Gold prices have been skyrocketing in recent days - Photo: THANH HIEP
Gold prices rise, gold companies "defend"
If at the end of yesterday, the listed selling price of gold at SJC Company was still "timid" at 99.5 million VND/tael, this morning it jumped straight to 100.4 million VND/tael, an increase of 900,000 VND/tael compared to the end of yesterday. The buying price increased to 98.6 million VND/tael, an increase of 700,000 VND/tael compared to yesterday.
At Bao Tin Minh Chau Company, the price of gold rings remained stable at 100 million VND/tael while the buying price decreased by 100,000 VND/tael, to 98.35 million VND/tael.
Meanwhile, at Bao Tin Manh Hai Company, the selling price of gold rings increased to 100.4 million VND/tael, an increase of 150,000 VND/tael compared to yesterday. The buying price decreased to 98.45 million VND/tael, a decrease of 200,000 VND/tael.
At PNJ Company, today the selling price of SJC gold bars and gold rings both jumped to 100.4 million VND/tael, an increase of 800,000 VND/tael compared to yesterday. The buying price increased by 500,000 VND/tael, to 98.6 million VND/tael.
One notable point today is that along with increasing or maintaining selling prices, many gold brands have reduced buying prices.
This is a sign that gold traders are "defending" against the overheating of gold prices in recent days. Therefore, gold buyers should be cautious to avoid risks when the gold price "bubble" bursts.
At the price of 3,051 USD/ounce, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 94.64 million VND/tael.
Compared to the converted world gold price, the domestic gold price is 5.76 million VND/tael higher. This difference is more than 4 times higher than about 10 days ago.
Be careful not to "go all the way"
Experts advise people to be cautious when buying gold when the market is hot like now - Photo: THANH HIEP
The price of gold has increased without stopping in recent days, stimulating people's demand for gold.
According to Tuoi Tre Online, the number of people coming to buy gold at SJC Company is quite large despite the vertical increase in gold prices. Some people want to buy several taels, but others only buy 1 tael. Many people believe that the gold price will continue to increase, so this is still an opportunity to surf.
Previously, the gold supply at SJC Company was quite abundant, you could buy as much as you wanted, but in recent days, due to the high demand for gold, SJC Company does not have enough quantity to meet the demand.
Currently, people who want to buy gold bars must write a form to leave information and wait for the company to contact them because the company does not have gold available to meet the demand immediately. The company also limits the maximum amount of gold purchased to 2 taels per person and does not sell according to demand as before.
Speaking to Tuoi Tre Online , a representative of SJC Company said that currently the waiting list to buy gold is several sheets of A4 paper, or hundreds of people. Although there are still sellers, the number of buyers is not enough to balance the situation.
Therefore, based on the number of purchases, the company will sell the same amount in the order of registration. This policy has been applied in the past few days when the price of gold increased "crazily" beyond all predictions.
Forecasting the gold price in the coming days, expert Tran Duy Phuong said that domestic gold prices are being pushed up and increasing faster than the world gold price.
"The world gold price is too hot, like an inflated bubble that doesn't know when it will burst. If the gold price bubble bursts, the domestic gold price will decline. Then there will be a situation of competing to sell, causing the domestic gold price to fall without stopping. But now, because the gold price is increasing, gold holders do not want to sell," said expert Tran Duy Phuong.
According to expert Tran Duy Phuong, buying gold at this time is likely to hit the peak, because once the world gold price has increased too much, it will fall sharply when it decreases. The domestic gold price is 5.57 million VND/tael higher than the world gold price, not to mention the difference between buying and selling prices of up to 1.5 million VND/tael, so the peak situation will soon happen.
Please follow the domestic gold price developments here.
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