On the morning of November 17, the price of gold bars at Doji and SJC was listed at 80 - 83.5 million VND/tael (buy - sell), while the price of gold rings was listed by Doji at 81 - 83.5 million VND/tael (buy - sell).
A week ago (November 10), the price of gold bars at Doji and SJC was at 83.35 million VND/tael for buying and 85.8 million VND/tael for selling.
Thus, after only one week, the gold price has decreased by 3.35 million VND/tael for buying and 2.3 million VND/tael for selling.
Thus, if a customer buys SJC gold bars on November 10 at VND85.8 million/tael, and sells them today at VND80 million/tael, they will suffer a loss of VND5.8 million/tael.
Ms. Do Thi Trang (Nam Dinh) said that a week ago, when she saw signs of a drop in the price of gold, she used her savings to buy 2 taels of SJC gold for investment. Just a week later, she had an urgent matter that required her to use a large amount of money. Even though the price of gold continued to drop to a low level, she still had to sell it to take care of her work.
" When I bought it, I thought it was a cheap price, but I didn't expect the gold price to continue to drop. Forced to sell when the price was at such a low level, I lost more than 10 million VND in just one week when I bought 2 taels of SJC gold bars," said Ms. Trang.
Giving advice on whether people should buy and sell gold at this time, gold expert Tran Duy Phuong advised: “ At this time, people with gold should stabilize their mentality and should not sell in a hurry if they do not really need the money. As for people with money who want to invest, this is a good time to buy because the price is in a comfortable range.”
The adjustment of gold prices is often cyclical, following a sine wave graph that goes up and down. At present, gold prices are being affected by the downward trend of world prices and are in an adjustment cycle. At the end of the year, around December, gold prices will usually reach their peak because of the increased demand for wedding gold both domestically and internationally.
“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. 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, we should remember that gold is in a correction phase and is likely to be at the bottom, before bouncing back at the end of the year, when demand for gold jewelry in Southeast Asian countries increases. Holding gold until then before selling will certainly bring more profit. Of course, for those with idle money, this is a very suitable time to consider the decision to buy gold for investment.
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: “People who are holding gold, if they do not really need cash for business or other needs, should not sell because they may sell immediately 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 we can 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.
VN (according to VTC News)Source: https://baohaiduong.vn/nguoi-mua-vang-lo-hon-5-trieu-moi-luong-chi-sau-1-tuan-chuyen-gia-khuyen-cao-gi-398268.html
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