After the world gold market broke out and reached a historical peak, the domestic price of 9999 smooth round gold rings quickly increased. As of 2:00 p.m. on September 21, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 79.4 - 80.55 million VND/tael (buy - sell).
Saigon Jewelry Company listed the price of gold rings at 78.9 - 80.2 million VND/tael (buy - sell). Meanwhile, Bao Tin Minh Chau listed the price of plain round gold rings at 79.39 - 80.54 million VND/tael (buy - sell).
The current price is much higher than two months ago. Accordingly, in the trading session on July 21, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was only listed at 75.90 - 77.15 million VND/tael (buy - sell).
At the same time, Saigon Jewelry Company listed the price of gold rings at 75.7 - 77.1 million VND/tael (buy - sell). Bao Tin Minh Chau listed the price of gold rings at 75.93 - 77.23 million VND/tael (buy - sell).
Thus, after two months of investment, buyers of plain round gold rings at DOJI earned a profit of VND2.25 million/tael. Meanwhile, the profit when buying at Saigon Jewelry Company and Bao Tin Minh Chau was VND1.8 million/tael and VND2.16 million/tael, respectively.
This profit margin is quite high, because the difference between buying and selling of plain round gold rings, although not as high as SJC gold bars, is still listed by business units as very large, around 1.2 - 1.4 million VND/tael. Normally, with such a large difference between buying and selling, it is very difficult for investors to make a profit when investing in the short term.
In recent sessions, the price of SJC gold has fluctuated erratically and is difficult to predict. However, the price of plain round gold rings often fluctuates in the same direction as the world market. Therefore, investors can refer to the world market and experts' opinions before making investment decisions.
The recent strong increase in the world gold market comes from the decision of the US Federal Reserve (FED) to manage interest rates. After much speculation about the interest rate cut, the FED was quite bold when it cut 50 basis points. The market is absorbing the information and making many predictions about the next interest rate cuts.
Despite being at a record high, the world gold price is still receiving relatively positive forecasts in both the short and long term. This is good news for the price of plain round gold rings - an item that often fluctuates in the same direction as the world gold price.
The latest Kitco News weekly gold survey shows investors are bullish on gold prices next week, while industry experts are evenly split between bullish and bearish views in the short term.
This week, 19 analysts participated in the Kitco News gold survey, and the majority see gold prices rising or at least trading sideways. Nine analysts see gold prices rising next week, while eight see it trading sideways. Only two see gold trading lower next week.
Meanwhile, 189 votes were cast in Kitco's online poll, with most Main Street investors returning to their optimistic outlook.
129 retail traders expect gold prices to rise next week, while 29 see gold trading lower. The remaining 31 respondents expect prices to trade sideways next week.
