Are many people getting tired of gold?

From having to stand in line for hours under the sun just to buy a few grams of gold when prices were at their peak, gold has now "evaporated" by more than 50 million VND per tael, but purchasing power remains quite sluggish.

On June 10th, the price of SJC gold bars was listed at 133.3 - 138.3 million VND/ounce, a decrease of 5.5 million VND/ounce compared to the previous session and more than 50 million VND/ounce lower than the peak of 190 million VND set at the end of January.

No more queuing to buy gold.

The price of gold rings also fell sharply, commonly around 138-140 million VND/ounce. This drop is considered one of the strongest corrections in the gold market in recent years.

However, contrary to what usually happens in the market, this sharp drop in price did not trigger a rush of people buying gold to buy at the bottom.

Customers at SJC can buy gold bars without any limit.

Reporters from Tien Phong newspaper observed at many large gold shops in Ho Chi Minh City that the scenes of crowds and long queues lasting for hours are no longer present. Customers can now purchase gold almost immediately.

The supply on the market has also become more abundant than before. Many businesses report that gold bars are no longer subject to quantity limitations like during the price surge period. At SJC Company (Ban Co Ward), customers can buy 1 chỉ (unit of weight) of gold ring, and gold bars are available in any quantity.

“I arrived at the SJC gold shop at 10 am and was able to buy it right away. After transferring the money, I waited about 10 minutes and bought one tael of SJC gold for only 138.8 million VND,” said Ms. Minh Trang (a resident of Vuon Lai ward).

At Mi Hong gold shop (Gia Dinh ward), there weren't too many customers buying gold. The area selling gold rings and gold bars also had only a few customers. Most customers came to buy jewelry and ornaments.

Is gold losing its appeal?

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The market's sluggishness has led many to question: Have people lost interest in gold?

Speaking to a reporter from Tien Phong newspaper , gold expert Tran Duy Phuong stated that the main reason for the recent continuous decline in gold prices stems primarily from developments in the global gold market. In 2025, gold prices are expected to rise sharply due to expectations of central banks continuously cutting interest rates. Along with this, uncertainties related to trade wars and currency fluctuations around the world have driven capital flows towards gold as a safe-haven asset.

However, the current context has changed significantly. Inflationary pressures have resurfaced due to geopolitical tensions and rising oil prices, leaving many central banks with little room to further lower interest rates. In fact, the possibility of maintaining high interest rates for an extended period is now being considered.

"When interest rates rise or remain high, investors will prioritize holding assets with stable returns such as government bonds or strong currencies like the USD or euro. To shift capital to these channels, they have to sell gold. That's why gold prices are under downward pressure," Mr. Phuong commented.

Take your time buying gold while the price of this precious metal continues to fall.

Explaining why gold prices have fallen sharply but the number of buyers hasn't increased as much as during periods when gold prices were continuously reaching record highs, Mr. Phuong suggested that the reason lies in market sentiment and investors' expectations of profit.

Accordingly, most people interested in investing in gold bought in late last year or in the early months of this year, when the market still expected prices to reach new highs. As gold prices have continuously declined since February, the prospect of profit has become less attractive. This has made new investors less enthusiastic about investing as before.

In addition, savings interest rates at many banks have increased again, creating another safe investment option for idle funds. Many people believe that depositing money in savings accounts offers a higher level of security and more stable returns compared to buying gold amidst continuously falling prices.

Another reason is that the market currently has a large number of investors who bought gold at high prices. Among them, many have begun considering selling to cut losses or recover capital for other financial needs.

According to Mr. Phuong, risk aversion is currently gripping the gold market. Investors no longer see the prospect of price increases as attractive as before, so they are hesitant to invest. This is also the reason why domestic gold prices have fallen sharply, even though they have moved closer to world gold prices.

Looking ahead, Mr. Phuong believes that world gold prices may continue to fall to around $3,900 per ounce before recovering. For the domestic market, SJC gold bar prices could retreat to around 130-135 million VND per tael. However, the likelihood of prices falling significantly below 130 million VND per tael is not high.

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"In the long term, when prices fall to lower levels, demand will reappear. Investors who previously sold may return to buy. Therefore, I believe that gold prices are gradually approaching their bottom and have a chance to recover in the future, although it is very difficult to return to previous highs in the short term," Mr. Phuong commented.

Source: https://znews.vn/nhieu-nguoi-dang-chan-vang-post1658657.html