Touching 125 million VND/tael, domestic gold bar price is the most expensive in history

(VTC News) - Domestic gold bar prices early this afternoon (August 18) continued to conquer a new peak when reaching 125 million VND/tael.

At 2:00 p.m., Doji and SJC listed gold bar prices at 124 - 125 million VND/tael (buy - sell), an increase of 500,000 VND/tael.

At the same time, the price of gold rings also regained its peak when it reached 117 - 120 million VND/tael (buy - sell), an increase of 500,000 VND/tael.

Domestic gold prices increased sharply while world gold prices stagnated. World gold prices are currently listed on Kitco at $3,335/ounce.

Explaining this, Dr. Nguyen Tri Hieu, a financial and banking expert, analyzed: In addition to being affected by the world, the domestic gold market is also greatly affected by the imbalance of supply and demand.

Domestic gold price hits new peak. (Photo: Cong Hieu).

" The scarcity of supply has created great pressure causing domestic gold prices to increase faster and stronger than international prices, but when world prices decrease, domestic prices often adjust less, or even do not decrease accordingly. The market currently lacks effective regulatory measures to ensure stable supply in the short term ," said Mr. Hieu.

According to Mr. Hieu, recently, the supply of SJC gold bars has mainly been due to the State Bank's stabilization sale, which is only a temporary solution. Meanwhile, due to the increasing price of gold, people do not sell, and have a hoarding mentality, so the supply is becoming more scarce. Therefore, the management agency needs to allow businesses to import gold and switch to the role of manager and supervisor.

Expert Tran Duy Phuong also expressed his opinion that the psychology of rushing to buy gold is also the reason why gold prices are difficult to decrease sharply, even though the world may decrease. During the days when gold prices broke the peak, people still bought. The demand was so high that many stores ran out of gold at times.

Associate Professor Dr. Nguyen Huu Huan, lecturer at Ho Chi Minh City University of Economics , said that domestic gold prices increased sharply and did not follow the world gold price due to the scarce supply of gold bars.

" Many small businesses said they have run out of gold rings to sell, or are only selling in limited quantities. Meanwhile, those who sold when domestic prices had not increased in time now have no more goods to sell. Supply is exhausted while demand remains high, causing prices to rise sharply, " Mr. Huan analyzed.

Vtcnews.vn

Source: https://vtcnews.vn/cham-125-trieu-dong-luong-gia-vang-mieng-trong-nuoc-dat-nhat-lich-su-ar960419.html