Gold price drops sharply from peak of 124 million VND/tael, many people take advantage to buy

On the morning of May 13, the “gold street” Tran Nhan Tong was still bustling from early morning. At large gold shops such as Bao Tin Minh Chau and SJC, people patiently lined up to buy gold. Since the peak set at the end of April, the price of SJC gold has dropped quite sharply.

Bao Tin Minh Chau Store listed gold price The price of SJC gold was announced at 115-118 million VND/tael (buy - sell), then increased by 500,000 VND per tael. Meanwhile, the SJC system announced the price of SJC gold at 118-120 million VND/tael (buy - sell).

Although these big brands are applying a maximum selling limit of 1 tael of gold per person this morning, many people are still lining up in front of the gold shops. Although there is no longer the crowded scene like the days when gold prices peaked, the buying atmosphere is still quite lively.

Many individual investors see this drop from record highs as a good opportunity to buy, expecting gold prices to soon rebound as macroeconomic and geopolitical factors remain uncertain.

Tran Nhan Tong gold street was bustling with buyers on the morning of May 13. Photo: Ngoc Cuong

“I don’t care much about ‘surfing’, I mainly buy to store for the long term. When the price goes down, I consider it a reasonable time to buy gradually,” said Mr. Hung, an investor.

Mr. Tran Van Hoa (Thanh Xuan district) said he was at Tran Nhan Tong street from 7am to buy gold for storage. "I have invested in gold for nearly 20 years. Every time the price drops sharply, I take the opportunity to buy a little more," he said.

Sharing the same opinion, Ms. Nguyen Thi Thu Hang (office worker, Cau Giay district) also thinks that this is a good time to buy and accumulate gradually. She said: "I don't have much money to buy gold bars, so every time the price drops, I take the opportunity to buy one tael. For me, this is a safe way to save."

However, not all investors are willing to spend money to buy gold at this time because the downward trend in the world market is still present.

Mr. Le Minh Chanh (Hoang Mai district) expressed caution: "I closely monitor the world gold price. Currently, international gold is under strong downward pressure, and it is likely to continue to decrease. If that happens, domestic gold will certainly decrease further. Buying now is very easy to 'catch the short-term peak'."

Similarly, Ms. Chu Thi Lan (Ha Dong district) although intending to buy gold to accumulate, is still waiting. “I saw that last weekend the gold price went up to 122 million VND/tael, now it has decreased by several million VND/tael, which means it has decreased sharply, but it may not have reached the bottom yet. I will wait a little longer, at least until the world gold price stabilizes,” Ms. Lan shared.

Source: https://baoquangninh.vn/gia-vang-giam-manh-tu-dinh-124-trieu-dong-luong-nhieu-nguoi-tranh-thu-mua-vao-3357822.html