Gold prices have been fluctuating continuously and reaching an all-time high with a selling price of 6,350,000 VND/tael and a buying price of 6,230,000 VND/tael. However, gold trading in the Ha Tinh market remains quiet.
Gold price on December 26 reached its highest peak ever.
Contrary to the idea that when gold prices increase, sales will be bustling, we recorded that at the "gold street" Nguyen Cong Tru on the afternoon of December 26 and other gold shops in Ha Tinh City, the atmosphere was quite quiet. In most gold shops, the number of people coming to trade was very small.
Ms. Phan Thuy Hang - owner of Kieu Ngoc gold shop said: "One day before (December 25), the selling price of gold was 6,270,000 VND/tael, after one day it increased to more than 70,000 VND/tael. The price of gold increased suddenly and was the highest ever, but the gold buying and selling transactions were very modest. Mainly retail customers bought gold jewelry for weddings, there were no large transactions".
Gold price list at Kieu Ngoc gold shop at 4:00 p.m. December 26.
Not far away, Phuong Xuan gold shop, which is a popular place for people to buy and sell gold, is also quiet. Gold prices are constantly fluctuating, not only increasing day by day but also on December 26, the price fluctuated frequently, confusing both sellers and buyers.
Ms. Nguyen Thi Xuan - Director of Phuong Xuan Gold and Silver Joint Stock Company (Ha Tinh City) said: "From the morning to the afternoon of December 26, the store had to adjust the price 3 times, transactions decreased significantly compared to the previous days. Mostly people came to exchange gold or sell in very small quantities, and the number of purchases was insignificant."
Phuong Xuan gold shop staff adjusted prices for the third time on December 26.
Paying close attention to the gold price board from Phuong Xuan gold shop, Ms. Nguyen Thi Huong (Thach Hung commune, Ha Tinh city) said: "The gold price is increasing so I just go to see the situation but have no intention of buying. Every year, when the gold price is more stable, near the end of the year with the money I have saved, I usually buy 1-2 taels. Currently, the price is constantly fluctuating so I don't dare to buy."
Having been in the gold and silver business for nearly 15 years, Ms. Le Thi Ha - owner of Viet Ha gold shop (Ha Tinh city) commented that the selling price of 6,350,000 VND/tael and the buying price of 6,230,000 VND/tael on December 26 were the highest prices ever. At the shop, although the number of customers was higher than other gold shops in the area, compared to previous days, the number of customers tended to decrease and the transactions were also small.
Gold prices in shops differ by about 20,000 - 30,000 VND/tael.
Surveying some other gold shops in Ha Tinh city such as Mai Xuan, Ngoc Ha, Ngoc Ninh..., most of the customers coming to trade are quite modest. The price of gold in the shops also differs by 20,000 - 30,000 VND/tael and is mainly fixed at the selling price of 6,350,000 VND/tael, buying price of 6,230,000 VND/tael for round gold rings; jewelry rings are sold at 6,330,000 VND/tael and buying price of 6,200,000 VND/tael. Unpredictable and sudden fluctuations make people hesitant to buy or sell, except for some families with special needs for weddings.
Viet Ha gold shop has more customers but mainly buys to serve wedding needs.
According to gold shop owners, there has never been a time when it is more difficult to predict the situation and trends of gold prices than now. Gold prices are constantly "dancing" and sometimes "skyrocketing" which is very difficult to predict. However, grasping customer demand towards the end of the year and serving the wedding month in the upcoming 12th lunar month, gold shop owners are expecting purchasing power to increase and the gold market to be more stable.
According to domestic economic experts, the world gold price has skyrocketed due to geopolitical tensions, making gold an important safe haven for investors. In the domestic market, while interest rates from credit institutions have dropped, the real estate market has not recovered and cash flow into stocks is limited, gold is considered a safe and effective investment channel. This is also the reason for the high gold price.
According to experts, investors and people should not take risks and avoid losses when gold prices reverse and go down...
Loan - Linh
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