Last night, when the world gold price fell sharply, many people expected the domestic market to adjust accordingly. However, by early this morning, world gold prices had recovered almost all of the previous decline. Domestic gold prices have even increased, officially reaching a new peak.
As of 9:55 a.m., the price of SJC gold bars was listed by major brands such as Saigon Jewelry Company SJC, DOJI, Bao Tin Minh Chau at 117-120 million VND/tael (buy - sell), an increase of 1.5 million VND/tael for buying and an increase of 2 million VND/tael for selling. The difference between the two sides remains at a high of 3 million VND/tael.
The price of 9999 round gold rings also recorded a strong increase. DOJI listed the price of Hung Thinh Vuong gold at 114.5-118 million VND/tael, an increase of 500,000 VND/tael for buying and an increase of 1 million VND/tael for selling. Meanwhile, at Bao Tin Minh Chau, the price of gold rings is at 116.5-1195 million VND/tael, an increase of 2 million VND/tael in both directions. The price difference is up to 3-3.5 million VND/tael.
At a large gold shop on Cau Giay Street (Hanoi), since 7:30 am, many people have been lining up to buy gold. Mr. Nguyen Tuan Anh (Nam Tu Liem District) shared: The shop only sells 1 tael/person and gives away coupons in order. At 10:30 there was still a draw, but it could stop early because yesterday too".
Ms. Nguyen Thi Phuong (Cau Giay District) shared that she went to the store at 7am to buy gold as a wedding gift for her best friend. In the past, when I got married, you gave me gold. Now that you are about to get married, I want to buy gold to pay off your wedding. However, because she was busy with work, she had not been able to arrange time to go buy in the previous days.
I followed the news and saw that gold prices were rising steadily, so I was quite worried. By yesterday afternoon, I ran to buy but there was no place to sell. Some places are out of stock, some places only give priority to those who have taken their numbers since morning. Learning from experience, I woke up early this morning to line up to be sure to buy" - Ms. Phuong said.
In the context of strong fluctuations in the domestic market, the difference between buying and selling is pushed up too high, increasing the risk for individual investors. With a gap of up to 3-3.5 million VND/tael, if the price turns to decrease, buyers may face a significant loss.
Experts warn that the high difference is a sign that the market is in an unstable phase. Investors, especially those with a "surfing" mentality, need to be very careful when deciding to spend money at this time.
On the world market, at 9:55 a.m., the listed gold price on Kitco was around 3,327 USD/ounce. Looking at the chart, it can be seen that the world gold market is recovering but the price is still lower than the price a day ago.
Although the world gold price was one day lower than the previous day, the domestic gold price skyrocketed, even breaking the peak of 120 million VND/tael. This development shows that the domestic gold market is reacting much stronger than the global trend.
This could be a manifestation of an imbalance between supply and demand or the dominating speculative mentality, causing domestic prices to be pushed too high. The large gap between world and domestic gold prices, along with the expanded buying and selling range, are clear warning signs of risks for individual investors, especially those who are "catching the peak" with short-term surfing expectations.
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