Kinhtedothi - Domestic gold prices continued to increase sharply on the morning of February 4, surpassing the 90 million VND/tael mark. Despite the gold price continuously breaking the old peak, people lined up at many gold shops in Hanoi to buy.
God of Wealth gold price hits record high, nearly reaching 100 million VND/tael
Although it is not yet the God of Wealth Day (January 10), many people have taken the opportunity to buy gold early. Ms. Le Hang (in Dong Da, Hanoi) said that at the beginning of the new year, she often has the habit of buying gold to pray for luck and peace. "Yesterday (February 3), when I just returned to work, I came here to buy gold but there were too many customers so I came back today" - she said.
On some streets with many gold and silver shops in Hanoi such as Tran Nhan Tong, Hang Bac, Cau Giay, etc., people came to buy gold in large numbers even though it was not yet the God of Wealth's day. Many people said that although the price of gold had increased compared to yesterday, they bought gold mainly for luck, so it was not too important, the main thing was that there was still gold and they could buy gold as desired.
Many stores ran out of gold rings and sold limited quantities, so many people switched to buying gold in the shape of mascots in blister packs. Ms. Nguyen Bich Ngoc (in Hoang Mai, Hanoi) said that she switched to buying gold in the shape of mascots in blister packs because the store announced that it ran out of gold rings. Although she knew it was more expensive, she was able to buy this amount of gold freely. However, buying this type of investment often results in a loss because of the processing costs," Ms. Ngoc said.
Yesterday, at the beginning of the new year, many large gold and silver businesses such as Bao Tin Minh Chau, PNJ, DOJI, Bao Tin Minh Hai, Phu Quy... all announced that they were temporarily out of SJC gold rings and gold bars. People who wanted to buy them all had to go home empty-handed.
On the morning of February 4, (at 9:00 a.m.), Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 88.1 - 90.6 million VND/tael (buy - sell), an increase of 300,000 VND/tael for buying and an increase of 800,000 VND/tael for selling compared to the closing price yesterday.
The price of gold bars has increased sharply, with some reaching nearly 99 million VND/tael, higher than the price of SJC gold bars. Specifically, the 0.3-tael gold bar product is sold for 2.878 million VND, equivalent to nearly 96 million VND/tael. The 1-tael gold bar with the symbol of prosperity and wealth is priced at 9.875 million VND/tael, or more than 98.7 million VND/tael. This price has also surpassed the previous record of SJC gold bars set in 2024 at 92.4 million VND/tael.
Consider buying
At 8:40 a.m. today (February 4, Vietnam time), the world spot gold price was at 2,819.8 USD/ounce, up 10.5 USD/ounce compared to last night. The price of gold futures for February 2025 on the Comex New York floor was at 2,854 USD/ounce. Converted to the bank USD price at nearly 87.5 million VND/tael, including taxes and fees, about 2.8 million VND/tael lower than the domestic gold price.
The market rose thanks to the demand for safe-haven gold. Investors feared inflation would drag down economic growth after US President Donald Trump signed an executive order imposing import tariffs on Mexico, Canada and China. However, on February 3, the US postponed the deadline for imposing tariffs on Mexico and Canada by one month after reaching an agreement to tighten immigration and smuggling.
Goldman Sachs, a global financial group, believes that gold prices could hit $3,000 an ounce by December 2025 thanks to two main factors: demand from central banks, while money flowing into exchange-traded funds will increase cyclically when the Fed cuts interest rates. Demand will come from countries that hold large amounts of US Treasury bonds, which are turning to gold to protect their assets against financial and geopolitical risks. When the Fed begins to loosen monetary policy, money flowing into gold exchange-traded funds (ETFs) will increase sharply, supporting gold prices.
However, the figure of 3,000 USD/ounce is equivalent to the domestic gold price of about 93 million VND/tael. But currently the domestic gold price has exceeded 90 million, and the price of all kinds of God of Wealth gold has risen to over 95 million.
Faced with the rising price of gold, experts are now advising people to consider carefully before buying. Choosing a product that suits their needs and financial capabilities is very important to ensure economic benefits and avoid risks in investment. Expert Tran Duy Phuong said that in the context of rapidly fluctuating gold prices as present, investors need to consider carefully. If the goal is to invest for profit, they need to be cautious because the current price is at a high level and is under great pressure to adjust.
With quality gold products pressed in blisters, all of which are 9999 gold such as gold rings or SJC gold bars, but the price is nearly ten million more expensive per tael, people should calculate carefully before spending money to buy. Because, when selling gold mascot products or God of Wealth gold coins, the store will deduct the manufacturing cost, and at the same time apply the purchase price to the gold ring price (purchase price). Therefore, the buyer will suffer a large loss if he buys and sells immediately afterwards. (Dr. Nguyen Tri Hieu)
Source: https://kinhtedothi.vn/vang-tang-du-doi-nguoi-dan-xep-hang-mua.html
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