On the morning of August 19, despite heavy rain and the peak price of gold at 125 million VND/tael, hundreds of people still lined up to buy gold on Tran Nhan Tong Street ( Hanoi ).

Although experts have repeatedly warned people to be cautious about the high price of gold, it seems that this has not cooled the market.

At 9:45, Bao Tin Minh Chau listed the price of Rong Thang Long gold bars at 117.2-120.2 million VND/tael (buy - sell). SJC announced the price of SJC gold bars at 124-125 million VND/tael (buy - sell). Gold shops limited each customer to only buy 1 tael this morning.

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Many people lined up waiting their turn to buy gold. Photo: Duy Anh

According to records, most people come to trade to buy gold, the amount sold only accounts for a very small percentage. Customers are mainly concentrated in a few big brands, while many small stores are almost empty of buyers.

Going to buy gold early in the morning, Ms. Van (Hai Ba Trung Ward, Hanoi) said that she heard that the price of gold had increased sharply so she went early to buy. Yesterday afternoon, she withdrew more than 100 million VND from her savings book to buy gold today.

However, because the store only sells 1 tael per person, she asked her family members to come with her to get a number. "I thought that this morning, it was raining and there were few people shopping, but unexpectedly, I still had to wait in line when I arrived early. If I had known, I would have saved some money if I had bought it a few days earlier," Ms. Van regretfully said.

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Due to limited supply, each customer can only buy 1 tael of gold. Photo: Duy Anh

Ms. Mai (an experienced investor) said that she often queues to buy gold to accumulate. Since the beginning of the year, thanks to buying gold, she has made a significant profit. Although she cannot buy a large amount, by saving 1-2 taels each time, she has owned a large amount of gold. There were days when she had to ask 3-4 relatives to queue with her to buy.

“I am worried about the high price of gold, but I believe it will continue to increase,” said Ms. Mai. She predicts that the price of gold may continue to increase from now until the end of the year, so buying it will still be profitable. Compared to saving money, buying gold is still an attractive channel for investors like her.

Mr. Tran Van Nam (an office worker) shared that he has been following the gold price for the past few months. Although the price has been at a very high level, signals from the world economy show that gold is still a potential investment channel.

While people are still rushing to buy gold despite the risks, experts warn that emotional investing can cause individual investors to suffer huge losses if prices reverse.

Dr. Nguyen Tri Hieu, a banking and finance expert, said that the domestic gold market is not connected to the world market , while the supply is limited. It is the scarcity of supply that has pushed the domestic gold price up sharply, even though the world gold price sometimes decreases.

According to Mr. Nguyen Tuan Anh, Chairman of the Board of Directors of FinPeace, deciding to invest only when the price of gold increases is potentially risky. If you buy at the peak, the price can drop to 100 million or increase to 150 million. Investing based on market emotions without a long-term plan can easily put individual investors at great risk.

Faced with unpredictable fluctuations in gold prices, expert Nguyen Tri Hieu advised investors and people to be extremely cautious:

“When gold prices rise, selling pressure will appear to lock in profits, creating unexpected deep declines. Those who buy at high prices are likely to be at a disadvantage. Investing in gold at this time can be risky, so consider carefully,” he warned.

Source: https://vietnamnet.vn/gia-vang-lap-dinh-doi-mua-xep-hang-cho-mua-vang-2433592.html