In early October, together with the wedding gift money and the money given by both families, Nguyen Thi Hoa and her husband (Thanh Xuan, Hanoi) had about 350 million VND.

Knowing that this was her savings, Ms. Hoa decided to save it for safety. However, the interest rate is quite low, if she saves the above amount, she will only earn more than 1 million VND per month.

Ms. Hoa decided to save her money to buy gold and put it in a safe. She calculated that the price of gold increased by several million VND/tael every year. Compared to saving money in the bank, gold still increased in price. She bought 5 taels of gold, at the price of 68.95 million VND/tael.

Shortly thereafter, the price of gold continued to increase. From nearly 69 million VND/tael, the domestic price of SJC gold skyrocketed to 70 million VND/tael and set a new peak of more than 74.5 million VND/tael.

Gold purchase profit up to 4 million VND/tael in just over 1 month.

In addition to the gold they just bought, the couple also has some gold jewelry given to them by both families. Converting it to market price, she also has a significant profit.

“When I bought gold, I saw the high price. I didn’t expect that in just a short time, the price of gold would increase to over 74 million VND/tael,” she said.

Mr. Tran Van Hung and his wife (Ba Dinh, Hanoi) also made a profit from gold. Last October, after getting married, the couple bought 6 taels of gold, at a price of 66.4 million VND/tael.

Preparing to buy a house, the couple decided to sell this gold. With the selling price of 73 million VND/tael, Mr. Hung and his wife made a profit of 6.6 million VND/tael. After more than 1 year, the profit from selling gold was nearly 40 million VND.

According to statistics, in early October 2023, the price of 9999 gold bars at SJC Ho Chi Minh City was only 68.25 million VND/tael (buy) and 68.95 million VND/tael (sell). SJC Hanoi listed at 68.25 million VND/tael (buy) and 68.97 million VND/tael (sell).

DOJI Hanoi listed at 68.15 million VND/tael (buy) and 68.95 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 68.15 million VND/tael and sold at 68.85 million VND/tael.

However, gold prices quickly reached new peaks. On November 29, SJC gold prices reached a peak of VND74.5 million/tael.

At the end of the session on December 9, the price of 9999 gold bars at SJC Ho Chi Minh City was 72.8 million VND/tael (buy) and 74 million VND/tael (sell). SJC Hanoi listed at 72.8 million VND/tael (buy) and 74.02 million VND/tael (sell).

Doji Hanoi listed at 72.8 million VND/tael (buy) and 74.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 73 million VND/tael and sold at 74.1 million VND/tael.

Since the beginning of October, domestic gold prices have increased by nearly 4 million VND/tael.

According to VietNamNet reporters, the number of people coming to gold shops to trade has increased dramatically. In some gold shops, people even lined up to buy and sell gold when the price reached a record high.

Meanwhile, the price of gold on the Kitco floor was trading at $2,004/ounce. The price of gold futures for February 2024 delivery on the Comex New York floor decreased by 1.56% to $2,014.5/ounce.

Gold prices hit a record high this week, with geopolitical tensions and continued central bank buying expected to keep demand steady next year, according to the World Gold Council (WGC).

The WGC estimates that central bank demand will increase by another 10% in 2023. The WGC expects this to continue into 2024.