Experts warn that gold prices have peaked at VND91 million/tael, and people should consider buying before and on God of Wealth Day. Because after God of Wealth Day, domestic gold prices often drop sharply.
Many people still line up to buy gold even though the price has increased to a record high - Photo taken on the afternoon of February 5 at a gold shop on Tran Nhan Tong Street (Hanoi) - Photo: LE THANH
SJC gold bar price: selling increases, buying decreases
The selling price of SJC gold bars was listed by Vietcombank and gold trading companies on February 5 at 91 million VND/tael.
At gold shops on Tran Nhan Tong Street (Hanoi), the price of SJC gold bars on the market was announced by gold trading units such as Bao Tin Minh Chau, SJC, Phu Quy... at 91 million VND/tael from the opening of the trading session until 3:00 p.m. the same day.
Thus, compared to the same price on the afternoon of February 4, the price of SJC gold bars increased by about 450,000 VND/tael in the selling direction.
On the contrary, in the buying direction, each tael of SJC gold bar listed by gold trading enterprises decreased by 100,000 VND, now at 88 million VND. The difference between buying and selling prices has widened to 3 million VND/tael.
As for gold rings, they have reached an all-time high. Depending on the brand, the selling price of gold rings is 90.5 - 90.95 million VND/tael. As for the buying price, each tael of gold rings costs 88 - 88.20 million VND/tael.
Explaining the unprecedented high domestic gold price, a representative of Bao Tin Minh Chau Gold Company said it was due to the impact of world gold prices. The world gold price is currently over 2,860 USD/ounce, reaching a historical peak.
Gold prices are affected by many factors such as geopolitics and most recently the US tariff policy towards Canada, Mexico and China. Therefore, gold is considered a safe haven for many investors.
People should be careful to buy gold before and on God of Wealth day.
According to Tuoi Tre Online , there are 2 days left until God of Wealth Day (January 10th), although the price of gold has increased to an all-time high, many people are still lining up to buy. Most of the people who come to buy gold hope for luck, fortune, and prosperity for the whole year.
On the contrary, the number of people coming to sell is also quite large, having to take a book and wait for more than 1 hour for their turn. To facilitate customers to transact quickly, the staff of Bao Tin Minh Chau store has to "separate the flow". Customers who sell less than 5 taels of gold can sell right at the transaction counter. For customers who sell more, they are guided to transact in the store's booth.
Talking about this reality, Associate Professor Dr. Dinh Trong Thinh, a financial expert, advised domestic investors, especially those who buy gold to store, to be careful when buying gold at this time.
"The world gold price has reached a historical peak. Moreover, in the domestic market, before and on God of Wealth Day, gold prices often increase sharply due to high demand. And right after God of Wealth Day, gold prices often reverse and decrease sharply," Mr. Thinh warned.
Sharing the same opinion that one should not focus on buying gold on God of Wealth Day, experts said that the State Bank should continue to apply measures to manage the gold market.
In order to contribute to stabilizing the domestic gold market, the measure of assigning 4 banks in the Big 4 group, Vietcombank, VietinBank, BIDV and Agribank, to sell SJC gold bars directly to people will continue to be maintained.
No later than June, it is necessary to propose amendments to the decree on gold trading management.
In Directive No. 03, which was signed and issued on February 4, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with agencies and localities to closely monitor and implement solutions to stabilize the gold market.
Especially in the second quarter of this year, the State Bank urgently summarized, researched, and proposed amendments and supplements to Decree No. 24/2012 on the management of gold trading activities.
It is known that one of the notable contents that the authorities will study and propose to amend is the regulation on the State's monopoly on the production of gold bars.
Regarding state management of the gold market, in Resolution No. 173/2024 on questioning activities at the 8th session, 15th tenure, the National Assembly requested the Government to implement management solutions to stabilize the gold market.
Enhance the State's role in managing and regulating the gold market in accordance with regulations; do not let gold price fluctuations affect macroeconomic stability.
Research policies to limit speculation and gold hoarding, and transfer investment resources to production and business.
In particular, no later than June 2025, conduct a summary, research and propose amendments to Decree No. 24 regulating the management of gold trading activities.
Source: https://tuoitre.vn/chenh-lech-gia-toi-3-trieu-dong-luong-nen-mua-vang-sau-ngay-than-tai-20250205154028797.htm
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