Gold prices fall, people in Nghe An increase their purchases.

The price of SJC gold bars decreased by approximately 1.5 million VND per tael this week. Photo: TP

Over the past week (May 20-25), the price of gold bars fluctuated downwards. Specifically, at the beginning of the week, the selling price of SJC gold bars was 91 million VND/ounce and the buying price was 89 million VND/ounce. By the end of the week, the selling price was 89.5 million VND/ounce and the buying price was 87.5 million VND/ounce, a decrease of an average of 1.5 million VND/ounce in both buying and selling prices.

9999 gold rings also decreased from 77.8 million VND/ounce (selling price) and 76.25 million VND/ounce (buying price) at the beginning of the week (May 20th) to 76.4 million VND/ounce (selling price) and 74.8 million VND/ounce (buying price) at the end of the week (May 25th). On average, the price decreased by about 1.4 million VND/ounce in both buying and selling directions.

Transactions were quite active at the gold shops. Photo: TP

In Nghe An , gold prices are adjusted by gold and silver businesses according to domestic gold prices. Specifically, the price of gold bars on the morning of May 25th was not listed on the price board, but when asked, staff quoted a price of 90 million VND/ounce (selling price) and 87.3 million VND/ounce (buying price).

Regarding the price of 9999 gold rings, some businesses list the price specifically and update it regularly, while others only inform customers verbally when a transaction occurs. Specifically, the buying price of gold rings is 73 million VND/ounce and the selling price is 77 million VND/ounce.

Many people took advantage of the drop in gold prices to buy. Photo: TP

Taking advantage of the drop in gold prices, many people are buying gold for investment and hoarding. Ms. Trinh Ngoc Anh, an employee at a gold shop on Cao Thang Street (Vinh City), said: "This week, the number of people coming to buy gold is higher than those selling. The amount of gold sold by the shop has increased by about 20% compared to the previous week."

With over 1 billion VND in spare cash, Ms. Nguyen Thi Phuong from Dong Van commune (Thanh Chuong district) decided to buy gold for investment. However, last week, the price of gold surged to 92 million VND per tael, so following the advice of many, she waited for the price to fall before investing. By the end of this week, when the price of gold showed signs of "cooling down," she used the money to buy 5 taels of gold bars and 5 taels of 9999 gold rings.

Gold remains a popular investment and store of value for many people. Photo: TP

“The price of gold bars remains high, but I think it’s unlikely to fall much further. The price of gold rings has also narrowed the gap with the world gold price. Meanwhile, the world gold price is predicted to rebound. Therefore, I decided to invest in gold at this time. If the price of gold rises sharply in the near future, I will ‘speculate’ to make a profit; otherwise, I will hold onto it,” Ms. Phuong said.

As an experienced gold investor, Mr. Nguyen Phu H. in Quan Bau ward (Vinh City) also chose this time to buy gold. According to Mr. H., gold prices usually fluctuate in cycles, and after a peak, there will be a period of price drop. If you know how to time your buying and selling, you can make a profit. Long-term and safe investors will not chase gold prices because they will face many risks.

According to many experienced individuals, it's not advisable to buy gold when it's "at its peak," as it carries significant risks. (Photo: CSCC)

"When gold prices rise, many people buy with the mindset that prices will continue to rise. I never buy gold at the peak of a price just to follow the crowd. Because when gold prices suddenly drop, buyers will suffer heavy losses due to the large buy-sell spread, causing buyers to lose money immediately during the transaction. Meanwhile, gold shops are always the ones who benefit."

Furthermore, due to the herd mentality, people buy gold while prices are high, giving gold shops an advantage and pushing prices even higher. When gold prices suddenly drop, buyers continue to suffer losses. "I regularly monitor developments, update gold prices, and calculate the right time to invest to 'ride the wave'," Mr. H shared.

According to experts, world gold prices are expected to continue rising in the short term. Photo: TP

Domestic gold prices tended to fall after the State Bank of Vietnam successfully held its 9th gold bullion auction, selling nearly 14,000 taels of gold. On May 23rd, the State Bank of Vietnam announced an inspection of compliance with policies and laws in gold trading activities. The inspection will last 45 days.

Meanwhile, global gold prices are recovering, rising slightly after a series of sharp declines. Experts predict that global gold prices will continue to rise in the short term. This is why many investors and individuals are increasing their gold purchases at this time.

Source: https://baonghean.vn/gia-vang-giam-nguoi-dan-nghe-an-tang-mua-post289883.html