Laughing and crying when closing gold profits
Witnessing the rapid increase in gold prices for nearly a week now, Mr. Ngoc Ha (Hoang Mai, Hanoi (PV - character's name changed upon request) could not contain his joy as the amount of gold he was holding was increasingly generating exponential profits.
Earlier this year, on the day of the God of Wealth, he withdrew all his family's savings to "take a risk" and buy everything. He said he bought 3 taels of gold rings and 4 taels of gold bars. The price of gold rings at that time was 64.7 million VND/tael.
"I want to upgrade to the latest Santa Fe 2024. On September 22, I made a profit by selling 1 tael of gold bars and 5 taels of gold rings to an acquaintance; that afternoon, I transferred 1 tael of gold rings to another person I met on social media. The transaction price listed by the store was 79.39 million VND/tael. I didn't expect that yesterday, the price of gold rings would skyrocket" - Mr. Ha shared.
Unlike Mr. Ha, Mr. Tran Tien (45 years old, Thai Binh, PV - character name changed upon request) missed the peak of gold bars in April 2024.
Mr. Tien bought 15 taels of gold for 85 million VND/tael. "At that time, the world gold price increased, the difference between domestic gold and world gold was 12-13 million VND. I thought gold would definitely increase in price because I read many predictions.
But unexpectedly, the State Bank sold gold at a stable price, the current buying price of gold bars is only 80 million VND/tael" - Mr. Tien said, at the same time, he also said that every day he waits for news about gold price decrease. Whenever he sees news about gold price increase, he feels like sitting on a pile of fire.
Those who are holding gold are happy when the price keeps increasing, but those who need gold have to hold on to the "dream" of waiting for the price to go down.
Ms. Tran Thi Binh (Phu Ninh, Phu Tho) said that in November 2023, she borrowed 2 taels of SJC gold bars from a relative. The listed price was 73.6 million VND/tael. In early 2024, the gold price peaked, Ms. Binh did not dare to pay the debt and delayed.
"I borrowed money for my son to go to Japan to work. Many times I wanted to pay the debt but my son advised me to wait until the gold price went down. Now the gold price has increased so much that my husband and I are very impatient," said Ms. Binh.
Gold price may approach 90 million VND/tael
In early 2024, domestic gold bar prices fluctuated from 79-81 million VND/tael (buy - sell).
The price of gold rings is traded at 62.85 - 64.05 million VND/tael (buy - sell). So far, the price of gold rings has increased by about 17.45 - 17.55 million VND/tael.
Dr. Nguyen Tri Hieu - financial expert said, in Vietnam, investors are often interested in gold bars and gold rings.
Recently, the State Bank has implemented many measures to reduce the gold price from 92 million VND/tael to 80 million VND/tael. Meanwhile, the price of gold rings is operating according to the law of supply and demand.
Dr. Hieu said that the gold market is in a period of adjustment, so investors need to be very careful.
World financial experts also predict that the price of gold could reach the 2,700 USD/ounce mark because the price of this precious metal has surpassed the resistance level of 2,625 USD.
If the world gold price exceeds 2,700 USD, the domestic gold price could increase to 84 - 85 million VND/tael; and the price of SJC gold bars could increase to 88 - 89 million VND/tael.
