Gold prices continue to rise, yielding a profit of up to 13 million VND per tael after 15 months of investment.

Make big profits when buying gold.

Although the spread between the buying and selling prices of gold remains high, investors who bought gold at the beginning of the year have already made substantial profits.

Specifically, in the trading session on January 1, 2023, DOJI Group listed the buying price at 65.65 million VND/ounce; the selling price was 66.65 million VND/ounce. The difference between the buying and selling price of gold at DOJI was 1 million VND/ounce.

Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 66 million VND/ounce; the selling price at 67 million VND/ounce. The difference between the buying and selling price of SJC gold is also 1 million VND/ounce.

To date, the price of gold at DOJI Group has increased to 79.7 million VND/ounce; the selling price is 81.7 million VND/ounce. If sold at this time, investors would have made a profit of more than 13 million VND/ounce.

Similarly, the price of gold at Saigon Jewelry Company (SJC) surged to 79.7 - 81.7 million VND/ounce (buying price - selling price). If investors sold their gold today, they would also make a profit of 12.7 million VND/ounce.

Domestic SJC gold price trends. Unit: Million VND/ounce. Chart: Khuong Duy

Currently, the buy-sell spread for SJC gold is listed around 2 million VND per tael. Experts believe that a safe spread for investors is below 300,000 VND per tael. However, in reality, this spread rarely occurs.

Not only SJC gold, but the price of gold rings is also being listed at very high levels. As of 5 PM on March 15, 2024, the price of plain gold rings listed by Bao Tin Minh Chau was 68.28-69.58 million VND/ounce (buying price - selling price).

Meanwhile, Saigon Jewelry Company listed gold at 67.8-69 million VND/ounce for buying and selling. Phu Nhuan Jewelry Company (PNJ) listed gold at 67.9-69 million VND/ounce (buying and selling).

According to Kitco, in the global market, the price of gold has increased by more than $345 per ounce since the beginning of 2023. As of 5:00 PM on March 15, 2024, the world gold price was listed at $2,169.9 per ounce.

Experts make surprising predictions about gold prices.

In an interview with Bloomberg TV, Natasha Kaneva, head of commodity research at JPMorgan Chase, expressed confidence that "a gold price of $2,500 is possible" after gold prices reached an all-time high of $2,195.15 on March 8.

According to this expert, factors that could lead to gold prices reaching $2,500 include inflation and employment data, as well as confirmation that the US Federal Reserve (FED) is actually cutting interest rates.

The Fed's shift toward easing monetary policy is expected to boost the appeal of gold compared to other yield-bearing assets like bonds. Policymakers say more evidence is needed to show inflation is on track for the 2% target before borrowing costs can be lowered.

Meanwhile, Florian Grummes, CEO of Midas Touch Consulting, believes that the current volatile gold prices "signal the beginning of a major uptrend" in the gold market.

He argued that the surge in gold prices to $2,200 per ounce ended a 13-year period in which world gold prices consistently traded between $1,900 and $2,075 per ounce.

Grummes pointed out that, with increasing risks in the stock market and potential economic uncertainties, it was only a matter of time before investors began to pay attention to and view gold as a safe-haven asset.

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