SJC gold bar price is increasing, should we buy at this time?

On the morning of August 6, domestic gold prices continued to remain high after many days of strong increases. Saigon Jewelry Company (SJC) traded SJC bars at 122.2 million VND/tael for buying and 123.8 million VND/tael for selling, stable compared to yesterday. This is also the highest price of gold bars in many months.

99.99% gold rings and jewelry gold decreased but not significantly, when being traded around 116.8 million VND/tael for buying and 119.3 million VND/tael for selling, down about 100,000 VND compared to yesterday.

The price of gold rings has decreased compared to the very high mark of gold bars. Although it is 24K gold, the price of gold rings is about 4.5 million VND/tael lower than that of gold bars.

What are the risks of buying SJC gold bars?

After only a few days of rising, the price of gold bars is approaching the historical peak of over 124 million VND/tael set in April.

Many people are wondering whether they should buy gold bars when the price of gold is about to surpass its historical peak or sell them to make a profit? Some experts say that the domestic gold market in recent days has mainly fluctuated in price, and the supply of gold is still very scarce.

On forums, many investors say that stores in the systems of PNJ and DOJI companies also regularly announce that they do not have gold bars...

A gold expert analyzed that the price of SJC gold bars increased in the context of scarce supply, and is currently very far from the world price. Therefore, buying gold bars at this time will be risky in case the price reverses, narrowing the gap from the 15-16 million VND/tael range compared to the world price.

On the international market at 9:00 a.m. this morning, gold prices were trading at a high of around 3,373 USD/ounce, down 7 USD/ounce compared to the previous session.

Last night, the price of gold fluctuated strongly with an amplitude of about 40 USD/ounce, at one point falling deeply to 3,350 USD/ounce and then strongly recovering to 3,390 USD/ounce.

Gold prices remained high while the USD index (DXY) also remained at around 98.8 points - stable compared to the previous session while US stocks fell across the board.

With this development, the gap between domestic and world gold prices remains very high. Converted according to Vietcombank exchange rate this morning, each tael of world gold is currently equivalent to about 107.4 million VND.

Source: https://nld.com.vn/gia-vang-mieng-sjc-tang-lien-tiep-nen-mua-vao-hay-ban-196250806090836404.htm