Gold price drops sharply, what to avoid right now

Saigon Jewelry Company listed the price of SJC gold bars at 98.8 - 101.3 million VND/tael for buying and selling, down 700,000 VND/tael for buying and 900,000 VND/tael for selling compared to yesterday morning. The difference between buying and selling is 2.5 million VND/tael.

Other gold trading businesses also adjusted the price of SJC gold bars to 101.3 million VND/tael for sale.

Thus, after only 2 days, the price of SJC gold bars decreased by 1.5 million VND/tael.

Giá vàng miếng SJC giảm liên tục 2 ngày qua (ảnh: Như Ý). — SJC gold bar price has decreased continuously for the past 2 days (photo: Nhu Y).

The price of gold rings also dropped sharply. Specifically, Bao Tin Minh Chau Company Limited listed the price of gold rings at 99 - 101.6 million VND/tael, down 700,000 VND/tael compared to yesterday morning. The difference between buying and selling is 2.6 million VND/tael.

Phu Quy Gold and Gemstone Group listed the price of gold rings at 99.8 - 101.6 million VND/tael for buying and selling.

At the same time, the world gold price was listed at 3,036 USD/ounce, down 77 USD/ounce compared to yesterday morning.

World gold prices unexpectedly fell despite all predictions of an increase due to US tax policy. However, many financial institutions forecast that gold prices could reach $3,200/ounce, or even $3,500/ounce in the second quarter if economic instability increases.

Economist Nguyen Quang Huy said that domestic gold prices tend to fluctuate according to the world gold price. However, unlike free markets, domestic gold prices are also regulated by the State Bank to ensure supply-demand balance, macroeconomic stability and national monetary security. Therefore, investors need to closely monitor the management agency's moves before making a decision.

Experts recommend that gold investors at this time need to be extremely cautious, avoid following the Fomo mentality (fear of missing out on opportunities) because it will bring great risks.

Gold is an important investment channel but like other assets, it should not occupy too large a proportion in the investment portfolio. The proportion of gold should not exceed 10% of the portfolio to avoid risks when the market adjusts.

In the currency market, the State Bank listed the central exchange rate at 24,886 VND/USD, an increase of 32 VND compared to yesterday morning, thereby raising the ceiling exchange rate to 26,130 VND.

However, the bank USD price today cooled down, falling about 40 VND. Accordingly, the current buying price is about 25,600 VND and the selling price is 25,960 VND.

According to Ngoc Mai (TPO)