Gold price "anchored" at high level, purchasing power cools down

Buyers need to be cautious because domestic gold prices are at record highs, with a large difference between buying and selling prices.

At 1 p.m., the price of SJC gold was listed by businesses at VND118 million/tael (selling) and VND115.5 million/tael (buying). The price of gold rings produced by SJC Company was VND17 million/tael, while gold rings produced by gold shops were sold at VND112 million/tael.

Mi Hong Company alone continued to push the price of SJC gold bars up to 121 million VND/tael for selling and 118 million VND/tael for buying. Meanwhile, the price of 99.99 gold rings was 4 million VND lower, at 114 - 117 million VND/tael (buying-selling).

In the international market, spot gold price reached 3,340 USD/ounce, down 14 USD compared to the record price of 3,356 USD/ounce set in last night's trading session.

Although the world gold price has slightly decreased, the domestic gold price remains high. The reason is said to be due to oversupply, creating a domestic gold price that shows no signs of cooling down.

However, in Ho Chi Minh City, purchasing power has decreased significantly. Reporters from the Lao Dong Newspaper recorded that the number of customers transacting at gold shops in the Go Vap, Ba Chieu, Tan Dinh markets... and SJC Company stores is quite sparse.

Employees at these units said that because there are very few gold sellers, mainly buyers, the business limits customers to buying from 0.5 phan to 1-2 taels of gold rings, or a maximum of 1-2 taels of SJC gold bars.

Gold prices in Vietnam and abroad have increased sharply due to the escalation of US-China trade tensions, along with the increasing demand for safe-haven assets. The new US tax policy and China's response have exacerbated the global economic recession. This makes gold an attractive investment channel.

On the other hand, the gold price has continuously reached new peaks in recent days, attracting many investors to participate in the market. However, the situation of more buyers than sellers has forced businesses to limit the amount of gold sold.

Analysts say that if trade tensions do not ease and the global economy remains unstable, gold prices could continue to rise. However, buyers should be cautious because domestic gold prices are at record highs, with a large gap between buying and selling prices.

Source: https://nld.com.vn/gia-vang-len-120-trieu-dong-luong-nguoi-mua-bat-dau-e-de-196250417130100196.htm