At 12 PM, the price of gold bars listed by Doji and SJC was 113.5 - 115 million VND/ounce (buy - sell). Thus, compared to the peak of 120 million VND/ounce reached at the end of yesterday, the selling price of gold bars has now dropped by 5 million VND/ounce.
Similarly, the price of gold rings listed by Doji is 109.5 - 113.5 million VND/ounce, a decrease of 5.5 million VND/ounce for buying and a decrease of 5 million VND/ounce for selling.
Domestic gold prices dropped by 5 million VND per tael in just one morning.
The decline in gold prices began at 9:00 AM, when the market opened. At that time, the price of gold bars listed by Doji and SJC was 113.5 - 117.5 million VND/ounce (buy - sell), a decrease of 2.5 million VND/ounce in both buying and selling prices.
About 30 minutes later, the price of gold bars at SJC recovered, rising to 115-119 million VND/ounce.
However, the price of gold bars then dropped rapidly to 117 million VND and 115 million VND per tael.
Previously, when gold prices reached an all-time high, experts warned that a reversal might be imminent, and buyers needed to be cautious.
“ No asset can rise forever without corrections. Investors need to remain level-headed and cautious, avoiding rushing into the gold market emotionally or following the crowd. Instead, they should diversify their investment portfolios, focusing on areas that provide long-term and sustainable value. Investing in gold at its peak carries a high risk of significant losses if the market reverses ,” said Dr. Nguyen Tri Hieu.
Similarly, Mr. Nguyen Quang Huy - a financial expert from Nguyen Trai University - also advised: “ The gold market never moves in a straight line. Prices can rise sharply in the short term, but they can easily adjust when the following factors occur: changes in market sentiment, intervention by government policies to stabilize prices, and increased profit-taking selling pressure from international financial institutions. Therefore, people need to remain calm, carefully observe market developments, and not follow the crowd mentality .”
Expert Tran Duy Phuong emphasized that people rushing to buy gold for hoarding when prices reach record highs can easily lead to being trapped in a financial cycle, resulting in very high risks. " People shouldn't buy because of herd mentality or to 'speculate' on the market, as gold prices are currently very volatile and unpredictable. If there is a need to buy, they should wait for a price correction ," Mr. Phuong advised.
Source: https://baolaocai.vn/3-tieng-gia-vang-boc-hoi-5-trieu-dongluong-post400484.html
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