Gold prices fluctuate continuously, investors suffer losses
At 5:00 p.m. on February 20, 2024, the domestic gold price fluctuated strongly compared to the God of Fortune Day - February 19, 2024. Specifically, Saigon Jewelry Company Limited - SJC is listing the SJC gold price at 75.9 million VND/tael for buying and 78.2 million VND/tael for selling. Compared to the early morning of the same day, the domestic SJC gold price was adjusted up by 900,000 VND for buying and up by 180,000 VND for selling.
After adjusting the gold price sharply up in the afternoon, the difference between buying and selling SJC gold at this unit has narrowed to 2.3 million VND. Thus, compared to the early morning of yesterday, the day of the God of Wealth in 2024, as of this afternoon, the price of SJC gold increased by 100,000 VND in the buying direction and decreased by 220,000 VND in the selling direction.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Screenshot at 5:00 p.m. on February 20, 2024 |
Similarly, at Bao Tin Minh Chau, late this afternoon, this unit listed the SJC gold price at 75.85 million VND/tael for buying and 77.9 million VND/tael for selling. Compared to early morning of the same day, the SJC gold price here was adjusted up 600,000 VND for buying and down 100,000 VND for selling. The difference between the buying and selling prices of gold at this unit was 2.05 million VND. Compared to yesterday, the day of the God of Wealth, the gold price here was adjusted up 450,000 VND for buying and the selling price remained the same.
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| Gold price listed at Bao Tin Minh Chau. Screenshot at 5:00 p.m. on February 20, 2024 |
In the same trend, domestic gold ring prices also decreased but with a narrower range. Gold ring prices in yesterday's session were due to strong demand for shopping on God of Wealth Day, so some units still pushed prices higher than the previous session.
Specifically, at 5:00 p.m. on February 20, 2024, the price of Thang Long Dragon gold rings at Bao Tin Minh Chau Company was at 64.13 - 65.23 million VND/tael (buy - sell). Compared to early this morning, the price of gold rings here adjusted by 370,000 VND/tael for buying and decreased by 670,000 VND for selling. The difference between buying and selling widened from 1.4 million VND to 1.1 million VND/tael.
According to records from gold and gemstone businesses, yesterday was a busy day for gold shops. The number of customers in the early morning was not bustling but then more and more came, especially in the afternoon and evening. The consumption volume still "exceeded forecasts" for some gold and silver shops. For example, at PNJ, due to the assessment that demand this year was lower, the company only produced enough gold, leading to some types such as plain round rings and mini gold "selling out".
Meanwhile, it seems that on this year's God of Wealth Day, the appeal of SJC gold has decreased significantly, as the gold price has remained high, over 78 million VND/tael, and the difference between buying and selling prices remains high, over 2 million VND, so investors and people still prioritize choosing gold rings on God of Wealth Day.
What do experts recommend to investors and people?
Ms. Thanh Thao (My Dinh, Hanoi) shared that I bought 6 taels of gold rings yesterday morning, February 19, 2024, for 6.6 million VND/tael, but by this afternoon, the price of gold rings had dropped to 6.413 million VND/tael, so after God of Fortune Day, I lost more than 180,000 VND per tael. Although I know that buying gold on God of Fortune Day is a big risk of loss, but with the purpose of buying gold for luck, the price fluctuation at this time is not very important to me.
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| Investors and people who want to buy gold should wait 1-2 weeks after God of Wealth Day, when the gold price has cooled down, which will be more profitable. Illustrative photo |
Meanwhile, according to economic experts, the continuous fluctuations in gold prices before, during and after God of Wealth Day are still a phenomenon in the domestic gold market. When the demand for gold increases, gold traders immediately increase the selling price and vice versa, if the selling pressure is strong, gold traders sharply reduce the buying price.
Previously, economic expert Nguyen Tri Hieu advised investors and people to be cautious when buying gold on God of Wealth Day. He said that if you want to buy, you should wait 1-2 weeks after God of Wealth Day, when the price of gold has cooled down, which will be more profitable.
This expert also predicts that this year, domestic and international gold prices are both on an upward trend, so buying gold could be an investment opportunity worth considering.
Meanwhile, according to a representative of the Bao Tin Minh Chau gold brand, today the domestic gold price fluctuates with a strong amplitude, so investors and people should consider before trading and regularly monitor the gold price on official channels to make the most correct decision.
Although the God of Wealth Day has passed, according to records at Bao Tin Minh Chau's gold and silver stores, the number of customers coming to make transactions is relatively stable, with more people coming to buy than to sell.
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