Not only does it bring the highest investment efficiency in 2023, the increasing price trend of this investment channel still shows no signs of stopping.
Gold surged at the end of the year, investors made big profits
In the last days of 2023, the domestic and world gold markets recorded strong fluctuations. Accordingly, in the morning session of December 4, in the Asian market, world gold prices reached a new peak of 2,148.99 USD/ounce.
At this price, world gold is about 17.9% higher (326 USD/ounce) compared to the beginning of 2023. Spot world gold converted to bank USD price is 64 million VND/tael (including taxes and fees), about 10.5 million VND/tael lower than the domestic gold price.
In the morning trading session on December 4, the domestic gold price set a new record when SJC gold price was listed by some traders at 74.6 million VND/tael (sold), higher than the old record. 74.5 million VND/tael.
At the present time, the gold price is affected by many factors such as the conflict between Hamas and Israel, and the decrease in inflation in the US, leading to speculation that the Fed may cut interest rates, thereby reducing the interest burden of debtors. enterprise.
Investors began turning to gold after Fed Chairman Jerome Powell announced on December 1 that interest rates were "entering tightening territory", raising hopes the bank could soon begin cutting. Bloomberg said traders have seen a 60% chance of the Fed cutting interest rates by March 2024.
Some experts explain that lower interest rates tend to weaken the dollar, thereby making gold cheaper for buyers in other countries. This also increases the demand for gold.
Compared to the beginning of the year, SJC gold bar price recorded an increase of 10.05% on the buying side and an increase of 11.17% on the selling side.
Along with fluctuations in world gold prices, domestic gold prices also witnessed strong fluctuations. Accordingly, also in the morning trading session on December 4, the domestic gold price set a new record when the SJC gold price was listed by some traders at 74.6 million VND/tael (sold), high more than the old record of 74.5 million VND/tael set in the last days of November 2023.
At the peak price of 74.6 million VND/tael, SJC gold price recorded an increase of 11.84% compared to the beginning of 2023. By December 10, although the domestic SJC gold bar price had cooled to 72, 8 million VND/tael (buy) and 74.1 million VND/tael (sell), compared to the beginning of the year at only 65.9 million VND/tael (buy) and 66.7 million VND/tael ( sold), SJC gold bar price still recorded an increase of 10.05% on the buying side and an increase of 11.17% on the selling side.
Savings interest rates plummeted, and the amount of bank deposits set a record
In the early days of December 2023, regular VND savings deposit interest rates at banks' counters continued to decrease by 0.1 - 1.35%/year compared to the previous month. The highest deposit interest rate for a 12-month term is only 5.7%/year, the lowest is only 4.8%/year.
A report from VnDirect Securities Joint Stock Company said that as of November 24, 2023, the average 12-month deposit interest rate of state-owned banks has decreased to 5.13%/year, down 0 1 percentage point compared to the end of October.
Meanwhile, 12-month deposit interest rates of private banks range from 4.6% to 5.7%/year with an average of about 5.14%/year. year, down nearly 0.3 percentage points compared to the previous month. Thus, deposit interest rates are lower than during the Covid-19 period.
The current savings interest rate is much lower than the high interest rate listed by many banks in the early days of 2023. Accordingly, in the first month of 2023, 12-month savings interest rates are Listed banks fluctuate at 7.3%/year to 9.95%/year. Even with large amounts of money, many banks offer savings interest rates of up to 11-12%/year.
Although savings interest rates have been continuously adjusted by banks to a downward trend since the beginning of the second quarter of 2023 until now, there is still a large amount of money being saved by people to earn interest.
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investment fund