner directly.

Contacting some gold shops in the districts, the gold shop owners said that currently, the shops do not have gold bars for sale but still accept purchases at the same price (about 200,000-300,000 VND/tael lower) listed by SJC Gold and Gemstone Company on the website.

“We currently do not have gold bars available to sell to customers. However, if customers want to sell gold bars, we still buy them normally. Currently, the price of gold bars has increased by over 3 million VND/tael for sale and 1.7 million VND/tael (for purchase) compared to 2 days ago. However, the number of people asking to buy and sell gold bars is very small, mainly transactions in gold rings,” said Mr. Tran Le Quang, manager of a gold shop in Dien Chau town.

Following the world gold price, the domestic gold ring price decreased sharply. Specifically, the buying and selling price of SJC 999.9 gold was at 75.9 - 77.3 million VND/tael, down 300,000 VND/tael in both directions compared to the closing price yesterday; Doji Hung Thinh Vuong 9999 gold ring stood at 76.1 - 77.4 million VND/tael, down 400,000 VND/tael in the buying price and down 300,000 VND/tael in the selling price compared to the closing price of the previous session.

In Nghe An, the price of gold rings on the morning of July 19 was listed by gold and silver businesses at VND74.50-74.80 million/tael (buy) and VND77.45-78 million/tael (sell), down VND600,000-900,000/tael compared to the previous session. The price of gold rings decreased while gold bars increased, so many investors are quite hesitant about this opposite fluctuation.

Ms. Trinh Thi T., a customer, said: “At this time, I am really a bit hesitant about whether to buy gold rings or wait to see the price situation before buying more. As for gold bars, according to my personal prediction, they will definitely increase in the near future, so I am not in a hurry to sell gold bars to switch to gold rings.”

At this time, the gold ring market is also quieter, the transaction volume has decreased compared to last week when the world gold price continuously fluctuated, causing the domestic gold ring price to be unstable.