In early 2024, with a bonus, Ms. Nguyen Thi Mai (Ba Dinh, Hanoi ) bought 2 taels of SJC gold to save. She calculated that the price of gold increases every year, so buying gold and storing it in a safe for a long time would be profitable. At that time, Ms. Mai bought SJC gold bars for 75 million VND/tael.

After buying, Ms. Mai saw that the domestic gold price continuously increased. On the day of God of Wealth (February 19), the price of gold bars increased to 78 million VND/tael, she temporarily made a profit of about 6 million VND.

The gold price increase has not ended yet. From 78 million VND/tael, domestic gold bar prices have successively conquered the milestones of 80 million VND/tael and 90 million VND/tael.

At its peak in May 2024, the domestic gold price exceeded 92 million VND/tael. At that time, Ms. Mai had a profit of 34 million VND. Compared to bank deposits, buying gold brought her a large sum of money.

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Many gold buyers made a profit last year. Photo: Chi Hieu

From June 3, state-owned commercial banks including Agribank , VietinBank, Vietcombank and BIDV started selling SJC gold bars directly to people in Hanoi and Ho Chi Minh City. This move immediately cooled down the price of SJC gold bars.

The price of gold bars began to decrease. Nearly 3 months later, the price of gold went through 10 different selling prices, the lowest price was 76.98 million VND/tael and the highest was 81 million VND/tael.

By the end of the year, the domestic price of SJC gold bars was stable, trading at around 80-85 million VND/tael.

At the end of the session on December 30, the price of gold bars at SJC closed at 84.5 million VND/tael (sold). Compared to the beginning of the year, Ms. Mai made a profit of about 9 million VND/tael.

In contrast to Ms. Mai, in 2024, many people suffered losses when buying gold, such as the case of Ms. Tran Thi Lan (Thanh Xuan, Hanoi). Earlier this year, when the price of gold continued to increase, Ms. Mai was very impatient. Many sources said that the price of gold would increase further, so she withdrew nearly 500 million VND in savings to buy gold, betting on the possibility of "risking a lot and winning a lot".

When Ms. Lan bought in May, the price of gold had reached 90 million VND/tael. Now that the price of gold has cooled down, Ms. Lan has lost more than 5 million VND/tael. Ms. Lan’s gold investment temporarily lost about 25 million VND. “Amateur gold traders only lose money,” Ms. Lan lamented.

Because it is difficult to buy gold bars at this time, Ms. Lan decided to keep the gold and wait for it to "return to shore". She expects the gold price to increase again to 90 million VND/tael next year.

Because it is difficult to buy gold bars, many investors have turned to gold rings, but not everyone is successful.

Ms. Tran Thu Thao (Cau Giay, Hanoi) said that on November 14, seeing the sharp drop in gold prices, she decided to sell 2 taels of SJC gold. At the time she bought it, the price of gold rings was up to 89 million VND/tael. Fearing that the price of gold might drop further, she decided to "cut her losses" at 80 million VND/tael. She suffered a loss of 18 million VND in the gold trading deal.

According to experts, gold prices are constantly fluctuating. Gold buyers need to carefully consider this investment, as there is a high risk of loss if they surf the gold wave.

Talking to VietNamNet reporter, Dr. Nguyen Tri Hieu analyzed that investing in gold at this time is very risky; buying at this time may not be the lowest price and it is not certain that the price will increase in the future. You should monitor the gold price regularly. At this time, the gold price is at a low level, so you can buy, but you need to buy cautiously.

Meanwhile, gold expert Tran Duy Phuong predicts that domestic gold prices in the first two quarters of next year will increase to 90 million VND/tael for gold rings and 92-93 million VND/tael for SJC gold.

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