On the morning of March 10, gold prices in Nghe An were listed by gold and silver businesses at 79.50 - 79.70 million VND/tael (buy) and 81.95 - 82.05 million VND/tael (sell) for SJC gold bars; 67.80 - 68 million VND/tael (buy) - 70.80 - 71 million VND/tael (sell) for 9999 gold rings. This price is considered a new record for gold, especially for 9999 round rings.
Ms. Trinh Ngoc Anh - in charge of 9999 gold ring transactions at Kim Thanh Huy gold and silver shop (Cao Thang street, Vinh city) said: "This is the first time that a plain round ring has exceeded the 70 million VND/tael mark. The highest price ever, therefore, compared to the price of gold rings on God of Wealth Day, it has increased by 4 million VND/tael".
The price of gold has increased, so many people have taken advantage of the situation to sell for profit. Ms. Trinh Thi H. (Dai Dong, Thanh Chuong) bought 5 taels of plain round rings on January 15 for 65.2 million VND/tael, and now, she is selling them at the store for 68 million VND. In just half a month, with a capital of more than 300 million VND invested in buying gold, she has made a profit of 14 million VND. Compared to the interest rate of bank deposits, it is dozens of times higher.
“I had some extra money after Tet, at that time the bank interest rate was too low, only 4%/year, which means with 300 million VND, I would only receive 1 million VND in interest each month, so I bought gold to store. At first, I decided to buy gold to “keep money” from losing value, not thinking about buying and selling. But now, when the price of gold rings is high, I calculate that I will make a profit, so I sell it, waiting for the gold price to decrease and then reinvest,” said Ms. H.
Although it is the beginning of the year, according to records, the number of people coming to sell gold is quite large. There are people who have just bought gold during the God of Wealth festival, there are people who have been hoarding gold for a long time, seeing that the gold price is good, so they sell at this time to make a profit.
“All the wedding gold from 2020 to now is 4 taels, all are 9999 plain round rings. Now, the price of gold rings is high, so the couple decided to sell it to pay off the bank loan to buy the apartment. In 2022, if they sell the gold to pay for the apartment, 4 taels will only be about 200 million VND, so the couple decided to buy it in installments, paying the bank interest.
Now, after 1 year, the price of gold rings has increased (nearly 18 million VND/tael compared to 2022), so I decided to sell. Compared to the interest paid, the gold interest is many times higher," said Mr. Hoang Duy Binh (resident of Cua Tien apartment building, Vinh city).
Not only in Vinh city, the gold market is quite active in rural areas. “If in previous years, at the beginning of the year, transactions were mainly for selling, the number of people buying gold was the main thing, then this year, especially in the last 2 days, the number of people coming to trade was very bustling.
People mainly sell gold, not many people buy it because the price of gold is quite high. Accordingly, the majority of people sell 9999 round rings," said Ms. Nguyet Cuong - owner of a gold and silver business in Dien Chau town.
The price of gold rings has increased to a record high, but according to records, the difference between buying and selling prices is still very large, most long-term buyers have made big profits while short-term buyers only make small profits.
According to forecasts, gold prices will continue to fluctuate in the coming time. Therefore, according to experts, although the developments of the domestic gold market follow the world trend, there are still some abnormalities. Specifically, the developments of SJC gold only benefit gold distributors in the market, while small investors and people buying in will find it difficult to make a profit.
On the other hand, the gold market is "hot" because of the rising geopolitical tensions in the market. At the same time, it is warned that people should be cautious when investing in gold because while the US salary income is still increasing strongly, the expectation of the Fed to lower interest rates is still far away. Therefore, gold will change direction and decrease sharply at any time.
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