Last week (from May 20 to 25), the price of gold bars fluctuated downward. Accordingly, at the beginning of the week, the selling price of SJC gold bars was 91 million VND/tael, buying price was 89 million VND/tael, by the end of the week, the selling price of gold bars was 89.5 million VND/tael, buying price was 87.5 million VND/tael, an average decrease of 1.5 million VND/tael in both buying and selling directions.
9999 gold rings also decreased from 77.8 million VND/tael (sell) and 76.25 million VND/tael (buy) at the beginning of the week (May 20) to 76.4 million VND/tael (sell) and 74.8 million VND/tael (buy) at the end of the week (May 25). The average decrease was about 1.4 million VND/tael in both buying and selling directions.
In Nghe An, gold prices are adjusted by gold and silver businesses according to domestic gold prices. Specifically, the price of gold bars on the morning of May 25 was still not listed on the price board, but when asked, the staff announced the price of 90 million VND/tael (sell) and 87.3 million VND/tael (buy).
As for the price of 9999 gold rings, some businesses list them specifically and update them regularly, but some businesses only notify customers orally when there is a transaction. Specifically, the price of gold rings is 73 million VND/tael for buying and 77 million VND/tael for selling.
Taking advantage of the falling gold price, many people are buying to invest and hoard. Ms. Trinh Ngoc Anh, an employee of a gold shop on Cao Thang Street (Vinh City) said: "This week, more people came to buy gold than to sell. The amount of gold sold by the shop increased by about 20% compared to the previous week."
With more than 1 billion VND in idle capital, Ms. Nguyen Thi Phuong in Dong Van commune (Thanh Chuong) decided to buy gold for storage. However, last week, the price of gold increased to 92 million VND/tael, so following the advice of many people, she waited for the price of gold to decrease before buying for investment. By the end of this week, when the price of gold showed signs of "cooling down", she used the above amount to buy 5 taels of gold bars and 5 taels of 9999 gold rings.
“The price of gold bars is still high, but I think it will be difficult to decrease further. The price of gold rings has also narrowed the gap with the world gold price. Meanwhile, the world gold price is expected to rebound. Therefore, I decided to invest in gold at this time. If the gold price increases sharply in the near future, I will “surf” to make a profit, otherwise I will store it,” said Ms. Phuong.
As an experienced gold investor, Mr. Nguyen Phu H. in Quan Bau Ward (Vinh City) also chose this time to buy gold. According to Mr. H, gold often increases and decreases in cycles and after a peak, there will be a time when the price drops. If you know how to "calculate" the time to buy and sell, you will make a profit. Long-term and safe investors will not chase the price of gold because they will face many risks.
“When the price of gold increases, many people buy with the mindset that the price of gold will continue to increase. I never buy gold when the price is at its peak following the crowd. Because when the price of gold suddenly drops, buyers will suffer heavy losses due to the large difference between buying and selling, causing buyers to lose money right when making a transaction. Meanwhile, gold shops are always the beneficiaries.
Not to mention, with the crowd psychology effect, people buy gold right when the price is high, creating conditions for gold shops to gain momentum, pushing the gold price up even higher. When the gold price suddenly drops, buyers continue to lose money. I regularly monitor developments, update gold prices and calculate the right time to invest to "catch the wave", Mr. H shared.
Domestic gold prices tend to decrease when the State Bank successfully organized the 9th gold bar auction, successfully selling nearly 14,000 taels of gold. On May 23, the State Bank of Vietnam organized an inspection of compliance with policies and laws in gold trading activities. The inspection period is 45 days.
Meanwhile, the world gold price is recovering, increasing slightly after a series of sharp declines. According to experts' forecasts, the world gold price will continue to increase in the short term. This is the reason why many investors and people are increasing their gold purchases at this time.
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