Gold bar and gold ring prices have dropped sharply. Should we buy gold for investment?

At 11:00 AM on November 14th, the price of SJC gold bars and gold rings in Vietnam simultaneously dropped sharply compared to the early morning of the same day.

As of 11:00 AM on November 14th, the price of gold in the global market is trading at $2,561 per ounce. This marks the fourth consecutive session of decline in the price of the precious metal. The rapid drop has even caused the price of gold to break through most of the previously established support levels.

Falling global gold prices have dragged down SJC gold prices. At 11:00 AM, Saigon Jewelry Company Limited (SJC) listed SJC gold bars at 80 million VND/ounce for buying and 83.5 million VND/ounce for selling. Compared to 5:30 AM the same day, the price of SJC gold bars at this company has dropped by 500,000 VND/ounce.

Similarly, DOJI Group is listing gold bars at 80 - 83.5 million VND/ounce for buying and selling. Compared to early this morning, the price of gold bars here has also decreased by 500,000 VND/ounce for both buying and selling.

Experts advise investors against going all-in and rushing to buy all available gold at this time.

Following the drop in gold prices, the difference between the buying and selling prices of SJC gold at various outlets fluctuates around 3.5 million VND per ounce.

Specifically, Mi Hong Company significantly reduced the buying price of gold bars by an additional 800,000 VND and the selling price by 500,000 VND, currently trading around 80.5 - 83.5 million VND/ounce.

Thus, compared to the price of 90 million VND/ounce set nearly two weeks ago, the price of SJC gold bars has decreased by 6.5 million VND/ounce.

Following the same downward trend, at 11:00 AM on November 14th, the price of gold rings at major businesses also adjusted downwards simultaneously. SJC is listing gold rings at 79 - 81.7 million VND/ounce for buying and selling. DOJI is listing gold rings at 80.5 - 82.7 million VND/ounce for buying and selling.

According to domestic economic experts, the direct cause of the drop in world gold prices is the appreciation of the US dollar. In addition, the upcoming US presidential election is partly to blame. Historically, gold prices have always risen in years with US presidential elections. Once the election results are known, gold prices tend to decline again.

In addition, investor sentiment will be more optimistic about the prospects of the US economy under Donald Trump's second term.

From the results of the US presidential election to the geopolitical conflicts around the world, many experts predict that world gold prices will continue to fall, dragging down domestic gold prices as well.

Speaking to Tien Phong newspaper, gold expert Tran Duy Phuong predicted that gold prices will continue to fall following global prices, and the decline will be even sharper due to several other factors.

“ World gold prices could still fall by another $70-80, to around $2,550 per ounce. By 2025, gold is likely to continue to shine. Gold prices could rise again to $2,800 or $2,900 per ounce this year, but reaching $3,000 per ounce will be very difficult ,” – gold expert Tran Duy Phuong commented.

As a businesswoman, Thanh Thao (My Dinh, Hanoi) has been pondering whether or not to sell her gold in recent days, fearing that the price of gold will continue to fall in the coming days. “When the US presidential election results were announced, I also wondered whether I should sell my gold because during Donald Trump's presidency, it would boost the USD, causing the Fed to temporarily halt its easing cycle if inflation surges after the planned implementation of new tariffs.”

With domestic gold prices on a downward trend, experts believe this is an opportune time for investors to buy gold for investment or storage. However, experts advise against investors going all-in and buying all their gold at once.

For those who want to sell, experts also advise caution. In the past two days, as gold prices have fallen, many people have rushed to sell their gold. “If investors and individuals bought gold at 60-70 million VND/ounce, they can consider selling at this time. If it's not absolutely necessary, they should wait until gold prices rise again, ” an economic expert stated.

Furthermore, another reason to consider buying gold at this time is that the gold market is controlled by the State Bank of Vietnam. Investing in gold requires careful consideration and one should not "put all their eggs in one basket," as domestic gold prices often do not fluctuate quickly enough to keep up with world gold prices.

Source: https://congthuong.vn/gia-vang-mieng-gia-vang-nhan-giam-sau-co-nen-mua-vang-dau-tu-358723.html