Gold prices fall, investors rush to buy gold rings for storage

At 11:00 a.m. on March 19, 2024, the domestic SJC gold price increased sharply, approaching the 82 million VND/tael mark.

Saigon Jewelry Company Limited listed the buying price of SJC gold at 79.9 million VND/tael and the selling price at 81.9 million VND/tael. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted up by 500,000 VND for buying and up by 480,000 VND for selling.

The difference in buying and selling prices at this unit is currently at 2 million VND. This is a fairly high difference, pushing the risk onto the consumer.

Giá vàng giảm, nhà đầu tư tranh thủ mua vàng nhẫn tích trữ

Gold price listed at Saigon Jewelry Company Limited. (Website screenshot at 11:00 a.m. on March 19, 2024)

Gold price listed at Saigon Jewelry Company Limited. (Website screenshot at 4:00 p.m. on March 19, 2024)

Similarly, at the same time, DOJI listed SJC gold price at 79.8 million VND/tael for buying and 81.8 million VND/tael for selling. Compared to the early morning of the same day, DOJI adjusted SJC gold price up 500,000 VND in both buying and selling directions.

Not only gold bars, the price of gold rings and 24K gold jewelry also increased again. Saigon Jewelry Company Limited bought gold rings at 67.5 million VND/tael and sold at 68.7 million VND/tael, an increase of 100,000 VND/tael compared to yesterday.

Bao Tin Minh Chau Company in Hanoi pushed the price of gold rings up to 67.96 million VND/tael for buying and 69.16 million VND/tael for selling.

However, by 4 p.m. the same day, the price of SJC gold turned around and decreased by 400,000 VND in both buying and selling directions, bringing the price of SJC gold at Saigon Jewelry Company Limited down to 79.5 million VND/tael for buying and 81.5 million VND/tael for selling.

In the same trend, at 4 p.m. the same day, the price of gold rings was also adjusted down slightly by 50,000 VND in both buying and selling directions, down to 67.45 million VND/tael for buying and 68.65 million VND/tael for selling. The difference between buying and selling prices of gold rings is at 1.2 million VND.

Gold price listed at DOJI. (Website screenshot at 11:00 on March 19, 2024)

With the price of gold changing constantly, every hour, many investors believe that choosing gold rings for investment is a fairly safe solution with the least risk in the current context.

Ms. Nguyen Vy (Thanh Xuan District, Hanoi) analyzed that the fluctuation of domestic gold prices is mainly influenced by world gold prices and supply and demand. When the world gold price peaks, the domestic gold price will also increase sharply and vice versa. However, currently, the domestic gold ring price fluctuates closely following the world gold price, if investing in gold rings, the risk level will be lower than that of SJC gold bars.

"In early January 2024, the purchase price of gold rings was 60.8 million VND/tael. Up to now, I have made a profit of nearly 7 million VND/tael" - Ms. Nguyen Vy shared and was optimistic that with the current increase in gold prices, the price of gold rings will continue to increase.

The price of domestic gold rings fluctuates closely following the world market gold price. If you invest in gold rings, the risk level will be lower than that of SJC gold bars. Illustrative photo

Similarly, Ms. Mai Huong (Hoang Mai district, Hanoi) also said that in the context of low interest rates, she will choose to buy gold rings to accumulate assets. Gold rings are also as liquid as gold bars and the price is more suitable for monthly purchases. "Every month, my family sets a goal of buying 1 tael of gold rings to accumulate. The price of gold rings is softer than the price of gold bars, the risk level is lower, so gold rings are the most suitable investment channel in the current context " - Ms. Huong shared and suggested that if choosing to buy gold rings, people should only hold them for a short time. Buyers should also choose to buy gold rings at reputable gold companies with many transaction points to ensure quality and liquidity.

Giving advice to investors, experts also recommend that investors and people when investing in gold need to monitor hourly fluctuations of the gold market in the world and Vietnam. Experts especially recommend that investors should not "surf" at the present time because the gold market fluctuates very unpredictably.

If you intend to invest in gold at this time, experts recommend that investors and people should prioritize 9999 plain gold rings, instead of SJC gold bars, which will ensure more safety in the long term. Because the Government has just issued new instructions on gold market management as well as strict supervision of gold trading enterprises, therefore, in the coming time, the price of SJC gold may decrease if the State Bank adds supply to the market.

Source