(NLDO) - If you buy for luck on the occasion of the God of Wealth, even if the gold price hits a peak, it is not a cause for concern, but if you buy for investment or speculation, you should consider it carefully.
With only 2 days left until the God of Wealth Day (January 10th), the demand for buying gold for luck has increased over the past few days. However, the gold price has reached a peak following the world price jump to 2,853 USD/ounce, making many people wonder whether they should buy gold now?
Reporter of Nguoi Lao Dong Newspaper discussed with financial expert Phan Dung Khanh about this topic.
- Reporter: What are the factors that push the world gold price to continuously set new highs, causing the domestic gold price to also increase continuously, in which gold rings are still traded at the same price as SJC gold bars?
+Mr. Phan Dung Khanh : Since Mr. Donald Trump was elected President of the United States in November 2024, the price of gold has fallen sharply during that period. At the end of December 2024 and from the beginning of January 2025 until now, the price of gold has suddenly increased sharply again, surpassing the historical peak.
Since Mr. Trump’s election, the USD has strengthened by nearly 110 points, putting pressure on financial assets, including gold prices. Since the beginning of the year, the USD has weakened, which has also supported the acceleration of gold prices.
Expert Phan Dung Khanh
After Mr. Trump officially took office, actions such as imposing tariffs on major economies, including Canada, which is also subject to high tariffs, made investors worry about the possibility of a trade war like in his first term.
If the trade war spreads, it will make investors more worried, thereby increasing the demand for investment in safe assets; finding shelter for cash flow, including gold.
With domestic gold prices, there are many factors affecting them, but mainly from fluctuations in world prices, so SJC gold bars and 99.99 gold rings are both increasing. The increase in gold ring prices will increase faster. Because SJC gold bars have only one national brand, policy factors such as the control of the State Bank will have a greater impact. Therefore, when world gold prices increase, gold rings and jewelry gold will increase faster and decrease more sharply.
- So should we buy gold when the price is at this peak, especially on God of Fortune day?
+ If people and investors buy with the mentality of bringing good luck at the beginning of the year, buying in small quantities as is traditionally believed on God of Wealth Day, then the peak price of gold is not a worrying factor.
The demand for buying gold for luck on the occasion of God of Wealth has been increasing in recent days.
If you buy for investment, you need to consider carefully, because buying for investment means determining profit and loss. If you buy gold and lose money, you cannot be considered lucky on God of Fortune Day. Because for many years, gold prices have tended to decrease after God of Fortune Day, even decreasing sharply. If you buy, you should wait for the time when gold prices adjust, instead of buying for investment at the current peak.
- Many forecasts show that gold prices may continue to increase to the mark of 2,900 USD/ounce, even 3,000 USD/ounce, what do you think?
+ In the first half of 2025, I think there will be many factors supporting the increase in gold prices, but the increase will be more limited. Because currently, the gold price has peaked but the USD is still in an upward trend, especially the US policy makes the dollar stronger.
Recently, the US Federal Reserve (FED) has not decided to reduce interest rates again, which has supported the USD to increase in value and will put pressure on gold prices, limiting the increase in gold prices.
Gold has been supported by factors such as geopolitical tensions in recent times. If these factors are resolved as promised by Donald Trump when he took office, the tensions of recent times will be reduced this year. From there, gold prices will cool down in the second half of 2025.
On the afternoon of February 5, SJC gold bar prices were listed by businesses at VND88 million/tael for buying and VND91 million/tael for selling, an increase of VND900,000 per tael compared to the end of yesterday.
The price of 99.99 gold rings and jewelry gold also jumped to 88 million VND/tael for buying and 90.5 million VND/tael for selling, an increase of nearly 1 million VND/tael compared to yesterday. Both SJC gold bars and gold rings have increased continuously in recent days, reaching the highest level in 2025. Gold rings in particular are at the highest level in history.
Source: https://nld.com.vn/gia-vang-lap-dinh-co-nen-mua-luc-nay-va-dip-than-tai-196250205142958515.htm
Comment (0)