Gold price hits new peak, people rush to sell to take profit

Thanh Nien 's survey of the Hanoi gold market shows that, in the trading session at 3:00 p.m. on December 25, at store 139 Cau Giay (Cau Giay District, Hanoi) of Bao Tin Minh Chau Company Limited, the listed SJC gold price was 77 million VND/tael for buying and 78 million VND/tael for selling.

Gold bar prices continuously hit new peaks, surpassing the threshold of 78 million VND/tael in the afternoon trading session on December 25.

Gold prices increased in both buying and selling directions compared to the closing price of the early afternoon (at 13:33) by VND300,000/tael and VND400,000/tael, respectively. The price of this precious metal continued to increase by VND200,000/tael in both buying and selling directions at 15:30.

SJC gold price continues to increase rapidly, setting a record of over 78 million VND:tael

Gold price at Saigon Jewelry Company (SJC) is listed at 77.20 million VND/tael for buying and 78.20 million VND/tael for selling, an increase of 600,000 VND/tael for both buying and selling compared to the closing price in the early afternoon (at 13:24). The difference between buying and selling is 1 million VND/tael.

At DOJI Gold and Gemstone Group, the price of SJC gold in Hanoi area was also adjusted by the enterprise to increase by 400,000 VND/tael and 500,000 VND/tael respectively compared to the closing price in the early afternoon (at 13:43), trading at 76.90 VND/tael for buying and 78.10 million VND/tael for selling.

Customers sat in long lines waiting for transactions and watching gold price fluctuations.

Sold 7 taels of gold for a profit of nearly 100 million VND

According to records in the early afternoon of December 25, at large gold shops on Cau Giay Street and the "gold street" Tran Nhan Tong (Hanoi), the number of customers coming to trade increased sharply. In many shops, customers even lined up in long lines, most of them came to sell gold to make a profit when the gold price kept reaching its peak.

Updating the gold price in the past few days, Ms. D.TT (residing in Phu Dien Ward, Bac Tu Liem District, Hanoi) decided to sell 7 taels of SJC gold. Buying gold at the price range of 60 - 66 million VND/tael, Ms. T. now has a big profit of 11 - 17 million VND/tael.

Quick view at 8:00 p.m. on December 25: SJC gold bar price increased rapidly, setting a record of over 78 million VND/tael

"The gold price exceeded 78 million VND/tael so I decided to sell it right away. I decided to keep the gold for more than a year, now I sell it for a profit of nearly 100 million VND/7 taels", Ms. T. happily shared.

Also selling to take profit when gold price skyrocketed, Ms. Bich (residing in Cau Giay District, Hanoi) said that today she planned to sell 1 tael of SJC gold.

She bought gold at the end of June at the price of 66.98 million VND/tael. As of 3 p.m. today, if she sold it, she would have made a profit of more than 10 million VND/tael, because at that time, the SJC gold price was being traded at 77 million VND/tael for buying and 78 million VND/tael for selling. "I constantly update the gold price, just sell and consult the market," Ms. Bich said.

Domestic gold prices remain high despite the international gold market being closed for Christmas.

Gold prices are increasing too quickly while savings interest rates are "plummeting", causing many people to want to transfer capital from banks to precious metals.

Ms. NTN (residing on Tran Binh Street, Cau Giay District, Hanoi) said that she has a savings book of 300 million VND that has just matured. If she continues to deposit it in the bank for a 12-month term today at an interest rate of about 5%/year, Ms. N. estimates that the interest she will receive will be 15 million VND. Meanwhile, her recent investment in gold has a pretty good return.

"When the price of gold rings was at 58 million VND/tael in September, I spent more than 170 million VND to buy 3 taels, now the profit has increased to 12 million VND. Many forecast that the price of gold will increase next year, so I decided to transfer my savings to gold," Ms. N. shared.

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