Recorded at 11:30 a.m. today, December 22, the price of SJC gold listed nationwide is between 76.2 million and 77.2 million VND/tael of buying and selling. Thus, after just one night, each amount of gold increased by 1.2 – 1.4 million VND. The continuous increase in gold prices, setting a series of new price records, makes many gold borrowers confused because every night they wake up, their debt has increased by several points.
Ms. Mai Huong (Nam Tu Liem, Hanoi) said that in 2017, when building a house, she borrowed 6 taels of SJC gold from a relative. At that time, SJC gold was being purchased at a price of 3.3 million VND/tael. At that time, Ms. Huong earned about nearly 200 million VND from the sale of 6 taels of SJC gold. But after that time, the price of gold continued to increase. As of today, December 22, her 6 taels of gold have increased to 462 million VND, which is nearly 2.5 times more than when she borrowed. Fearing that the price of gold will increase even more, she is having to learn the procedures to borrow money from the bank to buy gold to pay off debt. Ms. Huong is just one of many cases who are “crying bad” because they borrowed gold at the lowest price and paid gold at the highest price.
Gold prices skyrocketed on December 22. Source: Giavang.org
Domestic gold prices increased rapidly while world gold prices are currently trading near 2,052 USD, up 0.52% on the day. “U.S. real yields are gradually falling on growing expectations that the Fed’s first rate cut will take place,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. released in March and that is a positive catalyst for the current gold price. Additionally, there will be some investors buying gold as a safe haven asset due to the Red Sea tensions.”
Central banks are also stepping up their purchases of gold, creating a support foundation for gold prices to skyrocket. The move by banks is aimed at holding gold to diversify their reserves, as it is a precious metal that can act as a cushion against currency and bond fluctuations.
According to gold price analysts, global conflict continues to have a major impact on precious metals investment decisions and has been shown to increase the price of assets such as gold. That said, these events can lead to significant price swings, increasing the volatility of precious metals and creating hurdles for those looking to time their entry into the market. For many, this period will reiterate the need for a long-term investment mindset to weather market declines and be less sensitive to short-term fluctuations.
World gold prices trade around 2,050 USD/ounce.
Currently, the world gold price is at 2,050 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 60.55 million VND/tael. Thus, compared to the converted world gold price, the price of SJC gold bars is 16.45 million VND/tael higher. Explaining this, according to experts, the sharp increase in SJC gold bar prices is because SJC Company has not been able to produce more gold bars for a long time, so SJC gold bars are scarce on the market, although purchasing power is not high. While 9999 ring gold is more abundant, the price is quite close to the converted world gold price.
According to some experts, a notable development in the domestic market in recent days is that although gold prices have increased, instead of selling like previous gold price increases, people with spare money are buying gold to save money. store. The market is in a situation where there are many buyers but few sellers, which is why gold prices are even higher. Many people think that as the price of gold increases, it becomes more difficult to decrease. At a time like now, Mr. Huynh Trung Khanh – Vice President of the Vietnam Gold Business Association said that we should be cautious in both selling and buying. Vice Chairman of the Vietnam Gold Business Association said that many estimates that the gold price trend in 2024 will increase more than decrease. According to Mr. Khanh, if world gold prices continue to increase, domestic gold prices will also adjust accordingly. Unless the country imports raw gold to produce SJC gold, the gold price may decrease.
