On the morning of May 9, the domestic gold bar price was bought at 85.7 million VND, sold at 88 million VND/tael, an increase of 500,000 VND compared to the end of yesterday. In particular, the price of 9999 gold rings decreased by 200,000 - 300,000 VND compared to yesterday morning, specifically, the buying price was 73.3 million VND/tael, sold at 75 million VND/tael.
The world gold price slightly decreased to 2,312 USD/ounce, nearly 2 USD lower than yesterday. Equivalently converted, the world gold price is at 71 million VND/tael (excluding taxes and fees). Despite the world gold price going down, SJC gold bars have reached a historical peak and are 17 million VND/tael more expensive than the world price, while gold rings are about 4 million VND/tael more expensive.
In Nghe An, for many days now, the price of SJC gold bars has not been listed and updated specifically on the price board by gold shops. Only when customers ask do the gold shop owners announce the price.
Specifically, this morning (May 9), when asking about the price of SJC gold bars at a large gold shop on Cao Thang Street, the staff said that the buying price was 83 - 84.5 million VND/tael (depending on the model, new or old shell), the selling price was 88.3 million VND/tael. However, according to this staff, gold bar trading is slowing down and advised customers to switch to buying gold rings.
As for the price of gold rings in Nghe An, on the morning of May 9, it was listed specifically as follows: Buying 72 - 72.55 million VND/tael; selling 75.15 - 75.45 million VND/tael (depending on each business). In particular, there are some businesses that do not list specific prices on the electronic board according to regulations, only when customers ask, they announce the price and the price is also inconsistent.
Ms. Nguyen Thi Huong Tra - a customer said: "The price of gold is different in each store, the difference is from 80,000-200,000 VND/tael. The selling price in some stores is also not the same, when asking to buy, it is quoted at 7.6 million VND/tael, buying 3-5 taels is 75.5 million VND/tael, bargaining is reduced to 7.5 million VND/tael. Therefore, if you want to buy gold, you go to consult many places and finally go to a familiar store to buy even though the price difference is nearly 100,000 VND/tael."
According to records, because the price of gold bars increased regardless, reaching a new peak and going against the downward trend of world gold, while the price of gold rings approached the world gold price, so those who bought to invest and store assets chose gold rings.
“The price of gold bars has skyrocketed, both high and hot, so people are worried about risks. Therefore, most people are now switching to buying gold rings for storage and investment,” said the owner of a gold shop.
According to the owner of the shop, a month ago, when the price of gold bars and gold rings had a big difference, with the price of gold bars being 12-13 million VND higher than the world price of gold, people tended to rush to sell gold bars to invest in gold rings.
However, currently, although the price of gold bars has surpassed its peak, climbing to a new price scale of 88 million VND/tael, 13 million VND/tael higher than gold rings, 17 million VND/tael higher than world gold, very few people sell gold bars.
The reason is that people believe that gold bars are a national exclusive brand so they "have their own price", especially after 5 auctions, the price of gold bars not only did not "cool down" but also skyrocketed.
According to a survey at gold shops, the demand for gold purchases by Nghe An people is currently higher than the same period in 2023. It is estimated to increase by about 15-20% compared to the same period last year. "Although there is no need to queue to buy gold, although it is not to the extent that gold businesses have to limit the number of customers like in Hanoi and Ho Chi Minh City, the number of customers buying gold has increased significantly recently," said the owner of a gold shop on Le Loi Street, Vinh City.
The World Gold Council's gold demand trend report for the first quarter of 2024 shows that Vietnam recorded a 12% increase in investment demand for gold bars and gold coins, with total consumer demand increasing by 6% compared to the same period last year.
According to experts, the depreciation of domestic currency is the main reason for the increased demand for gold. In addition, geopolitical instability also contributes to the flow of money into gold.
Another factor that contributes to the increasing attraction of gold is the lack of attractive investment channels at the present time. Many types of assets, including stocks, real estate, cryptocurrencies, etc., are believed to be "bubbles". This promotes the demand for gold as a safe storage/asset preservation channel, as well as attracting investors.
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