What do World Gold Council experts say about buying SJC gold and gold rings at this time?

This is the opinion of Mr. Shaokai Fan, Director of Asia-Pacific region (excluding China) and Director of Global Central Banks at the World Gold Council (WGC), when talking to a reporter of Nguoi Lao Dong Newspaper, about the strong fluctuations in gold prices in recent days.

Reporter: As of this morning, October 4, the world gold price continues to surpass the 2,600 USD/ounce area. Has it exceeded the WGC's forecast for the gold price this year? What are the main factors driving the gold price to continuously reach new peaks?

- Mr. Shaokai Fan : The sharp fall in the US dollar and the decrease in interest rates have been the main factors driving the gold price up since August. This is in line with the general sentiment that the decrease in interest rates makes gold more attractive as a safe haven asset.

In the context of global economic instability, investors tend to diversify their investment channels and may choose to invest more in gold, because gold is stable and has long been used as a risk hedge.

SJC gold bar price is at its peak in recent months.

* Will 2024 be the year when gold prices increase to a record high in a year? Is gold a "sparkling" investment channel compared to other channels? What factors will affect gold prices from now until the end of the year?

- As mentioned, gold prices fluctuate strongly due to the impact of many factors. However, recent developments show that central banks' demand for gold reserves is decreasing sharply, combined with widespread profit-taking from Asian investors, which may reduce gold's performance in the coming time.

* In the Vietnamese market, the price of SJC gold bars and gold rings is currently about 4-5 million VND/tael higher than the world price, but people say it is difficult to buy. What is your comment on the current gold management policy?

- Vietnam has made progress in reforming the gold market, but the World Gold Council believes that being more open about gold management policies, while still focusing on macroeconomic stability, can facilitate consumers in buying and selling gold and reduce domestic price differences.

* So how should Vietnamese investors deal with gold? Should they buy and wait for it to increase further or sell to take profit?

- We believe that gold still has a place in almost any portfolio. Generally, allocating some portion to gold helps investors improve the risk-adjusted returns of their investments.

These benefits are usually only realized in the long term, which is why we often recommend gold as a long-term strategic element in an investment portfolio. However, Vietnamese investors should carefully consider the performance and behavior of any asset before purchasing, including gold.

Thank you!

Source: https://nld.com.vn/chuyen-gia-hoi-dong-vang-the-gioi-noi-gi-ve-viec-mua-vang-sjc-vang-nhan-luc-nay-196241004111803918.htm