Over the past three days, the price of gold rings has surged from 79.2 million VND per tael to 82.5 million VND per tael.
At 6 pm on September 25, the global gold price remained stable at around 2,655 USD per ounce, showing little change from the afternoon session.
However, in the domestic market, the price of gold rings across brands simultaneously skyrocketed to 83-83.5 million VND per tael for selling. In contrast, the buying price ranged from 81.49 to 81.9 million VND per tael, reflecting an increase of 3 million VND since the beginning of the week.
Notably, the SJC gold price remained unchanged, hovering between 81.5 and 83.5 million VND per tael for buying and selling, respectively.
Amid the surging gold ring prices, many individuals are pondering whether to buy or sell to capitalize on this opportunity.
Mr. Pham Minh Tam, a resident of District 3, Ho Chi Minh City, shared that he currently has 300 million VND in disposable funds. He is considering investing in gold due to the significant price appreciation and forecasts indicating further increases. However, he is apprehensive about the rapid rise in gold prices and the possibility of a sudden downturn.
On the other hand, Ms. Le Thi Minh Nghia, from Tan Binh District in the same city, revealed that she purchased seven gold rings a few months ago at an average price of over 7.5 million VND per unit. While gold shops are now buying at 8.1 million VND per unit, she is reluctant to sell, anticipating further price increases.
According to Ms. Le Thi Binh, the owner of a gold shop in Tan Dinh Market, Ho Chi Minh City, those holding gold for security purposes should not be concerned about high or low prices. She advised that individuals should buy gold when prices are stable, as the market has already adjusted to a balanced state at those times.
“Gold investors should refrain from buying and consider selling when prices surge rapidly. Historically, after periods of strong gold price increases, major players tend to offload their holdings to lock in profits. This can result in a 1-2 million VND per tael decrease in domestic gold prices. Moreover, gold companies always buy at a rate that is 2 million VND lower than the selling price, potentially causing buyers to incur losses of 3-4 million VND per tael. Those who hesitate to sell gold may miss out on lucrative profit opportunities,” analyzed Ms. Binh.
Contrarily, Mr. Nguyen The Hung, Vice President of the Vietnam Gold Traders’ Association (VGTA), recommended that gold buyers avoid herd mentality. In other words, they should not be compelled to buy just because prices are rising and many people are purchasing. Sometimes, the price may drop sharply immediately after a purchase.
Mr. Hung suggested that individuals should only buy gold when domestic and global prices are relatively stable. At such times, the gold market establishes the most favorable price. Even if the price drops after purchase, it will eventually recover. With the US expected to further cut interest rates, leading to a weaker US dollar, and many countries and financial investors continuing to hoard gold as a risk hedge, domestic and global gold prices are poised for upward momentum.
The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond
On the morning of September 25, the price of plain gold rings surged to a new peak, skyrocketing by 1 million VND per tael to 82.5 million VND per tael.
The Golden Dilemma: Navigating the Peak
Amidst soaring gold prices, with gold bars surpassing 83 million VND per tael, customers are facing challenges in purchasing SJC gold online from commercial banks.
The Golden Enigma: Unraveling the Unusual Dynamics of Soaring Gold Ring Prices
In a time where gold prices are soaring to new heights, with global prices reaching a record-breaking 2,638 USD per ounce, the price of gold rings has also witnessed a significant surge in recent days, increasing by millions of VND per tael and becoming increasingly scarce.
The Golden Opportunity: Profiting from the Unprecedented Bullion Boom
This morning (September 23rd), gold ring prices soared to an all-time high of 80.55 million VND per tael. As a result, those who invested in gold rings since the beginning of the year have enjoyed impressive returns, with profits exceeding 25% – a level not seen in recent years.
