Gold prices are at their peak, many people still buy gold for investment and storage.

As of 3:30 PM on April 28, 2024, the price of SJC gold in Vietnam remained relatively stable compared to the early morning of the same day. Saigon Jewelry Company Limited (SJC) listed the buying price of SJC gold at 83 million VND/ounce and the selling price at 85.2 million VND/ounce.

The difference between the buying and selling price of SJC gold bars at this establishment is 2.2 million VND/ounce, putting investors at risk of losses when buying in the short term.

Giá vàng đang trên vùng đỉnh, nhiều người vẫn mua vàng để đầu tư, tích trữ

Gold prices listed at Saigon Jewelry Company Limited (SJC) on the afternoon of April 28, 2024. Screenshot taken at 3:30 PM.

Similarly, the price of SJC gold bars at Bao Tin Minh Chau remained stable on the second day of the April 30th and May 1st holiday. This afternoon, the brand listed the price of SJC gold at 83.25 million VND/ounce for buying and 85.1 million VND/ounce for selling.

Gold prices listed at Bao Tin Minh Chau on the afternoon of April 28, 2024. Screenshot taken at 3:30 PM.

The current price of SJC gold bars is close to its all-time high of 85.5 million VND/ounce on April 15th. The rapid price increase has made SJC gold bars more expensive than international prices by over 13 million VND/ounce, compared to the previous difference of only 11-12 million VND/ounce.

While the price of SJC gold bars surged, the gold ring market also experienced some "unforgettable" days last week.

This afternoon, the price of gold rings from Bao Tin Minh Chau brand is trading in the range of 74.58 – 76.18 million VND/ounce. The price of gold rings has fallen by nearly 3 million VND/ounce from its historical peak of over 78 million VND/ounce, creating a wave of "bottom-buying" in many places.

Staff at the Bao Tin Minh Chau store on Tran Nhan Tong Street said that for the past few days, the store has stopped selling gold rings. Customers can only sell, but cannot buy, plain gold rings.

Over the past week, according to observations by reporters from the Industry and Trade Newspaper at gold shops, there were more customers buying gold than selling it. Despite gold prices being at their peak, many investors and individuals still choose gold as an investment channel. Among the best-selling gold items last week, gold rings were the most popular choice, leading to shortages at many gold shops at times.

Ms. Song Ha (Hoan Kiem, Hanoi ) said that even though gold prices were at their peak last week, she still bought gold rings as an investment because her savings had reached their maturity date.

Despite gold prices being at their peak, many people are still buying gold rings as an investment. (Illustrative image)

Sharing her reasons for choosing gold rings as an investment instead of gold bars, Ms. Song Ha said that the current price of gold rings is lower than the price of SJC gold. Furthermore, the price of gold rings in Vietnam is closer to the world price, meaning that even if the market fluctuates, the price of gold rings won't fluctuate as sharply as the price of gold bars. "This time, the number of customers buying gold is higher than the number of customers selling. When I went to buy, the rings were out of stock, so I and many others had to put down a deposit and wait for the goods to arrive," Ms. Song Ha shared, adding that she will research and wait for the gold market to stabilize and cool down further before investing more.

Sharing the same viewpoint, Mr. Duy Kien (Bac Tu Liem, Hanoi) also stated that among current investment channels such as gold, real estate, stocks, or savings accounts, he would choose gold. Gold is considered a safe haven in investment portfolios, especially during periods of economic volatility, political instability, or risky financial markets. Unlike stocks, which can fluctuate sharply every day, the value of gold is relatively more stable, helping to protect assets. " Although the returns aren't as high as stocks, gold comes with lower risk, making it suitable for investors who prioritize safety like me, " Mr. Duy Kien explained.

Regarding gold price forecasts for the coming week, many experts predict that gold prices will have strong upward momentum. On the global market, 10 Wall Street experts share similar forecasts to last week: 7 experts (70%) predict higher gold prices next week; 2 experts (20%) believe prices will remain stable; and only 1 expert (10%) predicts a decrease. Global gold prices still have some impact on the domestic gold market; therefore, domestic gold prices are predicted to fluctuate upwards next week.

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