SJC gold bar price may surpass 85.5 million VND next week

In the face of geopolitical crises, unpredictable armed conflicts in the Middle East and US inflation data released last week, the world gold market experienced a week of "slipping" prices of up to 2%, marking the sharpest weekly decline since December 2023.

Along with that, domestically, 2 out of 3 gold bar auctions organized by the State Bank were assessed as unsuccessful due to the cautious and reserved reactions of gold businesses, which also caused the gold price to not remain low for as long as expected.

Compared to the lowest price of the week of nearly 82.2 million VND/tael (selling) on ​​April 23, the price of SJC gold has reversed, rebounded and reached a peak of about 85.2 million VND/tael on the morning of April 27, then decreased slightly and remained around 83 million VND/tael (buying) and 85 million VND/tael (selling) until now.

The price of gold rings also remained around 74-76.7 million VND/tael (buy-sell).

According to experts' analysis, the State Bank's "release" of gold to the market for bidding to stabilize the market has begun to have positive signals and reactions to buyers' psychology.

Although the gold bar auctions on April 22 and 25 were forced to be canceled due to too few bidders, they more or less "restrained" the market trend of massive selling or buying or the unusual hot-cold fever when the world gold market fluctuated.

At gold shops, most customers come to buy more than to sell. Many people choose gold as an investment channel when their savings mature.

According to some gold shop owners, plain round rings are still the most popular item chosen by customers in recent days. Therefore, the situation of "out of stock" and limiting the amount of gold rings customers can buy is still quite common in gold shops.

In this general trend, the analyst at giavang.net shared that with the current developments, next week, in case the world gold price continues to increase, the possibility that SJC gold bars will recapture the old peak of 85.5 million VND is not difficult, and may even set a new price record.

With the current high buy-sell gap, investors will face many risks with short-term investment strategies. However, in reality, retail investors still maintain expectations of gold price increases in both domestic and international markets.

Commenting on the impact of the gold bar auction organized by the State Bank, at the meeting of the Central Economic Committee held this week, many delegates agreed, however, the majority of opinions said that the market needs to be better managed.

The difference in gold price is not a big deal, but the important thing is how is the management done?

In the market, people keep saying that gold prices are high but they don't know how much is being sold. Therefore, the most important thing is to focus on the criteria of stability and preventing profiteering.

Although it is said that managing transaction volume does not affect the freedom of business of enterprises, because gold is a special commodity. However, if not strictly managed, it can cause foreign currency to bleed.

Therefore, before thinking about and implementing gold credit or gold-izing the economy, agencies should change their management methods.

Predicting the gold price trend next week in the international market, independent trader in New York, Mr. Tai Wong, said that new data shows that inflation in the US remains persistently high.

The movement of gold prices will depend on confidence in risk assets and buying activity. As such, gold prices are likely to be in the range of $2,300-2,400/ounce in the short term.