After many times considering whether or not to sell the gold he held since the beginning of 2020, Mr. Nguyen Thanh Chung in Dong Da (Hanoi) decided to sell it all at the price of 115.5 million VND/tael on the morning of April 17.

Mr. Chung said that at the end of 2019, he planned to buy an apartment. At that time, he had saved 1.5 billion VND, and planned to borrow the remaining amount from the bank. At the beginning of 2020, the Covid-19 epidemic broke out, his work and income were affected, and his plan to buy a house had to be postponed. So, he used 1.5 billion VND to buy gold, getting 31 taels of SJC gold bars.

After the Covid-19 pandemic, his job stabilized again, but apartment prices skyrocketed. This meant he would have to borrow more money to buy a house. In the end, the plan was postponed again, and the gold remained in the safe.

On this occasion, seeing the price of gold increase sharply, while the price of apartments is unlikely to decrease, he decided to sell all his gold and savings to buy a house.

“I sold all 31 taels of gold bars, earning 3.58 billion VND. I calculated that I made a profit of more than 2 billion VND compared to when I bought it,” said Mr. Chung.

gold price
In just one decade, the price of gold has increased by nearly 85 million VND/tael. Photo: Chi Hieu

Unlike Mr. Chung, Ms. Bui Thi Thu Ha and her husband traveled far and wide to buy enough gold to pay off their debt.

“Exactly 9 years ago, when I bought a house, I had to borrow 8 taels of gold. I sold it for about 37 million VND/tael,” she confided. When I lent it to them, my family only told me: “You can pay them back when you need it.”

At the end of 2019, her father gave her some money and told her to buy 5 taels of SJC gold as a wedding gift for her grandchildren. At that time, seeing that the price of gold was quite stable, she used this money to invest in business.

It was not until mid-February, when her first grandchild got married and her father asked about the gold, that she and her husband were shocked and went to buy it back for 90 million VND/tael. After many days of queuing, the couple finally bought 5 taels, spending about 400 million VND - higher than the time when her father sent money to buy it for her, which was nearly 48 million VND/tael.

“After buying 5 taels of gold, my husband and I told each other to wait for the gold price to cool down before buying 8 more taels to pay off the debt,” Ms. Ha shared. However, the longer we waited, the more the gold price increased. Too impatient, this morning, the couple took a day off from work to line up to buy gold at 118 million VND/tael.

So, how will gold prices move over a decade, from 2016-2025?

After the gold rush in 2009-2011, gold prices plummeted and bottomed out at 32.45 million VND/tael at the end of 2015.

As of April 11, 2016, the selling price of gold bars of Saigon Jewelry Company (SJC) was 33.3 million VND/tael. Thus, the gold price increased by 0.85 million VND/tael compared to the closing price at the end of 2015, but decreased by 1.91 million VND/tael compared to April 17, 2015.

On April 17, 2017, the price of SJC gold bars increased to 37.25 million VND/tael for selling, an increase of 3.95 million VND/tael compared to the same trading session in 2016.

However, in the same trading sessions in 2018 and 2019, the price of gold bars decreased, to VND 37.07 million/tael and VND 36.39 million/tael, respectively.

Soon after, gold prices began a period of intense volatility, continuously setting historical records.

In the period of 2021-2022, the price of this precious metal continued to maintain an upward trend. Accordingly, on April 17, 2021, the price of SJC gold bars was listed at 55.47 million VND/tael. On the same day in 2022, the gold price jumped to 69.87 million VND/tael for sale.

By the session on April 17, 2023, the selling price of gold bars recorded a decrease of VND 2.65 million/tael compared to the same period in 2022, to VND 67.22 million/tael.

However, after exactly 1 year, the price of gold bars jumped to 84.1 million VND/tael (recorded on the afternoon of April 17, 2024), a sharp increase of 16.88 million VND per tael.

Over the past year, the market has witnessed a "rebellion" of gold. Gold prices have sometimes increased like a "storm", and at other times recorded a sharp decrease, "evaporating" several million VND per tael in just one trading session.

Gold on the market has become scarce. People and investors often line up at stores to buy gold. Gold brands are constantly in a state of “out of supply”, forced to limit the amount of gold each customer can buy.

On the "online market" or on the sidewalk, gold buying and selling activities take place vigorously, with prices differing from 1-3 million VND per tael compared to the listed prices of the brands.

At the close of trading on April 17, the price of gold bars set a new historical peak, listed by SJC at 115.5-118 million VND/tael (buy - sell), an increase of 2.5 million VND/tael in both buying and selling compared to the close of trading on April 16.

Compared to the gold price on April 11, 2016, the price of this precious metal has increased by 84.7 million VND/tael in the selling direction. Compared to the gold price on April 17 last year, this item has increased by 33.9 million VND/tael after only 1 year.

Those who bought gold on April 11, 2016 and sold it on April 17 this year will make a profit of VND82.2 million per tael. Those who bought gold a year ago will make a profit of VND31.4 million per tael.

People in Ho Chi Minh City rushed to buy because they saw that the price of gold was still increasing, despite the risks . In less than two days, each tael of SJC gold bars sold increased by 10 million VND/tael. This is the reason why many people in Ho Chi Minh City rushed to buy because they were worried that the price of gold would continue to increase.

Source: https://vietnamnet.vn/mot-thap-ky-bien-dong-du-doi-gia-vang-tang-gan-85-trieu-dong-moi-luong-2392346.html