Investors went from one surprise to another when in just one morning on December 26, the price of SJC gold increased 5-6 times and officially reached 80.03 million VND/tael.
Specifically, SJC gold bought at 79.2 million VND/tael and sold at 80.03 million VND/tael, an increase of 1.2 million VND/tael for buying and 1.4 million VND/tael for selling. Thus, the difference in gold selling price is still 1.1 million VND/tael higher than the buying price.
Explaining the high domestic gold price, Associate Professor Dr. Dinh Trong Thinh - Economic expert said that at present, stock investment is in an unstable period, at the same time, interest rates are continuously decreasing, real estate is stagnant.
Therefore, money flows tend to flow to precious metals with the mentality of buying gold to ensure capital safety. Meanwhile, the source of SJC gold production is scarce, which further pushes the price of this item up, investors also have the mentality of buying SJC gold to make it easier to buy and sell and not "lose value".
In addition, as the end of the year is approaching, the increased demand for gold jewelry for weddings and engagements also stimulates gold prices to increase.
According to Associate Professor Dr. Nguyen Huu Huan - Head of the Department of Financial Markets - Ho Chi Minh City University of Economics, after the information that the Fed (US Federal Reserve) decided to reduce interest rates 3 times in 2024, it is likely to weaken the USD.
When the USD weakens, the world gold price will tend to increase. The second impact is seasonal factor, due to the trend of high gold consumption at the end of the year.
Giving a forecast on the gold price movement in the coming time, Associate Professor Dr. Dinh Trong Thinh said that the gold price may continue to increase in the coming time and stabilize until early January because businesses sell gold for production and business. Moreover, in the new year, the US economy is forecast to have a better direction, which will cause the USD to increase.
“In the long term, domestic gold prices will also fluctuate up and down according to world prices, so a reversal is entirely possible. In particular, people should not buy gold when the price fluctuates erratically and is too high,” Mr. Thinh advised gold buyers.
Associate Professor Dr. Nguyen Huu Huan said that at the present time, investors buying gold will have a high risk ratio. However, this still depends on the investor's taste, the current time to buy and on the day of God of Wealth (10th day of the first lunar month) to sell, there may still be a profit, but the difference will not be too big.
On the seller's side, Mr. Huan said that "in about a month, the Lunar New Year will come, and the domestic gold price usually increases sharply, especially on the 10th day of the God of Wealth's Day, the gold price will peak. If they want to sell during this period, they will wait another month and then they will be able to sell at a much higher price than now . "
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