Gold price "up"
Talking to Thanh Nien this afternoon, April 7, finance and banking expert Nguyen Tri Hieu said that the situation of world gold prices and domestic gold ring prices continuously setting new records in recent days is quite unusual.
This is due to many factors. In the world market, many central banks are collecting gold. Geopolitical instability, especially in the Middle East, has caused central banks to make this decision.
It is forecasted that domestic gold prices will continue to increase following the increase in world gold prices.
"Gold is an asset that central banks are always interested in to increase national reserves, an anti-inflation asset, and is very safe. At the same time, gold is also a highly liquid asset," said Mr. Hieu.
In Vietnam, gold prices are strongly affected by world gold prices. In addition, Vietnam's investment channels are unstable and have not improved. Stocks last week increased sharply and then decreased, strongly affected by the world stock market.
"Real estate is still unstable, many banks still maintain low interest rates, foreign currencies fluctuate strongly... In that context, the gold market is quite attractive, attracting investment, pushing up gold prices," Mr. Hieu explained.
Gold price 4/7/2024: Gold rings increase vertically, surpassing 74 million VND
Referring to gold prices, gold expert Tran Duy Phuong said that the world gold price this year will increase to over 2,500 USD/ounce.
In addition to the factors of increased accumulation and strong gold buying activities of central banks, according to Mr. Phuong, factors affecting gold prices are that the US Federal Reserve (Fed) is considering cutting interest rates in the near future. In addition, geopolitical tensions in the Middle East and Russia - Ukraine will continue to support strong increases in gold prices.
Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, forecasts that from now until the end of the year, the world gold price may reach 2,600 USD/ounce. Accordingly, the domestic gold ring price may increase to about 77 - 78 million VND/tael.
Expert Nguyen Tri Hieu also predicted that by the end of this year, the world gold price could increase to 3,000 USD/ounce, causing the domestic gold ring price to reach 80 million VND/tael.
Be careful investing in gold surfing
Having about 300 million VND saved until the fourth quarter of 2024 when needed, Ms. Tran Thu Hang (residing in Cau Giay District, Hanoi) is not too interested in other types of investments but mainly saves to earn a little profit.
Experts warn that gold prices are very hot, so don't be hasty and invest in gold.
However, since the beginning of the year, especially in recent days, the price of gold has fluctuated so much that she is restless. Calculating that the savings interest rate is quite low, on April 5, Ms. Hang discussed with her husband that she would withdraw all her savings to wait to buy gold rings. However, on April 6 as well as the morning trading session on April 7, she still could not make a decision because the price of gold rings continued to increase sharply.
"My house is near Bao Tin Minh Chau store. I originally planned to buy gold if the price cooled down, but this morning Bao Tin Minh Chau's selling price was over 74 million VND/tael. The price was so high that I decided to wait until next week to see what happens," said Ms. Hang.
On gold forums such as "Saigon Gold Forum" and "Vietnam Gold Forum", the story of the "dancing" of gold prices is also the most discussed topic. There is an account that shares: "I took profit early to wait for the gold price to go down and hold it back, but I waited from when the gold price was 69 million VND/tael until the price rose to over 73 million VND/tael and am still waiting."
Mr. Hieu predicted that in the coming time, when domestic gold prices continue to increase following world gold prices, it will affect the entire macro economy. "Seeing gold prices skyrocketing, people will fear rising inflation, which will lead to a phenomenon of "following the flow", and prices of goods may also be adjusted to increase", Mr. Hieu said.
Finance and banking expert Nguyen Tri Hieu
For investors, this expert gives advice: "Gold prices are very hot, do not be hasty, put all your capital into investing in gold. You should closely monitor information from channels, statements, actions of the Government, State Bank and the latest developments from the market.
During the gold rush, absolutely avoid borrowing money to buy gold. Because when the gold price suddenly drops, the borrower will be under heavy pressure from losing money and paying off debt at the same time.
Mr. Phuong noted that gold prices always increase and decrease, never going in one direction. The current price increase is too hot, so before it increases this year, gold prices may decline.
Referring to speculative investment when gold prices fluctuate strongly, economic expert Dinh Trong Thinh expressed his opinion: "Surfing investment with gold requires speed, and the amount must be large enough to make a profit. In fact, speculative investment like that is quite dangerous and not simple. Investors should be careful when the price of Vietnamese gold is relatively far from the world price of gold.
Besides, policy changes in the coming time will affect gold buying, selling and trading activities."
The Vice President of the Vietnam Gold Business Association also emphasized: "You should not buy gold for short-term trading. Investing in gold should be done for at least 6 months to 1 year. In your investment portfolio, you should not "put all your eggs in one basket". You should only invest about 20-30% in gold, and diversify your investment portfolio into other areas such as savings, stocks, real estate, etc."
Following the increase on April 6, today, April 7, the domestic gold ring price continued to set a new peak. While most large enterprises in the market have a selling price of gold rings above 73 million VND/tael, at Bao Tin Minh Chau Company (Hanoi), the buying and selling prices are 72.93 million VND/tael and 74.33 million VND/tael, respectively, currently the highest in the market. Compared to the end of last week, gold rings at Bao Tin Minh Chau increased from 3.3 to 3.5 million VND/tael.
Meanwhile, the world gold price also set a new record at 2,330.2 USD/ounce at the end of the week, up more than 150 USD/ounce after 1 week. This is the strongest week of price increase since mid-October 2023 until now.
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