“The more continuous the bidding intensity, the more gold will be supplied to the market, only then will the problem of scarce supply be solved.“, Mr. Phuong emphasized.
Commenting on gold price developments in the coming time, Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, also said that the Middle East region is unstable with attacks, so world prices have increased but have not yet increased. clear trend.
It is even more difficult to predict what the price of domestic gold will be without knowing whether the State Bank will sell gold or intervene in the market. In case the gold source from the State Bank still cannot reach the market, and gold auction cancellations continue, it is possible that the domestic price of precious metals may appear at a price of 90 million VND/tael.
Associate Professor, PhD. Dinh Trong Thinh said that the continuous increase in gold bar prices in recent days is due to supply and demand issues. If this problem is not resolved, gold prices will continue to increase.
“We are conducting a gold bar auction to increase the supply in the market, but the price of gold bars should decrease. But in reality, when the State Bank launched gold for sale, most units could not participate, causing the goal to not be achieved. Supply does not change but demand increases, prices will certainly increase“, Mr. Thinh said.
However, according to Mr. Thinh, the above reason is only partial. The more important reason is the psychology of the buyer.
“They think that unfavorable bidding means they cannot increase supply. If supply does not increase, prices will increase, so psychological factors stimulate increasingly high demand, causing prices to go up. In addition, it is also possible that businesses push prices due to pressure from supply shortages and high gold import costs“, he said.
Thus, since April 30 – May 1, the domestic gold price has continuously set many record peaks, conquering the mark of 87 – 88 – 89 million VND/tael respectively.
Thus, compared to the beginning of 2024, the price of gold bars increased by about 10 million VND/tael. SJC gold bar price started to fluctuate when it peaked at 80 million VND/tael in early March and has continuously set new peaks since then. The strange thing is that the price of gold bars continuously increases while the world gold price is only around 2,315 USD/ounce, equivalent to 71 million VND/tael.
The gap between domestic and world prices has reached 18 million VND/tael.
Ngoc Vy
