At the end of the weekend session, the price of SJC gold bars remained unchanged, while the price of gold rings continuously decreased.
In less than a week, gold ring prices at brands have continuously plummeted, from 79.5 million VND/tael to 75.3-76.5 million VND/tael, a decrease of up to 2.7 million VND. /quantity.
Meanwhile, the world gold price recorded this morning in Vietnam time is reaching 2,384.5 USD/ounce, up 22 USD after 3 consecutive sessions of sharp decline.
At the seminar "Finding investment opportunities in the second half of the year" organized by Investment Newspaper, Dr. Nguyen Tri Hieu - financial expert evaluated the solution of selling gold directly to people through 4 joint stock commercial banks. State Bank of Vietnam (SBV) and SJC Company, State Bank of Vietnam (SBV) have successfully reduced the price of gold bars from 92 million VND to 80 million VND/tael.
"However, the supply of gold to the market is still limited. Meanwhile, the gold ring market has emerged, sometimes higher than the price of gold bars" - Dr. Hieu said.
Forecasting gold prices in the near future, Mr. Hieu said that the price could rise to 2,500 USD/ounce this year, and could reach 3,000 USD/ounce next year. Currently, there are no factors that can impact the price of gold.
According to Dr. Hieu, currently Central Banks are buying gold, especially the BRICS bloc, to replace their national reserves, instead of holding assets denominated in USD.
Therefore, along with the world demand for gold, it will push up gold prices, and affect Vietnam's gold market, so investors need to be very cautious when investing.
Recently, at the regular press conference summarizing the first 6 months of 2024 held on July 23, the representative of the Foreign Exchange Management Department (SBV) also emphasized that people need to be extremely cautious in buying gold, because of the The world gold price will fluctuate with a very strong amplitude, which will affect the domestic gold price.
"World political and economic factors are strongly influencing gold prices to have extremely complicated developments" - a representative of the Foreign Exchange Management Department warned.
However, in addition to the above recommendations, there are still experts who believe that gold is still a potential investment channel.
According to Mr. Trinh Ha, market strategist at Exness Investment Bank, the reason is because gold can still meet risks that may occur in the near future, such as the growth of major economies in the world. The world is still showing signs of slowing down because people's spending levels are decreasing and the unemployment rate is showing signs of increasing. It is possible that in the future there may be a risk of reduced growth in these economies.
In addition, unlike Dr. Hieu, Mr. Ha said that the continuous purchase of gold by major central banks, especially the BRICS bloc, is also a factor showing that gold still has potential.
The third factor is that interest rate cuts by major central banks will cause the USD to depreciate (while gold is priced in USD), so this is a favorable opportunity to invest in gold. Gold is a non-yielding asset and the opportunity cost of holding gold will decrease, thus supporting the price of gold to fall.
