Gold bar and gold ring prices increased sharply at the beginning of the week, people are cautious in buying gold for investment

Opening the new trading session of the week, at 9:00 a.m. on November 18, domestic gold trading enterprises simultaneously adjusted the price of gold bars and gold rings to increase sharply.

Opening the new weekly trading session at 9:00 a.m. on November 18, domestic gold trading businesses simultaneously adjusted the price of SJC gold bars to increase sharply.

Saigon Jewelry Company Limited - SJC listed the price of gold bars in Hanoi and Ho Chi Minh City at 81-84 million VND/tael for buying and selling. Compared to the closing price of last week, the price of SJC gold bars at the unit has been adjusted up 1 million VND/tael for buying and up 500,000 VND/tael for selling.

Similarly, at DOJI Group, in the early trading session this morning, November 18, the price of SJC gold bars was also listed by this enterprise at 81-84 million VND/tael for buying and selling.

At Bao Tin Minh Chau, at 9:00 a.m. on November 18, the price of gold bars was listed by this business at 81.2 - 84 million VND/tael.

The fluctuation range of gold bar buying and selling prices at these units is at 2.8 - 3 million VND/tael.

Gold bar and gold ring prices increased sharply in the morning trading session at the beginning of the week.

Along with the upward trend, in the first trading session of the week, the price of gold rings was also adjusted up sharply by businesses. Gold rings at Saigon Jewelry Company Limited - SJC were listed at 80.5-83 million VND/tael for buying and selling.

DOJI Group listed the price of gold rings at 81.4 - 82.7 million VND/tael for buying and selling.

The price of 999.9 round smooth gold rings at Phu Quy Company stood at around 80.7 - 82.7 million VND/tael, unchanged in buying price and increased sharply by 700,000 VND/tael in selling price compared to the previous session's close.

The difference in buying and selling price of gold rings at different units ranges from 2-2.5 million VND/tael.

At 9:00 a.m. on November 18, the world spot gold price stood at 2,591.7 USD/ounce, higher than yesterday's price (November 17).

Although gold prices increased in the first trading session of the week, according to forecasts of many domestic and foreign experts, this week the trend of gold prices decreasing is more than increasing.

In the world gold market, from the peak price of 2,800 USD/ounce two weeks ago, the world gold price has dropped to 2,500 USD/ounce. Last week alone (from November 11 to November 17), the world gold price fell nearly 5%, marking the sharpest weekly decline in nearly 3 years.

This week, the gold market is expected to be quieter as there is little important economic data to be released. In addition, gold prices will also be quieter as they await comments from some Fed officials to assess the speed and extent of interest rate cuts in the near future.

According to the latest weekly survey results released by Kitco News, gold prices will continue to decline this week. Jim Wyckoff - senior analyst at Kitco predicts that gold prices will continue to weaken this week.

Similarly, Sean Lusk - an expert at Walsh Trading also said that the USD and bond yields continued to increase, putting pressure on gold prices.

In the context of the world and domestic gold prices constantly fluctuating up and down, experts advise investors and people to be extremely cautious.

The psychology of the majority of investors and people is that when the gold price increases sharply, they will rush to buy gold, when the gold price decreases, they will wait in line to sell, so many people will fall into the situation of buying at the "top" and selling at the "bottom".

Giving advice to investors, experts recommend that investors should consider trading at this time, and not follow the crowd mentality.

For those who want to sell gold, they should not rush to sell at this time if they do not really need the money. However, if investors buy gold at the 60-70 million VND/tael mark, they can consider selling at this time because the profit is attractive.

For those who want to buy gold, Bao Tin Minh Chau representative recommends that, given the unpredictable developments of gold prices, investors and people should consider carefully when trading and regularly monitor gold prices on official channels to make the most correct decisions.

Source: https://congthuong.vn/gia-vang-mieng-gia-vang-nhan-tang-manh-dau-tuan-nguoi-dan-than-trong-mua-vang-dau-tu-359382.html