Gold ring price surge surprises investors, experts advise caution

The fluctuation of gold prices in the international market immediately affected the domestic gold price. Early this afternoon, August 17, Saigon Jewelry Company (SJC) listed the price of gold rings at 77 - 78.4 million VND/tael for buying and selling, an increase of 650,000 VND compared to the price in the early morning of the same day.

At the same time, Bao Tin Minh Chau Company Limited listed the price of round gold rings at 77.08 - 78.38 million VND/tael for buying and selling, an increase of 550,000 VND/tael.

DOJI Group also increased the price of plain round rings to 77 - 78.4 million VND/tael for buying and selling, an increase of 500,000 VND/tael compared to early this morning.

The level of 78.4 million VND is also the highest level of gold rings since the beginning of 2024, an increase of about 25% - an increase exceeding that of gold bars when compared to the peak of more than 90 million VND. The price of smooth round gold rings is currently only 1.6 million VND/tael lower than the selling price of SJC gold bars.

Meanwhile, the State Bank and banks do not trade on weekends. According to the banks' announcements, the trading time for buying gold bars is on weekdays, from Monday to Friday.

Domestic gold ring prices are at their highest level since the beginning of 2024. Illustrative photo

According to economic experts, the increase in the price of round gold rings in the country comes from the sharp increase in the world gold price, exceeding 2,500 USD/ounce. Converted at the current exchange rate, the world gold ring price is about 76.3 million VND/tael, excluding taxes and fees.

Giving advice to investors and people at this time, Dr. Nguyen Tri Hieu, an economic expert, said that there is no sign that gold prices will cool down in the near future.

“My forecast is that gold could reach $2,500/ounce this year and possibly $3,000/ounce next year. Currently, there is no factor that can affect the price of gold,” the expert commented, adding that in the short term, investors can hold gold, but gold is no longer attractive enough to increase the proportion.

From another perspective, Mr. Nguyen An Huy - an experienced gold market consultant at FIDT company shared that the decision to buy depends on the psychology and risk appetite of the investor. Each person should answer the question: If you do not buy gold now, will you regret it if the price increases in a few days; on the contrary, if you buy, will you be able to bear it if the price decreases in a few days?

According to this expert, investing should also rely on the advantage of one's own in-depth understanding of the investment field and industry to convert gold into cash flow to a new investment channel that one has in-depth understanding of, thus ensuring sustainability and good risk management.

Meanwhile, according to the representative of Bao Tin Minh Chau gold brand, at Bao Tin Minh Chau's business establishments, on weekends the number of customers buying and selling has a ratio of (55% buying customers and 45% selling customers).

"The price of gold rings is at a historical peak. Investors and people should consider carefully before trading and regularly monitor gold prices on official channels to make the most correct decisions," a representative of the Bao Tin Minh Chau gold brand advised.

Source: https://congthuong.vn/vang-nhan-tang-vot-gay-bat-ngo-voi-gioi-dau-tu-chuyen-gia-khuyen-cao-can-trong-339662.html