This morning, SJC Company listed the price of SJC gold bars at 82 million VND/tael for buying and 86.5 million VND/tael for selling, an increase of 1 million compared to the end of yesterday. This development surprised many people, as they rushed to sell the day before.

Gold 5.jpg
The fluctuation of gold price this morning surprised many people. Photo: Quoc Hai

The selling price of SJC gold bars at DOJI , PNJ, Bao Tin Minh Chau… is similar. However, it is worth noting that the difference in the buying and selling price of gold bars has been pushed up by businesses to 3-4.5 million VND/tael. Therefore, it is very difficult to have the opportunity to surf the difference at this time.

Similarly, the price of 99.99 gold rings and all kinds of jewelry gold also increased sharply again after a day of decline.

SJC Company bought plain gold rings at 82 million VND/tael, sold at 84.8 million VND, an increase of 1 million VND compared to yesterday afternoon. Some other businesses bought plain gold rings at higher prices, such as PNJ Company at 83.6 million VND, Bao Tin Minh Chau at 83.05 million VND, DOJI at 82.8 million VND. The selling price was similar, at SJC Company around 84.8-85 million VND.

At Mi Hong store (Binh Thanh district) - a famous gold brand in Ho Chi Minh City - customers are bustling in and out. This morning, the Mi Hong gold store chain quoted the buying price of 99.99 plain gold rings at only 82 million VND/tael, and the selling price was 84.8 million.

Gold 1.jpg
People buy and sell gold at Mi Hong store (Binh Thanh district). Photo: Quoc Hai

Store staff said there were many customers from early morning, most of them were selling. According to VietNamNet reporters, the number of customers lining up at the counter to buy plain gold rings was overwhelming.

According to the store staff, plain gold rings are sold out or available depending on the time, for example, they were temporarily sold out in the early morning but started to be available again at 9am. When gold bars are temporarily sold out, customers who want to buy them have to leave because the store does not accept pre-orders.

"Customers can only buy a maximum of 1 plain ring" - Mi Hong store representative said.

Present here since 8am, Ms. Thuy Quynh (Binh Thanh district) decided to sell 5 taels of gold because she was worried that the price would continue to drop.

"The re-election of Donald Trump as US President could soon end the conflict between Russia and Ukraine, oil prices will cool down so gold prices will hardly increase sharply" - Ms. Quynh explained her decision.

Meanwhile, unlike Ms. Hong, many people decided to buy more gold for investment.

"It's almost Tet so I'm buying some gold to store, waiting for the opportunity for the price to increase" - Mr. Nguyen Thanh Binh (District 10) shared.

Experts say gold prices may continue to increase

Yesterday, the domestic gold price plummeted by 5-6 million VND per tael. The number of buyers and sellers also increased dramatically during the day, forcing many gold shops to stop buying.

Mr. Truong Hien Phuong, Senior Director of KIS Vietnam Securities, commented that domestic precious metals fluctuate more strongly than the world , mainly due to people's psychology.

"Recently, when the price of gold increased sharply, people rushed to buy because of the 'fear of missing out' on the opportunity and vice versa, they rushed to sell when the price plummeted," said Mr. Phuong.

Gold 4.jpg
This morning, in Ho Chi Minh City, there was no longer a rush to sell gold like yesterday afternoon. Photo: Quoc Hai

With this global price drop, Mr. Phuong sees this as a short-term adjustment, due to hot news that "seems unfavorable" for gold when Mr. Donald Trump becomes President of the United States. However, the factors supporting the precious metal's upward momentum are still intact.

" Geopolitical tensions are unlikely to end soon, and US interest rate cuts are expected to weaken the USD, along with buying pressure from central banks," Mr. Phuong said about factors that will affect gold prices.

Dr. Nguyen Tri Hieu - economic expert - believes that the price reduction is only temporary. He believes that domestic gold prices will continue to increase due to the influence of world gold prices.

Therefore, Mr. Hieu advises investors to be cautious in buying and selling at this time.

“It is very likely that the gold price will increase in the near future. Moreover, the bottom of the price cannot be determined yet while if sold at this time, the price is low. The gap between buying and selling prices is very large, also posing many risks for investors,” Mr. Hieu emphasized.

LSP's new move after suspending operations of $5 billion petrochemical complex in Vietnam

LSP's new move after suspending operations of $5 billion petrochemical complex in Vietnam

After a period of commercial operation, the $5 billion petrochemical complex in Ba Ria - Vung Tau has temporarily stopped operations. In the coming time, SCG Group will invest $700 million in a project to upgrade infrastructure and increase the use of Ethane gas as input material.
Quit engineering to become a farmer, earn more than 5 billion VND per year from a plant with a strange name

Quit engineering to become a farmer, earn more than 5 billion VND per year from a plant with a strange name

Giving up his job as a postal engineer, Mr. Nguyen Van Khon "conquered" the xoa tam phan tree with an area of ​​over 5.6 hectares, earning 5 billion VND per year.
With a debt of over 1 billion USD, the 'land tycoon' of Thu Thiem continues to call for capital from bonds

With a debt of over 1 billion USD, Thu Thiem 'land tycoon' continues to call for capital from bonds

Ho Chi Minh City Infrastructure Investment Joint Stock Company (HoSE: CII) has just approved a plan to issue private bonds with a maximum total value of VND108 billion, with a term of 36 months.