Today: 26/01/2021 15:29:10 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

Gold prices conquer new peaks, investors urged to be calm

As gold prices rose to new highs in Vietnam on July 23, domestic investors suggested calm and warned against rushing to buy gold to hedge risks.

The domestic gold price increased by VND450,000 per tael this morning, far exceeding the threshold of VND53 million per tael compared to the end of the trading session on July 22, due to increasing pressure on world gold prices triggered by the coronavirus pandemic.

Gold prices, conquer new peaks, investors, gold prices, domestic investors, domestic gold price,  economic recovery, long-term investments

Vietnam’s gold prices climbed to new peak on July 23, 2020.

At the opening of the Hanoi market on the morning of July 23, the SJC gold price was listed at VND52.3 million per tael (bought in) and VND53.3 million per tael (sold). At the same time, in Ho Chi Minh City’s market, the SJC gold price was also intensely traded at VND52.38 million and VND53.38 million per tael.

However, this afternoon, gold prices in Vietnam and the world continued to rise sharply, reaching a new "peak". Currently, the SJC gold price is exceeding VND54 million per tael, with an increase of VND820,000-900,000 per tael in buying and about VND920,000 per tael in the selling, compared to the opening session in the morning.

The difference between the buying and selling prices is now at VND1.1 million per tael.

Previously, closing the trading session on July 22, the SJC gold price was at VND52.1 million per tael (bought in) and VND52.85 million per tael (sold). Many investors thought that this was the "peak" of gold prices, as compared to July 21 and 22, when the price of gold "escalated" up to VND2 million per tael.

On the world market, currently, the price is trading at around US$1,881.8 (equivalent to VND52.75 million) per oz, an increase of US$14/oz compared to the morning session.

Experts say that the world gold price will not stop at this threshold amid the complex developments of Covid-19, forcing countries to focus on containing the epidemic, instead of opening their doors for economic recovery.

The gold price is expected to climb to US$2,000 per ounce in the near future.

James O ’Rourke, commodities economist at Capital Economics, said that his firm now sees gold prices ending the year around US$1,900 an ounce, up from its previous target of US$1,600 an ounce.

World gold prices have increased sharply after the European Union reached an agreement on a bailout package worth EUR750 billion to revive the region’s economy amid the ongoing Covid-19 crisis.

As gold prices have fluctuated with a large amplitude in a short time, not only foreign investors, but also domestic ones have rushed to buy gold with the expectation that the price would continue to rise.

According to Nguyen Huu Thuyet, an expert at Bao Tin Minh Chau Jewelry Company, the price of gold is complicated and investors should consider it carefully before making a purchase or sale. They are advised to monitor the domestic market regularly and stay updated on the actual situation to make a decision. They should avoid "surfing" but making long-term investments, from at least from 3-6 months or more, Thuyet suggested.

Although investing in gold at this time can bring a great profit, experts have warned that this can also bring risk, as a sudden mass selloff would cause gold prices to drop sharply.

PPC Chairman Duong Van Thai sends open letter to business community, investors
(BGO)- Chairman of the provincial People’s Committee (PPC) Duong Van Thai has sent an open letter to the business community and investors. Bac Giang Newspaper introduces contents of the letter to readers.
 
EVFTA good opportunity for Indian investors in Vietnam
The EU-Vietnam Free Trade Agreement is a good opportunity for Indian investors, in Vietnam, Vietnamese Ambassador to India Nguyen Sanh Chau said at an online conference on June 12.
 
Hanoi stands ready to welcome RoK investors
Politburo member and Secretary of the Hanoi Party Committee Vuong Dinh Hue has affirmed that Hanoi stands ready to welcome more investors from the Republic of Korea (RoK) in the near future.
 
PPC Chairman of Bac Giang province Duong Van Thai directs to remove obstacles for investors
(BGO) - Chairman of the provincial People’s Committee (PPC) of Bac Giang province Duong Van Thai, Head of the provincial Steering Committee for Investment Support and Business Development chaired a meeting on 10 March to review investment support and business development of the province in 2019 and lay out tasks for coming time.
 
Hanoi creates optimal conditions for foreign investors
Hanoi has been working to enhance administrative reform and address difficulties in an effort to create an optimal investment climate for investors, Politburo member and Secretary of the Hanoi Party Committee Vuong Dinh Hue has said.
 

Source: NDO

Gold prices, conquer new peaks, investors, gold prices, domestic investors, domestic gold price, economic recovery, long-term investments
 
New comment has just been added. Click here
Sort:NewBest News