On the morning of March 2, the price of gold rings continued to set an unprecedented high. Specifically, at 11am, the price of Thang Long Dragon gold rings was listed at Bao Tin Minh Chau at 66.72-67.92 million VND/tael (buy - sell), an increase of 990,000 VND/tael in both buying and 1.09 million VND/tael in selling compared to the previous session's close.
At Saigon Jewelry Company (SJC), the price of 9999 gold rings, weighing 1-5 chi, is listed at 65.3-66.5 million VND/tael, an increase of about 900,000 VND/tael compared to the previous session.
Similarly, the price of 9999 gold rings of DOJI Gold and Gemstone Group is also at 66.5-67.6 million VND/tael, an increase of 1.05 million VND/tael in buying and an increase of 1 million VND/tael in selling compared to the previous session's closing price.
Some investors are wondering, buying gold before Tet, and now making a profit, should they close the sale at this time or not?
According to experts, the price of gold rings is at its "peak", next week there will likely be a wave of investors taking profits. Photo: Thach Thao
Sharing with VietNamNet reporter, gold expert Tran Duy Phuong said that the price of gold rings increased due to 3 reasons: the world gold price increased; the USD exchange rate increased and it is still in the gold buying cycle of many people so the demand increased.
“From now until the end of the year, the world gold price will certainly continue to increase, about 200 USD more. Therefore, the price of gold rings above or below 70 million VND/tael is normal.
As for the price of SJC gold, if there are no measures from the State Bank, the price could increase to 85 million VND/tael; even 87 million VND/tael," Mr. Phuong commented.
So, at this time, when the price of gold rings is high, should we sell to take profit?
Answering this question, Mr. Phuong said that investors who have bought gold and have made a profit up to this point should consider selling.
According to Mr. Phuong, the current price of gold rings compared to the world price has a relatively large gap. If converted to USD price, the difference is about 4-5 million VND/tael. Therefore, taking profit at this time should also be considered.
“In April and May every year, domestic gold prices tend to decrease due to high demand in the first quarter of the year. It is not impossible that world gold prices will also decrease again. If you have made a profit buying gold, you should sell it and wait until April and May when the price drops to buy again,” the expert suggested.
Further analysis, gold expert Tran Duy Phuong said that investors who bought gold before and during the Lunar New Year, with the current price, the profit rate is quite good, only in a short time. If we calculate, the average profit is about 2 million VND/tael, then we should take profit.
For example, if you buy before Tet, the price of gold rings is only about 62 million VND/tael. When the price increases to over 64 million VND, you should sell. This interest rate is equivalent to about 3-4% on the investment amount within just 1 month, much higher than the interest rate of bank deposits.
“Investors need to know that any financial market is the same, it has ups and downs, stocks, real estate are the same, gold is no exception. In my opinion, next week there will be a wave of profit-taking in gold rings and SJC gold by investors,” Mr. Phuong commented.
Besides, many investors are wondering whether to buy 9999 gold rings or SJC gold for investment. The expert recommends that you should still choose 9999 gold rings, because SJC gold has a high difference with the world gold price, and it is not known when the State Bank will intervene, so the risk is quite high.
Mr. Phuong assessed that the profitability of gold rings in the future is still large, it is possible to buy and store but should calculate the appropriate time to buy.
The expert suggested that you can buy around next May, when both domestic and world gold prices will tend to go down, at which time there will be a good price.
“At this time, demand is high, gold rings are not going to decrease in price, world gold is also increasing, so if you buy now, it is the time when gold rings are at their “peak” price. Investors may have to wait a whole year to make a profit,” said Mr. Phuong.
Source vietnamnet
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