Gold ring price increased to record, should buy or sell now?

In the past 3 days, the price of gold rings has increased from 79.2 million VND/tael to 82.5 million VND/tael.

At 6:00 p.m. on September 25, the world gold price was commonly traded at 2,655 USD/ounce, not much changed compared to the price in the early afternoon.

However, in the domestic market, the price of gold rings of all brands skyrocketed to 83 - 83.5 million VND/tael for sale. Meanwhile, the buying price fluctuated between 81.49 - 81.9 million VND/tael, an increase of 3 million VND since the beginning of the week.

SJC gold price remains unchanged in the range of 81.5 - 83.5 million VND for buying and selling.

Faced with the heat of gold ring prices, many people wonder whether to buy or sell to make a profit.

Mr. Pham Minh Tam (District 3, Ho Chi Minh City) said that he has 300 million VND in idle money. He plans to buy gold for investment because he sees that the price has increased a lot recently, and all forecasts say that it will continue to increase. However, he is still worried that the gold price is increasing rapidly and could reverse and go down at any time, so he is hesitant.

Meanwhile, Ms. Le Thi Minh Nghia (Tan Binh District, Ho Chi Minh City) said that a few months ago, she bought 7 taels of gold rings at an average price of more than 7.5 million VND/tael. "Up to now, gold shops are buying for 8.1 million VND/tael, but I don't want to sell because I still hope the price will increase further," she said.

According to Ms. Le Thi Binh - owner of a gold shop in Tan Dinh market, Ho Chi Minh City - people who hold gold for protection do not need to care about high or low prices. She believes that people should buy gold when the price is stable because at that time the market is stable.

"Gold investors should not buy and need to sell when the price increases sharply. Because the market has recorded that after many days of strong gold price increases, "big players" often "dump goods" to make profits. At that time, the domestic gold price can decrease by 1-2 million VND/tael. Not to mention, gold businesses always buy at a price 2 million VND/tael lower than the selling price, which means that buyers can lose 3-4 million VND/tael. Those who hesitate to sell gold will lose the opportunity to make millions of VND per tael of profit" - Ms. Binh analyzed.

Meanwhile, Mr. Nguyen The Hung, Vice President of the Vietnam Gold Trading Association (VGTA), recommends that gold buyers should avoid the herd mentality. That is, do not see the gold price increase sharply, many buyers also rush to buy, many times right after buying, the price drops sharply.

According to Mr. Hung, people should only buy gold when domestic and foreign prices do not fluctuate strongly. At that time, the gold market determines the best price. If unfortunately after buying, the gold price drops, it will increase again after a while. In the near future, the US will further reduce interest rates, the USD will continue to decrease in value; many countries and financial investors have not stopped storing gold to prevent risks. Therefore, domestic and international gold prices have many factors supporting the increase.

Source: https://nld.com.vn/vang-nhan-tang-gia-ky-luc-nen-mua-hay-ban-luc-nay-196240925152521964.htm