Gold prices have been fluctuating continuously and have reached an all-time high of 6,350,000 VND/ounce for selling and 6,230,000 VND/ounce for buying. However, gold trading in Ha Tinh market remains sluggish.
Gold prices reached an all-time high on December 26th.
Contrary to expectations that gold prices would see increased selling activity, we observed a rather subdued atmosphere at Nguyen Cong Tru Street, known as the "gold street," on the afternoon of December 26th, as well as at other gold shops in Ha Tinh City. Most gold shops saw very few customers.
Ms. Phan Thuy Hang, owner of Kieu Ngoc gold shop, said: "The day before (December 25th), the selling price of gold was 6,270,000 VND/tael, but after one day it increased by more than 70,000 VND/tael. The price of gold has surged dramatically and is the highest ever, but gold buying and selling transactions are very modest. Mostly individual customers are buying gold jewelry for weddings and engagements; there are no large transactions."
Gold price list at Kieu Ngoc gold shop at 4 PM on December 26th.
Not far away, Phuong Xuan gold shop, a popular choice for buying and selling gold, was also quiet. Gold prices fluctuated constantly, not only gradually increasing day by day, but also on December 26th, the price went up and down frequently, confusing both buyers and sellers.
Ms. Nguyen Thi Xuan, Director of Phuong Xuan Gold and Silver Joint Stock Company (Ha Tinh City), said: “From morning to afternoon on December 26th, the shop had to adjust prices three times, and transactions decreased significantly compared to previous days. Most people came to exchange or sell gold in very small quantities, while purchases were negligible.”
Staff at Phuong Xuan gold shop adjusted prices for the third time on December 26th.
Carefully monitoring the gold price chart at Phuong Xuan gold shop, Ms. Nguyen Thi Huong (Thach Hung commune, Ha Tinh city) said: "The price of gold is so high that I'm just checking the situation; I don't intend to buy yet. In previous years, when the price of gold was more stable, towards the end of the year, with my savings, I usually bought 1-2 taels (units of gold). Currently, the price is constantly fluctuating upwards, so I don't dare to buy."
Having been in the gold and silver business for nearly 15 years, Ms. Le Thi Ha, owner of Viet Ha gold shop (Ha Tinh City), believes that the selling price of 6,350,000 VND/tael and the buying price of 6,230,000 VND/tael on December 26th is the highest price ever recorded. Observations at the shop show that although the number of customers is higher than other gold shops in the area, compared to previous days, the number of transactions has decreased and the transactions are smaller.
The price of gold at different shops varies by about 20,000 - 30,000 VND per tael.
Further surveys of other gold shops in Ha Tinh City, such as Mai Xuan, Ngoc Ha, and Ngoc Ninh, revealed that the number of customers was quite modest. Gold prices varied by 20,000-30,000 VND per tael, mostly remaining stable at 6,350,000 VND per tael for selling and 6,230,000 VND per tael for buying; and 6,330,000 VND per tael for buying and 6,200,000 VND per tael for buying. These unpredictable and sudden fluctuations have made people hesitant to buy or sell, except for some families with special needs for weddings and other celebrations.
Viet Ha Gold Shop has a higher volume of customers, but most of them buy gold for wedding purposes.
According to gold shop owners, predicting gold prices has never been as difficult as it is now. Gold prices are constantly fluctuating, sometimes skyrocketing, making them very difficult to forecast. However, anticipating customer demand towards the end of the year and in preparation for weddings in the upcoming December lunar month, gold shop owners are hoping for increased purchasing power and a more stable gold market.
According to domestic economic experts, the sharp increase in global gold prices due to geopolitical tensions has made gold an important safe haven for investors. In the domestic market, while deposit interest rates at credit institutions have fallen, the real estate market has not yet recovered, and investment in stocks is limited, gold is considered a safe and effective investment channel. This is also a reason driving up gold prices.
According to experts, investors and the public should avoid taking risks and prevent losses when gold prices reverse and fall...
Loan - Linh
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