Gold prices increase sharply, investors are cautious when buying gold to "surf"

At 4:00 p.m. on April 30, 2024, the price of SJC gold of some domestic brands fluctuated slightly compared to early morning of the same day.

Saigon Jewelry Company Limited - SJC listed the price of gold bars at 83 - 85.2 million VND/tael for buying and selling.

The price of SJC gold at this unit is "on holiday" with the workers. The gold price has remained unchanged in both buying and selling directions since the beginning of the April 30 and May 1 holidays until now. The difference in buying and selling prices of SJC gold at Saigon Jewelry Company Limited - SJC is currently at 2.2 million VND/tael.

Giá vàng tăng mạnh, nhà đầu tư thận trọng khi mua vàng

Gold price listed at Saigon Jewelry Company Limited - SJC. Screenshot at 4:00 p.m. on April 30, 2024

At the same time, the price of SJC gold listed by Bao Tin Minh Chau brand was 82.95 million VND/tael for buying and 84.8 million VND/tael for selling.

Compared to the early morning of the same day, the price of SJC gold at this brand was adjusted to increase by 300,000 VND/tael for buying and slightly increase by 50,000 VND for selling.

The difference in buying and selling price of SJC gold at this unit is currently at 1,850 million VND/tael.

Gold price listed at Bao Tin Minh Chau. Screenshot at 4:00 p.m. on April 30, 2024

At noon on April 30, the world gold price was fluctuating around 2,328 USD/ounce. The US gold futures price increased by 0.4% to 2,357 USD/ounce. Converted to the world gold price, the current SJC gold price is at 72.66 million VND/tael. Thus, the domestic gold bar price is 12-13 million VND/tael higher than the world gold price.

According to the latest report of the General Statistics Office, domestic gold prices fluctuate in the same direction as world gold prices. As of April 25, 2024, the average world gold price was at 2,322.36 USD/ounce, up 8.54% compared to March 2024 due to escalating geopolitical tensions in the Middle East.

Domestically, the gold price index in April 2024 increased by 6.95% compared to March 2024; increased by 17.01% compared to December 2023, increased by 28.62% compared to March 2023. The average gold price index in the first 4 months of the year increased by 20.75%.

Last week, the State Bank conducted three auctions of SJC gold bars to stabilize the gold market and narrow the gap between domestic and world gold prices. However, after two unsuccessful auctions and one with a purchase volume of 3,400 taels of SJC gold, all targets were not achieved. Contrary to investors' expectations, after the auction of gold bars, the price of SJC gold was pushed to a record high.

Investors should not rush to invest in gold, especially in the "surfing" style, because the difference between buying and selling prices of gold is still high. Illustrative photo

Making forecasts about gold prices in the coming time, many analysts said that domestic gold prices are still affected by world gold prices. In the world market, gold prices are still affected by geopolitical tensions, so gold prices are expected to increase more than decrease.

In that context, experts recommend that investors and people should be cautious in gold trading at this time. Because currently, the difference in gold buying prices in the country is still very high, averaging from 1.8 - 2.2 million VND/tael, at many times, this difference is up to 2.5 million VND/tael. "The difference in gold buying and selling prices at the threshold of 2 - 2.5 million VND/tael is too high, pushing more risks to consumers" - some experts commented and said that, to harmonize the interests of all parties, the difference in gold buying and selling prices should only be in the range of 400,000 - 500,000 VND/tael.

Mr. Ngoc Khanh (Ba Dinh, Hanoi) - a long-time investor in the market recommends that at this time, people should not rush to invest in gold, especially in the "surfing" style, because the difference between the buying and selling prices of gold is still high. If "surfing" at this time, people will immediately receive a loss of 1.8 - 2.2 million VND/tael.

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