Enough irony when gold price increases then drops shockingly

(NLDO) - "Should I buy gold or take profit" when the gold price hits its peak is a question that gives gold owners a headache at this time.

In early November, domestic and international gold prices adjusted down after a period of rapid increase. However, the decrease was not too large, causing headaches for gold holders and money holders because they did not know whether to buy or sell at this time.

The price of gold rings reached a historical peak, causing those who sold gold at low prices to regret it and not dare to buy it back at this time.

Ms. Bich Ngoc (living in District 3, Ho Chi Minh City) said that she had 3 taels of SJC gold bars that she bought many months ago at a price of about 80 million VND/tael, intending to sell them to make a profit. However, when she saw that the price of SJC gold bars had only decreased by about 500,000 VND/tael, much lower than the decrease of about 1.5 million VND/tael of the world price, she had... reconsidered.

Similarly, many people who are holding 99.99 gold rings and SJC gold bars when buying at the 80-82 million VND/tael range also said they are not in a hurry to sell because they think the gold price will only adjust in the short term, not plummet.

On the other hand, those who want to buy gold are "waiting" for the price of gold to drop further to "spend money". Ms. Khanh Minh (residing in Thu Duc City, Ho Chi Minh City) said that at the beginning of the year when the price of gold rings was around 63 million VND/tael, she sold 2 taels of gold to take care of family matters. As soon as she sold, the price continued to increase.

Domestic gold prices slightly decreased compared to the world price decline on November 2.

"At the time when the price of gold rings was 70 million VND/tael, I intended to buy but thought this was too high so I waited for a decrease. Up to now, every day I look at the gold price board but do not dare to buy, because the price of gold rings is nearly 90 million VND/tael, up 40% compared to the time I sold," Ms. Minh regretfully said.

Not only those who buy and sell gold for savings, many young couples who have just got married and received wedding gold as a gift also have a "headache" about whether to buy or sell. Mr. Hoang Nam (living in Ho Chi Minh City) said that his younger brother just got married, the gold given by his paternal and maternal families was about 1.5 taels.

"Seeing the high price of gold, the whole family discussed selling it to "make a profit" but thinking about the wedding gold, we didn't want to sell it. Not to mention, many relatives gave us gold rings, and we have to pay off debts in the future, so we were hesitant. It would be a pity not to sell, but if we did sell, the price of gold might increase and we wouldn't be able to buy it back," said Mr. Nam.

Surprising numbers about gold demand in Vietnam

The World Gold Council (WGC) Gold Demand Trends Report for Q3/2024 shows that gold prices reached an unprecedented high in history, causing demand for gold jewelry to decrease in ASEAN markets. In particular, demand for gold jewelry in Vietnam decreased by 15% compared to the previous quarter and decreased by 13% compared to the same period last year.

Accordingly, Vietnam is an exception compared to Thailand, Indonesia and Malaysia, which all recorded double-digit growth in gold demand every year.

"Vietnam witnessed a 33% quarter-on-quarter decline and a 10% year-on-year decline in demand for gold bars and coins. The decline in gold demand could be due to the sharp rise in gold prices, which limited new purchases," said a WGC expert.

Source: https://nld.com.vn/du-chuyen-treo-ngoe-khi-gia-vang-tang-cao-roi-giam-soc-196241101133639172.htm