At 4:00 p.m. on March 20, 2024, the domestic SJC gold price fluctuated slightly downward in the selling direction. Specifically, Saigon Jewelry Company Limited - SJC listed the SJC gold price at 79.4 million VND/tael for buying and 81.4 million VND for selling. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted down 100,000 VND for buying and down 120,000 VND for selling.
The difference in buying and selling prices at this unit is currently at 2 million VND.
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| Gold price listed at Saigon Jewelry Company Limited. Website screenshot at 5:00 p.m. on March 20, 2024 |
At the same time, the price of SJC gold at Bao Tin Minh Chau was also adjusted down compared to the early morning of the same day. Currently, the buying price of SJC gold is 79.45 million VND/tael and the selling price is 81.25 million VND/tael. Compared to the early morning of the same day, the price of SJC gold was adjusted down by 150,000 VND/tael in both buying and selling directions.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 5:00 p.m. on March 20, 2024 |
Today, the world gold market declined, trading around the resistance level of 2,150 USD/ounce and may continue to decline from this level when the market almost certainly predicts that the US Federal Reserve (FED) will not reduce interest rates in the ongoing meeting.
However, investors are currently waiting for statements from the FED leaders to know the roadmap for easing US monetary policy in the coming time, which will determine the trend of gold prices.
In the context of the world gold market standing still, waiting for the FED's management policies, domestically, investors are also anxiously waiting for information to decide whether to invest in gold at this time or not.
Mr. Nguyen Tran Trung (Hoang Mai, Hanoi) said that he has some money, but he does not know whether to invest in real estate or gold. If investing in gold, he should choose gold rings or gold bars. "In recent trading sessions, the price of SJC gold has fluctuated slightly; but last week, the price of SJC gold and gold rings continuously hit new peaks, creating a fever to sell gold" - Mr. Trung shared and worried, the appeal of gold has never cooled down, but should one invest in gold at this time or not.
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| The appeal of gold has never cooled down, but should we invest in gold at this time or not? Illustrative photo |
Giving advice to investors and people, some economic experts said that the gold market is still unpredictable in the current context. The domestic gold market is not connected to the world market. Not to mention, the domestic gold market is waiting for management signals from the Government as well as the State Bank.
Previously, giving his opinion on the gold market in 2024, Mr. Huynh Trung Khanh - Vice President of the Vietnam Gold Business Association said that the trend of gold prices in 2024 is to increase more than decrease. In 2024, gold will still be a safe haven for investors. When the economy is stable, other investment channels such as real estate and stocks recover, gold prices tend to decrease or go sideways. On the contrary, if the economy still has many difficulties, other investment channels are stagnant, gold prices may increase due to people's psychology towards hoarding and reserve with gold.
For gold rings, experts say that domestic gold ring prices always follow world gold prices, so the volatility and risk of gold rings will be low. In addition, domestic gold ring prices always follow world gold prices, so the price is softer than SJC gold bars. If you have an average or low income, gold rings are always the choice of many people.
Meanwhile, for SJC gold bars, the current gap between domestic and international gold bar prices is very high. Gold bar prices are not linked to the world market, so investing in gold bars at this time should only be for investors who like to take risks because the rate of fluctuation increases and decreases sharply, continuously, every day, even every hour.
"For gold bar investment, investors and people should wait a little longer until the Government and the State Bank have policies and solutions to manage the market. If the State Bank adds SJC gold to the market, the gold price will decrease" - experts analyzed and recommended that investors and people should follow gold price information on official channels to make correct and appropriate decisions, avoiding speculative losses.
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