Gold prices fluctuate, but Vietnamese people are tired of buying gold?
Re-opening after the holiday, SJC gold bar price increased by 700,000 VND / tael, to 44.55 million VND / tael. The price of gold rings also jumped to 44.85 million dong / tael. But there was no scene in line to buy gold. People only buy gold jewelry, while gold bars are usually kept in the dusty scene.
The price of gold is hot, the market is cold
Before and after the Tet holiday, gold prices are almost only going upwards. On the 26th of Tet, the selling price of SJC gold bar was VND 43.8 million / tael. The first day of the year of Canh Ty, when the epidemic of acute pneumonia caused by corona virus in China became more and more serious, the price of gold rose to 44.15 million VND / tael. On the 6th (January 30), the gold market reopened with the haphazard price: 44.85 million VND / tael for gold rings and 44.55 million VND / tael for gold bars.
Many years ago, when the State Bank did not tighten the gold market, the current strong fluctuations would "create waves" very strongly, causing the domestic gold price to increase dramatically. Family members raced to line up to buy gold despite the domestic gold price being 4-5 million VND / tael higher than the converted world gold price. At present, the situation is completely different.
The record of Tuoi Tre on January 30 shows that the momentum in the market, even during the hottest times of gold, is very low. At some gold shops on Le Thanh Ton street (District 1, HCMC), only a few people visit some gold jewelry samples such as rings, bracelets, necklaces. There is no busy scene of buying and selling, answering the phone to ask for prices ...
In the area next to Tan Dinh market (District 1, Ho Chi Minh City), many gold shops also fall into the situation where sellers outnumber buyers. Gold companies and gold shops cannot indifferently "blow the price" as before, but closely follow the gold price listed in SJC Company. There is also no information on the shortage of supply, although gold is no longer imported.
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The quiet trading of gold bar market made many gold companies no longer focus on this segment. Right at SJC Company, when the market was bustling, trading several tens of thousands of taels per day, the phone price was always busy, the transaction volume was normally at 4,000-5,000 taels. reduced completely. In recent years, SJC Company has "encroached on" the field of gold jewelry, high-end jewelry, business gifts ...
PNJ Company is also one of the enterprises with strong gold bar transactions before the time when the State Bank tightens the gold market. Then, just visit the PNJ website to easily see the price list of gold bars. Nowadays, it is very difficult to find the price list of gold bars, instead the home page of this business website introduces samples of gold, silver, diamond jewelry ...
The leader of a large gold company in Ho Chi Minh City also admitted that the company's revenue and profit mainly come from jewelry gold, while gold bars are negligible.
About true needs
According to gold expert Tran Thanh Hai, gold demand has fallen to a low level over the past time due to a series of reasons. In the past, if people did not want to keep gold in their house, people could send them to the bank, with interest and mortgage VND when needed. However, currently banks no longer mobilize gold, and have to pay fees. Gold trading is also more difficult because the points allowed to trade gold bars have narrowed from 12,000 points nationwide to 2,000 points now.
Especially with the regulation that does not allow banks to mobilize and lend gold, the State Bank also stops the "big hands" that are banks and gold companies participating in gold speculation in the "beat up and down" style. . According to Mr. Hai, in the past, with gold warehouses mobilized from the people, many banks converted up to 30% of the gold amount to VND for loans to enjoy interest rate differences. When the gold price fluctuates to a certain extent, banks are forced to buy back in order to avoid losses. The buying force from many banks focused on a certain time pushing the gold price up vertically, making the domestic gold price always 4-5 million dong / tael higher than the world gold price at times.
"Taking advantage of this price difference, many units bring gold ball signed to stamp into SJC gold bars for sale. Currently, the State Bank of Vietnam manages the production of SJC gold bars. The country should "the door" to turn the gold ball signed into gold bars no longer "- Mr. Hai analyzed and said that this also helps the USD price not be pushed up each time the domestic gold price - the world has a big difference, creating "double wave" as before.
The above developments made the gold market from being a playground of large organizations, a place of "beating up and down" to make profits now back to true demand.
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