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Although gold price Despite continuous sharp declines and reaching its lowest level in the past five years, people and investors remain indifferent, staying out of the market. Has the golden age of gold passed?
At the opening of trading on Monday, SJC gold price Gold was traded at 33,98-34,07 million VND/ounce, an increase of 10 VND/ounce in the buying price and a decrease of 10 VND in the selling price compared to the end of last week.
Following the recent continuous drop in gold prices, this is seen as a move by businesses to stimulate demand. However, this still doesn't seem to have convinced investors and the public to buy.
Evidence of this is the fact that for three consecutive sessions afterward, gold prices continuously plummeted. While on Tuesday, SJC gold was trading at 33,93-34,02 million VND/ounce, at the opening of Wednesday's trading session, the precious metal officially fell below the 34 million VND mark and retreated to 33,84-33,94 million VND/ounce.
Also on that day, gold prices continuously faced selling pressure from stop-loss orders, while investors and individuals with capital remained indifferent, staying out of the market due to concerns that the precious metal would continue to fall.
A leader at a large gold and silver trading company said that, in addition to rushing to sell gold at a loss, many people are also pawning their gold at shops, with pawning rates potentially reaching 80-90% of its value. This leader believes that people pawning their gold at very high interest rates could suffer losses because gold businesses always calculate and have contingency plans.
By Thursday afternoon, the precious metal continued to lose momentum, falling below the 33 million VND/ounce mark to its lowest level since 2010.
In these three trading sessions alone, the price of SJC gold bars decreased by 1,13 million VND/ounce for buying and 1 million VND/ounce for selling. Compared to the beginning of the year, the price of SJC gold has decreased by 2,08 million VND/ounce, equivalent to a drop of nearly 6%.
According to some industry experts, the role of gold is no longer what it used to be. The strengthening US dollar is causing the price of gold to fall.
Meanwhile, domestically, the phenomenon of gold hoarding has been curbed, and the State Bank of Vietnam has reduced the gold hoarding phenomenon in the economy. People no longer hoard gold for business purposes, but only hold a small proportion of it.
Opening Friday's trading session, although not experiencing the sharp decline seen the previous day, the price of SJC gold still seemed to lack a stable point, continuing its slight decrease. The difference between world gold prices and Vietnamese gold prices narrowed to 2,64 million VND/ounce. By the close of the session, the price of SJC gold unexpectedly reversed course, rising by at least 370.000 VND/ounce, returning to the 33,3 million VND/ounce mark.
Although gold prices showed signs of rebounding at the end of the week, most industry experts believe that the precious metal is no longer as attractive as it once was.
According to Dr. Ngo Tri Long, former Director of the Institute of Price Management (Ministry of Finance), the Government's Decree on the management of gold trading activities has led to stricter control over the trading of gold bars, and investors are no longer as enthusiastic about gold as before.
Another reason is that domestic gold prices are heavily dependent on world gold prices. Meanwhile, recently, world gold prices have fallen to their lowest level in eight months as US economic data improved and statements from Fed officials supported an interest rate hike this year.
Sharing this view, Dr. Nguyen Tri Hieu also believes that in a developed economy, investing in gold will no longer be viable when many other investment channels such as real estate, stocks, and bank deposits develop strongly. It is only a safe but non-profitable investment channel.
Sources: Bizlive
At the opening of trading on Monday, SJC gold price Gold was traded at 33,98-34,07 million VND/ounce, an increase of 10 VND/ounce in the buying price and a decrease of 10 VND in the selling price compared to the end of last week.
Following the recent continuous drop in gold prices, this is seen as a move by businesses to stimulate demand. However, this still doesn't seem to have convinced investors and the public to buy.
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Evidence of this is the fact that for three consecutive sessions afterward, gold prices continuously plummeted. While on Tuesday, SJC gold was trading at 33,93-34,02 million VND/ounce, at the opening of Wednesday's trading session, the precious metal officially fell below the 34 million VND mark and retreated to 33,84-33,94 million VND/ounce.
Also on that day, gold prices continuously faced selling pressure from stop-loss orders, while investors and individuals with capital remained indifferent, staying out of the market due to concerns that the precious metal would continue to fall.
A leader at a large gold and silver trading company said that, in addition to rushing to sell gold at a loss, many people are also pawning their gold at shops, with pawning rates potentially reaching 80-90% of its value. This leader believes that people pawning their gold at very high interest rates could suffer losses because gold businesses always calculate and have contingency plans.
By Thursday afternoon, the precious metal continued to lose momentum, falling below the 33 million VND/ounce mark to its lowest level since 2010.
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According to some industry experts, the role of gold is no longer what it used to be. The strengthening US dollar is causing the price of gold to fall.
Meanwhile, domestically, the phenomenon of gold hoarding has been curbed, and the State Bank of Vietnam has reduced the gold hoarding phenomenon in the economy. People no longer hoard gold for business purposes, but only hold a small proportion of it.
Opening Friday's trading session, although not experiencing the sharp decline seen the previous day, the price of SJC gold still seemed to lack a stable point, continuing its slight decrease. The difference between world gold prices and Vietnamese gold prices narrowed to 2,64 million VND/ounce. By the close of the session, the price of SJC gold unexpectedly reversed course, rising by at least 370.000 VND/ounce, returning to the 33,3 million VND/ounce mark.
Although gold prices showed signs of rebounding at the end of the week, most industry experts believe that the precious metal is no longer as attractive as it once was.
 |
According to Dr. Ngo Tri Long, former Director of the Institute of Price Management (Ministry of Finance), the Government's Decree on the management of gold trading activities has led to stricter control over the trading of gold bars, and investors are no longer as enthusiastic about gold as before.
Another reason is that domestic gold prices are heavily dependent on world gold prices. Meanwhile, recently, world gold prices have fallen to their lowest level in eight months as US economic data improved and statements from Fed officials supported an interest rate hike this year.
Sharing this view, Dr. Nguyen Tri Hieu also believes that in a developed economy, investing in gold will no longer be viable when many other investment channels such as real estate, stocks, and bank deposits develop strongly. It is only a safe but non-profitable investment channel.
Sources: Bizlive
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