Gold price exceeds 120 million VND/tael, many people sell to take profit

On the afternoon of April 18, the price of SJC gold bars was maintained by gold companies at a high level of around 117 million VND/tael for buying and 120 million VND/tael for selling.

Some companies pushed the price of SJC gold bars up to 121 million VND/tael for selling and 117 million VND/tael for buying. The difference between buying and selling prices of gold bars widened to 3-4 million VND/tael.

Since the beginning of the week, each tael of gold has increased by about 15 million VND. The continuous peak in gold prices has stimulated the demand for gold trading in the market.

In Ho Chi Minh City, according to a reporter from Nguoi Lao Dong Newspaper, by noon on April 18, the headquarters of SJC Company (District 3) was still bustling with customers coming to make transactions. Besides those lining up to buy gold, there were many people selling to take profit instead of rushing to buy like the previous days.

While cutting bags of about 30 taels of SJC gold that customers had just sold to count and transfer to the blister packing department before releasing them to the market, SJC employees said that this morning, the number of customers selling gold increased significantly. Many people bought gold at low prices and decided to sell to take profit when the price reached 120 million VND/tael.

Giá vàng vượt 120 triệu đồng/lượng, nhiều người bán ra chốt lời- Ảnh 2. — Queuing up to make a transaction at SJC Company on the morning of April 18

On the other hand, there were still many people in the sun going to buy gold. However, SJC employees announced that there were only 1-tael gold bars left, and all 1, 2 or 5-tael gold bars were gone. As for plain gold rings, each customer could buy a maximum of 0.5 tael (cash or bank transfer).

"I've been waiting in line for a while now, but the staff said they don't know when the 1- or 2-chi gold bars will be available, so I had to go home. I only want to buy 1 chi, but a tael of SJC gold bars now costs 120 million VND, how can I afford it?" - Ms. Ngoc Bich (living in District 5, Ho Chi Minh City) said with disappointment as she walked out to the parking lot.

Commenting on whether or not to buy gold at this time, financial expert Dr. Nguyen Tri Hieu said that this depends on each person's strategy. The current gold market is very risky when it increases sharply today but can reverse tomorrow. Therefore, gold buyers need to clearly define their profit target. For example, if setting a profit target of 25% -30%, it is necessary to calculate whether the future gold price will increase as expected at the current price.

"If you have reached your profit target within 12 months, you can consider selling. Although gold prices are forecast to continue to increase, both domestically and internationally , the most important thing is to have a specific plan and closely monitor the situation to make timely decisions," said Dr. Hieu.