Gold falls out of favor, saving money takes center stage.

Gold prices have been continuously falling sharply, causing holders of the precious metal to suffer even greater losses. Conversely, despite a slight recent decline, savings interest rates remain a stable source of income for idle funds.

Gold prices have fallen by 35 million VND per tael in the past four months.

The price of SJC gold bars has continuously decreased and returned to the levels seen in early 2026. Compared to its peak price of 192.2 million VND/ounce, the precious metal has fallen by nearly 34-35 million VND/ounce. Gold prices have fluctuated sharply recently, trending downwards. On May 29th, Saigon Jewelry Company (SJC) increased the price of gold bars by 2.5 million VND per ounce, then continuously adjusted it downwards by a total of 1.5 million VND; the buying price was 155.5 million VND per ounce, and the selling price was 158.5 million VND. Similarly, the price of gold rings also fluctuated, with SJC buying at 155.3 million VND and selling at 158.3 million VND/ounce. Phu Quy Company and Bao Tin Minh Chau Company bought at 155 million VND and sold at 158 ​​million VND/ounce… Gold has easily dropped below the 160 million VND/ounce mark.

Global precious metals also fluctuated within a wide range from $4,488 to $4,523 per ounce. Domestic gold prices were only 14 million VND/ounce higher than the world price, compared to their previous high. Gold expert Duong Anh Vu commented: the drop in world gold prices below $4,390/ounce on May 28th was seen as a test both fundamentally and technically. Fundamentally, this was due to information that the US and Iran were preparing to reach a ceasefire agreement. Technically, selling pressure emerged when the support level of $4,400/ounce was broken. The result of this test was a strong rebound in gold prices, surpassing $4,500/ounce, suggesting that demand for gold remains strong.

Gold prices have been continuously falling over the past four months.

PHOTO: DAO NGOC THACH

"Although developments in the Middle East have cooled down, the conflict in Eastern Europe shows signs of escalating. Russia continues to bomb Ukraine, and the Kyiv government is constantly retaliating. Furthermore, the conflict could spread with the Kremlin's threats targeting Europe. This is a fundamental factor supporting gold prices," Mr. Vu explained. Technically, gold needs to hold the support level of $4,430 per ounce. If gold holds firm this weekend and early next week, the precious metal could rise to $4,800 per ounce. Conversely, if the $4,430 per ounce support level is not held, gold could fall below $4,300 per ounce. "Gold prices may continue to fall before reversing," Mr. Duong Anh Vu added.

The amount of cash in circulation increased.

According to the latest figures released by the State Bank of Vietnam, the ratio of cash in circulation to total means of payment increased to 11.52% by the end of January, the highest level in the last three years. Compared to the end of September 2025, the ratio of cash in circulation to total means of payment has increased by more than 2%. Based on the total means of payment, it is estimated that the amount of cash in circulation increased by more than 360,000 billion VND in the last three months of 2025 and the first month of 2026.

The sharp drop in gold prices has left many feeling "heartbroken." Ms. Nguyen Thuy (residing in Ho Chi Minh City) shared that at the end of January, she bought one SJC gold bar for 190 million VND. A few days later, the price rose to over 192 million VND, but the purchase price at that time was only around 187-188 million VND/ounce, so she hadn't actually made a profit. In February, the price of gold plummeted and has remained low until now, resulting in a loss of 35 million VND on the one ounce she bought. A few days ago, seeing the price drop to 160 million VND/ounce, Ms. Thuy bought another ounce to balance the price, only to lose another 5 million VND when the price dropped to 155 million VND/ounce. "I calculated that buying 2 taels of gold for a total of 360 million VND resulted in a loss of 40 million VND. I don't know when the price of gold will return to 190 million VND per tael. Now I don't dare withdraw money to hunt for cheap gold anymore," Ms. Thuy said.

Gold prices are at their lowest level since the end of January, but some gold trading companies report that customers are still selling gold. This is unusual because previously, selling pressure was very low at these price levels.

Money goes into savings accounts.

Despite gold prices being at their lowest level in four months, many people are still hesitant to invest. This is a recent trend in the market. Conversely, idle funds continue to remain in banks. Ms. Tran Hoa (residing in Ho Chi Minh City) calculated that she has over 1.6 billion VND deposited in a 12-month savings account with an interest rate of 9% per year, yielding 144 million VND in interest. This interest will definitely be received after the deposit period. If she were to buy 10 taels of gold for 160 million VND, the interest would only be equivalent to the savings interest when the purchase price of gold exceeds 174.4 million VND per tael. "I know there have been periods of sudden gold price increases, but after the sharp rise in January, the price has continuously decreased until now. A further increase of 15 million VND per tael is unlikely in the near future. It's better to choose something that offers both profit and safety," Ms. Hoa said.

High savings interest rates attract deposits.

PHOTO: NGOC THANG

Although current bank savings interest rates are showing signs of stagnation, they remain a safe investment channel for idle capital, currently pegged at high levels. Following the State Bank of Vietnam's (SBV) request to reduce interest rates, savings interest rates have been slightly adjusted down by 0.1-0.2% per year, but rates of 8-9% per year are still available. Cake by VPBank, a digital bank, currently offers a program that adds 1.5% per year to the interest rate for customers depositing savings. Regular savings interest rates for terms of 6 months or more range from 7.2-7.4% per year. This means the interest rate after the addition reaches 8.7-8.9% per year. Sacombank recently reduced interest rates by 0.2-0.3% per year on some terms, specifically 7% per year for 12-month terms and 7.1% per year for 24-60 month terms…

Most banks offer different savings interest rates tailored to different customer segments, but there are generally two types of rates: over-the-counter and online. Online rates are usually higher than over-the-counter rates. This is quite evident among state-owned commercial banks such as Agribank , Vietcombank, Vietinbank, and BIDV. These Big 4 banks offer interest rates of 6.6% per year for a 6-month term and 6.8% per year for a 12-month term. Vietcombank's flexible savings product even offers interest rates above 7% per year, a highly competitive rate compared to other commercial banks.

According to the State Bank of Vietnam (SBV), the amount of deposits from individuals in banks exceeded 10.3 million billion VND by the end of January. The banking sector's capital mobilization rate increased to 2.2% by the end of April. Rong Viet Securities Joint Stock Company (VDSC) believes that the growth rate of deposits among banks is highly differentiated due to rising interest rates. A few banks that accept higher deposit costs have recorded better-than-average growth. Liquidity pressure is expected to ease in the second half of 2026 if public investment disbursement accelerates significantly; this is an important indicator for assessing when the pressure on capital costs for banks will begin to ease.

Numerous offers of high interest rates are appearing on social media platforms, prompting banks to warn of fraud. An Binh Commercial Joint Stock Bank (ABBank) warns that a group is sending out offers to deposit savings on social media platforms like Facebook, Zalo, and Telegram. This is a high-tech scam where perpetrators create chat groups and use fake images and documents to entice users to participate in "online savings packages" promising returns of up to 18-20% per year, many times higher than the usual bank interest rates. Initially, the fraudsters may pay small amounts of interest on time to build trust, then continue to trick victims into depositing larger sums of money before stealing it. ABBank advises users to be especially vigilant about unfamiliar applications or websites sent via social media, and to refrain from transferring money without verifying the identity and legal status of the organization or individual offering the investment.

Source: https://thanhnien.vn/vang-that-sung-tiet-kiem-len-ngoi-185260530210027032.htm