Gold prices rise again, investors "rush" to sell gold to take profits

In this morning's trading session, the domestic SJC gold price increased slightly. At 12 noon on May 27, 2024, Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 87.7 - 89.7 million VND/tael for buying and selling.

Compared to the end of yesterday's trading session, the price of SJC gold at this unit was adjusted up by 200,000 VND/tael in both buying and selling directions. The difference between buying and selling gold prices is still high, about 2 million VND/tael, which puts investors at risk of losing money when investing in the short term.

Bao Tin Minh Chau brand also listed SJC gold price at 87.8 - 89.4 million VND/tael for buying and selling. Compared to the closing time of yesterday afternoon's trading session, the SJC gold price at this unit was adjusted up 100,000 VND/tael for both buying and selling.

Similarly, DOJI brand also slightly increased the SJC gold buying price. The SJC gold price at this unit is currently at 87.7 - 89.3 million VND/tael for buying - selling. Increased 200,000 VND for buying and kept the selling price stable.

SJC gold price increased again, investors and people rushed to sell gold to take profit because of fear that gold price will decrease after drastic instructions from the State Bank. Illustrative photo

In the international market, after several sessions of decline, the world gold price has turned around and increased slightly by 6 USD to 2,339 USD/ounce. Currently, the gold market is waiting for further information on the US macro economy and the time when the US Federal Reserve (FED) can start cutting the operating interest rate. Currently, the world gold price converted according to the listed exchange rate is about 71.9 million VND/tael, lower than SJC gold bars by about 17.7 million VND/tael.

In the context of the increase in domestic SJC gold prices, many investors are thinking of selling their gold to take profits because they are worried that the gold price will turn around and decrease after drastic actions from the Government and the State Bank through organizing gold auctions and inspecting gold businesses in the near future.

Ms. Nguyen Thao (Thanh Xuan, Hanoi) said that after the gold supply was released to the market, the gold market was "quiet" last week, with more downward trends than upward trends. This morning, hearing the news of the gold price increase, I quickly took the gold to sell. " Although the gold price only increased slightly, the profit is not much, however, something is better than nothing. I bought SJC gold at Bao Tin Minh Chau from God of Wealth Day 2024 at a price of 78 million VND/tael, up to now each tael of SJC gold sold has made a profit of nearly 10 million VND per tael" - Ms. Nguyen Thao shared and said that she intended to keep the gold for a while longer, however, worried that the domestic gold price would decrease, so now she decided to sell.

Similarly, Mr. Duy Kien (Cau Giay, Hanoi) is also worried, his family has saved a little gold, if sold now the profit will be about 10 million VND per tael. All his friends advise him to sell immediately for profit, fearing that the gold price will drop. That profit will be transferred to other investment areas. " I want to sell now, but I also don't. If I sell now, I will make a lot of profit, but if I hold gold for a longer time, when the gold price drops, the profit will not be much, or even a loss " - Mr. Duy Kien shared.

Giving advice to investors during this period, some experts recommend that investors and people should consider selling more, because at this time, the management agency is determined to overcome the situation of the price of gold bars being too high compared to the world and plain rings, through organizing gold auctions. Not to mention, the State Bank said that it will continuously organize gold auctions and will organize gold inspections. With the determination of the authorities, the domestic gold price will cool down, however, the decline of SJC gold will have a certain delay because the world gold price has recently increased sharply and maintained at a high level.

Giving advice to investors and people who intend to buy gold at this time, some experts recommend that if investors have a long-term investment mentality, they should think about gold rings. Because, first, the difference between the domestic gold ring price and the world gold price is lower than that of gold bars. Second, the price of gold rings is "softer" than the price of gold bars and the fluctuation range is also lower than that of gold bars, so investing in gold rings at this time will be less risky than gold bars.

"Investors with long-term gold investment needs should prioritize buying plain gold rings from reputable brands rather than SJC gold bars at this time," experts recommend.

This morning, in the context of the rising gold market, statistics from Bao Tin Minh Chau show that the number of customers coming to buy and sell gold has a ratio of 55% of customers coming to buy and 45% of customers coming to sell. Although the representative of this brand also recommends that investors and people should closely monitor gold market information on official channels to make the right investment decisions.

Source: https://congthuong.vn/gia-vang-tang-tro-lai-nha-dau-tu-voi-va-ban-vang-chot-loi-322560.html