Market

Gold ring price continues to 'hit the peak', Hai Duong people only buy, not sell

HA KIEN October 22, 2024 17:48

The price of gold rings continues to 'hit the peak', increasing continuously for the past 2 days. Hai Duong people only have the need to buy, no one sells gold.

vang-nhan-tron.jpg
In just 2 days, each round gold ring has increased by an average of more than 1 million VND, almost equal in price to SJC gold bars.

According to a survey by Hai Duong Newspaper reporters at 4:30 p.m. on October 22, the price of 9999 round gold rings from the brands Bao Tin Manh Hai, Doji, PNJ in Hai Duong City fluctuated around 87.6-87.78 million VND/tael for selling, 86.28-86.3 million VND/tael for buying.

Compared to the early morning trading price of the same day, it increased by 700,000 VND/tael for selling and 200,000 VND/tael for buying. Compared to the morning of October 21, it increased by 1.15 million VND/tael for selling and 900,000 VND/tael for buying.

The difference between buying and selling prices at 4:00 p.m. on October 22 compared to the beginning of the morning session on October 21 widened from VND1 million/tael to VND1.5 million/tael.

Only the Hai Hong gold brand has a lower transaction price. At 4 p.m. on October 22, the round ring was traded at VND87.08 million/tael for selling and VND86.1 million/tael for buying. Compared to the morning of October 21, it increased by VND1.08 million/tael for selling and VND1 million/tael for buying.

Thus, if people buy gold rings on the morning of October 21 and sell them on the afternoon of October 22, each tael of this metal can make a profit of 300,000 VND in less than 2 days.

In fact, in the past 2 days, people have come to gold shops only to buy, no one has come to sell gold. At Hai Hong shop, nearly 100 customers came to buy, the highest transaction was up to 7 taels. At Bao Tin Manh Hai, gold rings are currently not available. Customers who want to buy must pay 100% of the order value and wait 10-15 days to receive the gold.

vang-9999.jpg
People mainly go to stores to buy gold, there is no need to sell (illustrative photo)

For SJC gold bars, the trading price at 4:30 p.m. on October 22 was around VND89 million/tael for selling and VND87 million/tael for buying, an increase of VND1 million/tael for both buying and selling compared to the closing price at the end of the session on October 21.

On the morning of October 22, the world gold price converted to USD bank price was over 84.5 million VND/tael (including tax and fees), about 4 million VND/tael lower than the domestic gold price.

The State Bank of Vietnam has just sent a report to the National Assembly on the implementation of Resolution No. 62/2022/QH15 on questioning activities at the 3rd Session of the 15th National Assembly in the banking sector. In which, the report summarized and evaluated the implementation of Decree 24 on the management of gold trading activities.

Previously, this agency submitted to the Prime Minister Submission No. 28 dated March 20, 2024 on the summary report and assessment of the implementation of Decree 24. It proposed 4 groups of solutions and 2 groups of recommendations to perform the function of managing the gold market in the coming time.

The State Bank directed its branches in Hai Duong and other localities to coordinate with competent authorities to strengthen the work of monitoring the situation, checking and inspecting gold trading activities in the locality. Credit institutions and enterprises licensed to trade in gold bars are required to strictly comply with regulations on gold trading activities; and implement the invoice and voucher regime in accordance with the law.

According to the State Bank, domestic gold prices are currently 5-7% higher than world gold prices. The gold market has stabilized, contributing to actively supporting the foreign exchange market, exchange rates and the management of macroeconomic policies.

HA KIEN
(0) Comments
Latest News
Gold ring price continues to 'hit the peak', Hai Duong people only buy, not sell