Gold ring price hits new peak, investors make big profits

Experts predict that prices will increase even higher in the coming months, expected to reach $2,600/ounce, so investors should be very careful when buying gold.

Opening the trading session on the morning of August 20, Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 79 million VND/tael for buying and 81 million VND/tael for selling.

Similarly, the above price is also applied to DOJI gold brand. Early this morning, this brand listed SJC gold price at 79 - 81 million VND/tael for buying and selling.

In recent days, the price of gold rings has been at an all-time high, reaching over 78 million VND/tael. Opening the trading session on the morning of August 20, Saigon Jewelry Company Limited - SJC listed the price of gold rings at 76.8 - 78.2 million VND/tael for buying and selling.

At the same time, DOJI also listed the price of gold rings at 76.95 - 78.2 million VND/tael for buying and selling.

Since the beginning of the year, the price of gold rings has increased by about 16 million VND/tael. Illustrative photo

Thus, since the beginning of the year, the price of gold rings has increased by about 16 million VND/tael, equivalent to an increase of nearly 25%, an increase exceeding that of gold bars when compared to the peak of more than 90 million VND. The increase in gold ring prices is in line with the international market.

In the context of high gold ring prices, people who bought gold rings since the beginning of the year have made a lot of profit. Ms. Thanh Thao (My Dinh, Hanoi) said that on the day of God of Wealth 2024, she bought gold rings for investment and luck at a price of 66 million VND/tael. As of today, if she sells, she has made a profit of nearly 11 million VND per tael of gold rings. "I am also wondering whether I should sell to get money to invest in other items or not. If I sell, I am worried that in the near future, the gold price will continue to increase" - Ms. Thanh Thao shared.

Sharing the same opinion, Ms. Thu Phuong (Hoan Kiem, Hanoi) also said that she bought gold rings in early 2024 at a price of nearly 62 million VND/tael. Up to now, if she sold them, she would have made a profit of about 15 million VND/tael, but because gold is a long-term investment, in this context, she still has no need to sell.

Sharing their views on gold investment at the present time, economic experts said that there is no sign of gold prices cooling down in the near future. Gold could reach $2,500/ounce this year and $3,000/ounce next year. Therefore, investors should be very careful when buying gold.

However, the decision to buy depends on the investor's psychology and risk appetite. Each person should answer the question for themselves: If you don't buy gold now, will you regret it if the price increases in a few days? Conversely, if you buy, will you be able to bear it if the price decreases in a few days?

In the world market, world gold prices fluctuated slightly, remaining close to the record high reached in the previous session, as the market's growing expectations that the US will cut interest rates in September 2024 increased the attractiveness of gold.

“Although gold has hit a new record high, we expect prices to rise further in the coming months, with prices expected to reach $2,600 an ounce by the end of the year,” said UBS analyst Giovanni Staunovo.

"All eyes will be on Fed Chair Powell's speech at Jackson Hole next Friday," Staunovo said, adding that he expects Powell to open the door to a rate cut, although a 25 basis point cut is more likely than a 50 basis point cut.

Source: https://congthuong.vn/gia-vang-nhan-lap-dinh-nha-dau-tu-lai-dam-340194.html