Gold people are afraid to hold goods
At noon on January 23, Mi Hong gold shop (Bui Huu Nghia street, Binh Thanh district, Ho Chi Minh city) had about 10 customers coming in to look at and buy gold jewelry. At the gold ring and gold bar counter, there were more customers standing.
A middle-aged customer requested 1 tael of gold rings including 2 pieces of 2 chi and 2 pieces of 3 chi, the shop staff quoted 63.3 million VND/tael. Looking at the price list posted above, this gold is 3 numbers 9, there is no price for 4 number 9 gold rings. The next customer asked the shop staff if there were any God of Wealth gold products, but the answer was no, this person also bought a 2 chi 3 number 9 ring. Taking a tour around the gold shops around Tan Dinh market (District 1, Ho Chi Minh City), at this time, the main items on display are necklaces, bracelets, enamel bracelets, flower-patterned or stone-studded rings... A gold shop staff explained that the shop would only get the goods close to God of Wealth Day. It is still far away now, if you buy in advance and cannot sell, if the price drops then you will lose money.
SJC gold bar price suddenly increased
If the gold shops are cautious, the PNJ store system is ready to launch new collections to the market such as Kim Bao Nhu Y, 12 mascot products, charms, medallions, men's jewelry products from fashion to feng shui, Kim Long Phi Van collection, 24K Kim Long Dai Cat gold coin... As a wholesaler, Saigon Jewelry Company - SJC has also produced gold of the year of the dragon such as Binh An gold dragon (1-tael type), Nhu Y gold dragon (1-tael type), Dragon gold pieces (in 12 zodiac animals), Phuc-Loc-Tho gold pieces... The company representative said that the units will receive goods later this year than every year.
Gold fluctuations on January 24: SJC gold bar price gradually climbs again
According to the owner of a gold shop in District 8, Ho Chi Minh City, Mr. Truong Cam Cuong, at this time every year, people start taking out gold for God of Wealth Day such as gold rings, Ong Tai and Ong Tho gold bars, etc. to sell after Tet.
"Last year we did the same thing, but after stocking up, there were fewer buyers, so we didn't do it this year," Mr. Cuong explained, adding that in 2023, there was a phenomenon of customers selling products related to the God of Wealth to make money to cover their living expenses, so his shop kept them for sale on this occasion.
Similarly, Mr. Luong Trieu Tay (owner of Long An gold shop) has taken goods to sell on Tet and God of Wealth Day, but the quantity is not as much as every year because sales are slow and customers currently prefer gold rings to other types. "The domestic gold price is much higher than the world price, so it is likely that on God of Wealth Day or after, the price will decrease. This happened last year, so everyone is more cautious," he said.
Gold ring price increases chaotically
Although the market is still cautious, in recent days, the price of gold rings has tended to fluctuate strongly and increase rapidly. On January 23, SJC Company increased the price of gold rings by VND100,000 per tael, buying at VND62.85 million and selling at VND64.15 million. After a sharp increase of VND300,000 to VND65.05 million per tael during the day, Bao Tin Minh Chau Company slightly reduced the price of 4-digit 9 gold rings by VND50,000 per tael at the end of the day, down to VND64.98 million for selling and VND63.88 million for buying. Doji Group has a buying price of VND63.6 million and a selling price of VND64.75 million... The buying and selling prices of gold between business units differ by a few hundred thousand VND per tael.
The price of gold rings is becoming more and more expensive compared to the world, up to nearly 4 million VND/tael. This level is almost double compared to a few months ago. Meanwhile, the price of SJC gold bars suddenly increased by 500,000 VND/tael. SJC Company bought at 74 million VND, sold at 76 million VND; Doji Group bought at 73.95 million VND, sold at 76.45 million VND... The price of SJC gold bars is 16.2 million VND/tael higher than the world price. On the contrary, the world gold price decreased slightly by 3 USD/ounce, down to 2,023 USD/ounce.
Mr. Truong Cam Cuong said that some branded companies have higher prices for 4-number-9 gold rings than other units. However, gold traders have some tricks to avoid risks in the current market. Specifically, some units sell 3-number-9 gold rings at a price several hundred thousand lower per tael, which is also easier to compete.
"The price of 4-digit 9 gold is easier to be noticed by the management agency. Because 3-digit 9 gold is bought from raw materials floating on the market, also known as ball-shaped gold, then divided into metal to make gold rings. As for 4-digit 9 gold, it is bought from raw gold balls to make it, this source is currently blocked, cut off and businesses do not dare to buy for production when the origin is unknown. The authorities are conducting inspections, so they are even more afraid. Although the domestic gold price is a few million VND higher than the world price, to be safe, gold shops mainly sell 3-digit 9 gold rings. At the same time, they also have a trick of buying and reselling for more profit than buying raw gold for production," Mr. Cuong explained.
According to Mr. Cuong, the gold market's purchasing power will decrease this year due to the difficult economic situation and customers' reduced income. Previously, the number of customers buying 1 tael of gold for luck on God of Wealth Day was overwhelming. "Where is the income to buy now, not to mention needing money to sell later, then having to suffer a loss. At this time, buying God of Wealth gold for luck in the year is no longer meaningful," he said frankly.
USD price increases
Domestic gold prices are pushing up the gap with world gold prices. This is also considered a factor causing the USD price on the free market to increase rapidly in recent days. The free USD price increased by 20 VND, buying at 25,020 VND, selling at 25,100 VND. The US dollar price on the free market is nearly 400 VND/USD higher than that of banks. Eximbank increased the greenback price by 10 VND, buying at 24,340 - 24,420 VND, selling at 24,730 VND. Vietcombank bought at 24,360 - 24,390 VND, selling at 24,730 VND...
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