However, gold expert Tran Duy Phuong advised: “At this time, people with gold should be mentally stable and should not sell in a hurry if they do not really need the money. As for those with money who want to invest, this is a good time to buy because the price is in a comfortable range.”
In more detail, Mr. Phuong said that the adjustment of gold prices is often cyclical, following a sine wave graph that goes up and down. Currently, gold prices are being affected by the world price and are in an adjustment cycle. At the end of the year, around December, gold prices will usually reach their peak because the demand for wedding gold both domestically and internationally increases.
“ In the past week, the world gold price has decreased by about 200 USD/ounce. The domestic gold price has decreased by about 2 million VND/tael, a sharper decrease than the world gold price. This happened because the psychological factor of Vietnamese people's expectations for gold is greater than the expectations of investors in the world. This proves that the domestic gold price is close to the bottom and can bounce back strongly in the near future ,” gold expert Tran Duy Phuong commented.
He further analyzed: “ Some gold holders may feel impatient and want to sell because they are afraid that the more they hold, the more their profits will decrease. And the more people sell, the more the gold price will decrease, causing the domestic gold ring price to decrease faster than the world gold price.
However, it should be remembered that gold is in a correction phase and is likely to bottom out before bouncing back at the end of the year, when demand for gold jewelry in Southeast Asian countries increases. Holding onto gold until then and selling will certainly yield more profit.
Of course, for those with idle money, this is a very good time to consider the decision to buy gold for investment .
The price of gold rings has decreased by about 8 million VND/tael since the beginning of the month. (Illustration photo)
According to Mr. Phuong, in addition to the fact that gold prices have entered a period of adjustment, the main reason for the decline in world gold prices is the re-election of Donald Trump as US President. This event makes the world financial community believe that it will promote peace and stability in the Middle East, and the Russia-Ukraine tension will subside. This means that gold has lost the supporting factor of geopolitical tensions.
Another factor is that the world gold price increased sharply in the past due to the US Presidential election. Every year, before and during the US Presidential election, the world gold price always increases and after the results are out, the gold price will decrease.
In addition, since the beginning of November, gold prices have entered a period of extremely hot growth, so it is natural that this time they will enter a period of adjustment.
“ I am not surprised at all by the decline in gold prices because this was predicted,” Mr. Phuong said and warned once again : “Those who are holding gold, if they do not really need cash for business or other needs, should not sell because they may sell right at the bottom price. As for those who have money and want to invest, this is a good opportunity .”
Meanwhile, Dr. Nguyen Tri Hieu said that gold prices have fluctuated a lot and gold rings have brought investors more than 30% profit since the beginning of the year, so it is possible to think about taking profits. If you choose to invest in gold at this time, you must be very careful because the development of gold is still very unpredictable .
Source: https://vtcnews.vn/gia-vang-nhan-lien-tuc-giam-manh-co-nen-ban-gap-ar907424.html
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