Gold price falls freely, buyers "buy at the top" lose more than 5 million VND/tael after 6 days

Early morning of April 9, Doji and SJC listed gold bar prices at 97.7 - 100.2 million VND/tael (buy - sell).

Thus, those who bought gold on April 3 at the highest price in history of 102.9 million VND/tael, if they sold it now, would have lost 5.2 million VND/tael.

Similarly, the price of gold rings is currently listed by Doji at 97.7 - 100.2 million VND/tael (buy - sell). At this level, the buyer on April 3 also lost 5.2 million VND/tael after only 6 days.

Domestic gold prices have been falling continuously in recent days, with the total decrease compared to the peak on April 3 reaching 2.7 - 2.9 million VND/tael. In addition, the buying price has decreased faster than the selling price. This means that stores buy cheaper than sell by up to 2.5 million VND/tael. This puts buyers at great risk.

According to Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company, when the US officially announced unexpectedly high tax rates for many countries, gold prices plummeted, with some sessions falling sharply within the range of 100 USD/ounce. That is not the end point and could fall to 2,950 USD/ounce in the coming days.

"After President Donald Trump announced the tariff list, many countries negotiated with the US. Some countries agreed to lower tariffs on US goods. Gold has no motivation to increase in price, while profit-taking activities have increased, the downward trend is more severe," Mr. Trong analyzed.

Providing advice to gold investors at the present time, expert Tran Duy Phuong emphasized that, according to his assessment, gold prices will continue to fall sharply in the coming days. If people intend to buy gold, they should wait for the next developments to enjoy the best price.

In addition, buying gold at this time will be very risky. Firstly, the world gold price is in a downward adjustment trend. Secondly, the gap between domestic and world gold prices is also widening. This is because domestic gold prices have not kept up with the world's downward trend.

"Around the end of April, the gold price will reach its best level. Investors who intend to buy gold should wait until then," Mr. Phuong advised.

Expert Nguyen Tri Hieu emphasized that for those who buy gold, especially for investment, at this time they need to closely monitor the market, both internationally and domestically, to have accurate assessments.

Global financial experts are now warning of headwinds for gold prices. The precious metal could plunge as much as 38% over the next five years, returning to around $1,820 an ounce, the same price as in 2022.

Therefore, Mr. Hieu recommends: "For investors, this may be a time to be extremely cautious and not get caught up in the gold price "fever" and ignore long-term fundamental factors."

In addition, according to Mr. Hieu, by April 9, tariff negotiations between countries and the US will take place, which is a factor that puts gold in an unpredictable position. Gold companies sell at high prices but buy back at low prices, buyers have to bear high risks.

"When the gold market fluctuates so strongly, it's best not to participate," Mr. Hieu emphasized.

(According to VTC News)

Source: https://baoyenbai.com.vn/12/348471/Gia-vang-roi-tu-do-nguoi-mua-du-dinh-lo-hon-5-trieu-dongluong-sau-6-ngay.aspx