Gold bar, ring supplies are limited ahead of God of Wealth day
Gold bar, ring supplies are limited ahead of God of Wealth day
At some large stores on Trần Nhân Tông and Cầu Giấy streets in Hà Nội, gold bars and gold rings are noticeably scarce.
As the domestic gold demand is rising, while world gold prices remain high, it is also understandable to see domestic gold ring prices surge. Photo laodong.vn |
Due to a lack of supply, buying gold bars and gold rings in the domestic market before the God of Wealth day, which falls on February 7, is difficult.
At some large stores on Trần Nhân Tông and Cầu Giấy streets in Hà Nội, gold bars and gold rings are noticeably scarce.
A gold shop on Cầu Giấy said that on the morning of February 5 alone, it issued more than 200 numbers for customers to buy gold rings, with some waiting up to two hours to make a purchase.
Gold trading companies said that due to difficulties in importing gold, they do not have enough to produce gold bars, gold rings, or small gold bars with mascots, which they usually sell to customers at this time of year.
It is predicted that on the occasion of the God of Wealth day this year, gold stores that still have gold rings available will be crowded, while stores that have only gold jewellery with mascots or God of Wealth-themed products will be deserted.
Domestic gold demand is rising while world gold prices remain high, so it is not surprising that domestic gold ring prices are surging.
The price of SJC gold bars in the domestic market on February 5 was at VNĐ88.10 and 90.60 million per tael for buying and selling, respectively.
The sale price of SJC gold bars increased by VNĐ800,000 per tael overnight and had risen by VNĐ1.8 million per tael compared to pre-Tết levels.
The price of SJC gold rings was at VNĐ88.10 - 90.10 million per tael for buying and selling.
Both international and domestic experts are warning people about trading gold due to significant fluctuations in world gold prices, advising investors to be cautious.
Analysts at the US financial institution JP Morgan said unexpected policy developments will certainly cause the world gold price to fluctuate, so investors need to be really careful when buying gold during this period.
Meanwhile, gold expert Trần Duy Phương said that the shortage of gold bars and gold rings is being seen in both Hà Nội and HCM City. Speaking about that shortfall, Phương said that, in the past gold imports were very limited, so large gold companies are now facing a shortage of raw gold.
Expert Nguyễn Trí Hiếu also warned about the price fluctuations of gold rings. According to Hiếu, the management agency has successfully controlled the price of gold bars in the past year and quelled the gold fever seen in 2024.
However, people's appetite for gold is still high, while the supply lines have not improved, so the price of gold rings is showing stronger fluctuations. Recently, there was a time when the price of gold rings exceeded that of gold bars, which is rare.
Due to a lack of strict regulations, the gold ring market is likely to experiences even greater fluctuations in 2025, Hiếu said.
