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| Gold prices have surged dramatically, reaching unprecedented record highs. |
In recent days, the price of gold has surged dramatically, increasing daily and even minute-by-minute, reaching unprecedented levels. What is the reason for this?
Domestic gold prices are currently fluctuating rapidly upwards, affecting both SJC gold and 9999 gold rings and jewelry. The sharp and dramatic increase in gold prices has created a vibrant gold market.
Explaining the recent surge in gold prices, many gold shop owners say that the sharp increase in domestic gold prices is due to several factors, both from a global and domestic perspective.
Specifically, according to some gold shop owners, gold prices are also influenced by the upward trend of global gold prices. Simultaneously, in the context of sharply declining bank deposit interest rates, sluggish stock and real estate markets, gold has become a more attractive investment and asset-saving channel for many people. At the same time, the demand for gold also increases towards the end of the year compared to before.
Ms. Le Thi Anh (Ward 3, Vinh Long City) expressed: "For the past month, the price of gold has been constantly increasing, while the bank savings interest rate at the end of the year is only 5%. I'm thinking of withdrawing my savings to buy gold for investment, but I'm still hesitant."
However, given the constant fluctuations in gold prices, many people are inclined to sell their gold to mitigate risks. Having just sold one tael of 99% pure gold, Ms. Nguyen Ngoc Tram ( Binh Phuoc commune, Mang Thit district) said: “I bought gold in March 2023 at 5,490,000 VND/tael, and now that the price has risen so much, I sold it, making a profit of nearly 5 million VND per tael.”
According to Mr. Nguyen Ke Tan, owner of Tan Van Minh gold shop, the decline in the value of the US dollar and the rise in world gold prices have led to an increase in domestic gold prices. In addition, issues related to geopolitical conflicts and global economic fluctuations continue to occur and show no signs of abating.
Moreover, bank savings interest rates have continuously fallen sharply in the last months of the year, reaching low levels, making people less interested in bank interest and forcing them to seek other places to deposit their money to generate returns. This has increased the attractiveness of gold as a "safe haven" for investors, thus driving up its price. "It is very difficult to predict whether the price of gold will go up or down in the near future because the gold market is an unpredictable market, affected by many issues and events," said Mr. Nguyen Ke Tan.
According to economic experts, the global economy is currently volatile, and the domestic economy continues to face many difficulties. Therefore, if world gold prices continue to rise, domestic gold prices will also increase, especially during the year-end holidays and Tet (Lunar New Year ).
Economic experts also advise that, to mitigate risks, investors and the public should be vigilant and extremely cautious at this time, closely monitoring hourly fluctuations in the gold market. They should also avoid short-term trading at this time because the gold market is highly unpredictable.
On the morning of December 27th, the listed gold prices at Tan Van Minh gold shop (Ward 1, Vinh Long City) were: 99% pure gold rings: buying price 6,160,000 VND/tael, selling price 6,260,000 VND/tael; 17K gold: buying price 4,330,000 VND/tael, selling price 4,630,000 VND/tael; 16K gold: buying price 4,230,000 VND/tael, selling price 4,530,000 VND/tael. At Tu Minh gold shop, 99% gold is bought at 6,140,000 VND/ounce and sold at 6,240,000 VND/ounce; 17K gold is bought at 4,360,000 VND/ounce and sold at 4,680,000 VND/ounce; 15K gold is bought at 4,070,000 VND/ounce and sold at 4,390,000 VND/ounce; at Saigon Jewelry Company Limited (SJC), 9999 gold is bought at 7,800,000 VND/ounce and sold at 8,000,000 VND/ounce… |
Text and photos: TRÀ MY
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