Is it better to buy gold or save money in the bank?

In the first session of August 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.7 million VND/tael (buy) and 67.3 million VND/tael (sell). SJC Hanoi listed at 66.7 million VND/tael (buy) and 67.32 million VND/tael (sell).

Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.25 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.65 million VND/tael and sold at 67.15 million VND/tael.

At the end of the trading session on August 31, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.65 million VND/tael (buy) and 68.25 million VND/tael (sell). SJC Hanoi listed at 67.55 million VND/tael (buy) and 67.27 million VND/tael (sell).

Doji Hanoi listed at 67.6 million VND/tael (buy) and 68.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/tael and sold at 68.2 million VND/tael.

Since the beginning of the month, gold price at SJC increased by 950,000 VND/tael, while at Doji it increased by 1 million VND/tael.

Meanwhile, with the highest deposit interest rate of 4.75%/year for a 1-month term listed on August 1, if depositing 67.3 million VND (equal to the SJC gold price at the beginning of the month), customers will only receive a profit of nearly 230,000 VND.

Regarding the question of whether to save or buy gold at this time, Dr. Nguyen Tri Hieu, a finance and banking expert, said that no matter what investment is made, where it is made, three principles must be ensured. These are: making a profit, capital safety, and investment must be liquid.

According to Mr. Hieu, the US Federal Reserve (Fed) is still likely to raise interest rates. That interest rate increase will put downward pressure on gold prices and increase the value of the USD.

However, according to his assessment, from now until the end of the year, the world gold price will increase. This will cause the domestic gold price to increase as well.

I do not recommend buying gold, but you can consider buying gold in addition to saving money in the bank. When the gold price goes up, there will be a source of higher returns than bank deposits,” Mr. Hieu said.

This financial expert still recommends that saving is still the optimal option for people with relatively small amounts of money.

Which bank should you deposit your savings in to get a 'special interest rate' of 11%/year? Although the current common interest rate at banks is around 6% - 6.8%/year, there are still "special interest rates" with sky-high levels for super VIP customers.

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