In 2023, the domestic gold price fluctuated like never before; at times surpassing 69 million VND/tael. The prices of gold rings also recorded corresponding increases with gold bars.
Starting on the morning of the 5th day of the Lunar New Year, the price of gold began to rise and it is forecasted to continue to soar in the next few days due to the impact of the God of Wealth Day (10th day of the Lunar Calendar). In Vietnam, experts also believe that the global and domestic economic situation in 2024 will face many challenges, but there will also be many opportunities. The choice of investment sector mainly depends on the financial situation, knowledge, experience… of each individual, depending on their risk appetite, but they should not “put all their eggs in one basket”.
According to Mr. Huynh Trung Khanh, Deputy Chairman of the Vietnam Gold Trade Association, the trend of gold prices in 2024 will increase more than decrease. If the global gold price continues to rise, the domestic gold price will adjust accordingly, except in the case of importing raw gold for producing SJC gold.
Gold price SJC in 2023 broke the record, reaching over 80 million VND/tael. Photo: Duy Pham.
According to economic expert Nguyen Tri Hieu, if the government does not take strong measures such as amending Decree 24, the domestic gold price will continue to rise and exceed the threshold of 80 million VND/tael compared to before. Mr. Hieu emphasized: “In 2024, gold will still be a safe haven for investors. When the economy is stable, other investment channels such as real estate and stocks recover, and the price of gold tends to decrease or remain stable. On the contrary, if the economy is still facing difficulties and other investment channels are sluggish, the price of gold may increase due to people’s psychology of hoarding and hedging with gold”.
Companies such as SJC, Doji, Bao Tin Minh Chau, Phu Nhuan… are expected to resume trading from the 6th day of Tet. It is predicted that jewelry gold will increase significantly during the God of Wealth week of the new year.
