Profit 17 million VND/tael

At the beginning of this year, Ms. Do Thu Hong (Thanh Xuan, Hanoi) had nearly 200 million VND in savings. Ms. Hong decided not to deposit it in the bank but to buy gold. According to her calculations, if she bought gold every year, she would earn a few million VND, and the longer she kept it, the higher the price of gold.

Ms. Hong chose to buy gold rings because the price is cheaper and often fluctuates according to the world gold price. With savings of nearly 200 million VND, she was able to buy 3 taels of gold.

After Ms. Hong bought, the domestic gold price continuously fluctuated strongly, skyrocketing following the world market. If at the beginning of January, the price of gold rings was around 65 million VND/tael, then in March, the price of gold rings jumped to a new level, surpassing the peak of 69 million VND/tael. On March 10, the price of gold rings reached 71 million VND/tael.

In May 2024, the price of SJC gold peaked at 92 million VND/tael. The price of gold rings was traded at 74.6-76.3 million VND/tael (buy - sell). On May 20, the price of gold rings approached 78 million VND/tael.

From June 2024, 4 state-owned commercial banks and SJC Company will sell SJC gold bars to stabilize the market. Due to the difficulty in buying SJC gold bars, investors have switched to buying gold rings. The price of SJC gold bars has not fluctuated much, but gold rings are continuously adjusted in line with world developments.

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Many people buy gold rings and make big profits. Photo: Tien Anh

On September 13, the price of gold exceeded 79 million VND/tael. A few days later (September 20), the price of gold rings set a new record of over 80 million VND/tael (sold).

If calculated from the beginning of the year, the price of gold rings is about 61.9-62.95 million VND/tael, the buyer has made a profit of 17 million VND/tael. Thus, Ms. Hong has more than 50 million VND. This is a huge amount compared to savings.

Meanwhile, the price of SJC gold fluctuated little. On September 20, the price of 9999 gold bars at SJC was VND80 million/tael (buy) and VND82 million/tael (sell). Doji listed it at VND80 million/tael (buy) and VND82 million/tael (sell).

Gold expert Tran Duy Phuong assessed that the profitability of gold rings in the future is still large, it is possible to buy and store but should calculate the appropriate time to buy.

World gold price skyrockets, surpassing $2,600/ounce

Gold prices on the world market reached a new record high of over 2,594 USD/ounce after the US Federal Reserve (Fed) decided to cut interest rates by 50 basis points.

Rising tensions in the Middle East caused gold prices to skyrocket to $2,617 an ounce. By the end of the week, a new record was set, with gold prices reaching $2,625.79 an ounce.

Historically, the precious metal has never set so many all-time highs in such a short period of time. Gold has risen 27% so far in 2024, its biggest gain since 2010.

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World gold price chart. Photo: Kitco

The trend of easing monetary policy and demand for gold from world central banks, and geopolitical concerns have pushed gold prices to continuously increase to new record highs.

Patricia Mohr, an independent economist, said the Fed wanted to ensure a soft landing for the US economy, along with rate cuts by other central banks, boosting demand for gold.

Fawad Razaqzada, market analyst at StoneX Group, said gold prices are in a strong technical uptrend. “Major central banks like the Fed will accelerate rate cuts, ongoing geopolitical tensions and central bank gold purchases are positive for gold prices,” Razaqzada said.

Forecasting the price of gold in the coming time, Razaqzada said that it is difficult to reach the mark of 3,000 USD/ounce, but this is a long-term goal. According to this expert, investors should prepare for some fluctuations in the price of gold in the coming time. The market may have some profit-taking sessions. However, when the price of gold drops to a low level, it is an opportunity to buy in the long term.