Purchasing power continues to increase
In recent days, domestic gold bar prices have remained at a record high, fluctuating between 153 - 155 million VND/tael. Although the gap between buying and selling prices is extended to 1.5 - 2 million VND per quantity, causing the short-term risk to increase, the number of buyers has not decreased.
At many gold shops in Hanoi and Ho Chi Minh City, the number of customers coming to trade is still large. People buy gold mainly for storage, considering it a safe channel in the context of an unpredictable economy. Small, regular transactions have appeared more often, replacing the jostling to buy gold like previous fevers.
The mentality of "holding tangible assets" returns when many other investment channels are no longer attractive. Savings interest rates continue to be low, while stocks and real estate fluctuate strongly. Gold has become a cautious cash flow destination, even though it does not bring immediate profits.
The risk of "gold hoa" is showing
A survey at many gold shops shows that the group of customers who buy the most is middle-aged people, business households and people with stable income. Many people buy them for phishing or long-term storage, instead of speculation. Young people are also appearing more and more in the group of customers who buy gold rings periodically, which is considered a form of savings.
However, putting money into gold has significant potential risks. With a margin of difference of several million VND per quantity, buyers at the peak may immediately lose if prices are adjusted. In fact, domestic gold prices are currently tens of millions of VND higher than the world price per unit, reflecting the imbalance between supply and demand. In the long term, the trend of massive gold hoarding can cause the consequences of "golding" the economy - when capital flows are withdrawn from production, investment and consumption, slowing down the recovery. Therefore, holding gold should only account for a small proportion of the asset portfolio, rather than being considered a major choice.
Controlled supply increase - the key to cooling domestic gold prices
Amid the fluctuating market picture, gold is still a popular safe haven, but it cannot be a long-term solution. Experts say that it is necessary to take measures to manage and supplement reasonable supply to avoid the situation of prices being pushed up.
Dr. Le Xuan Nghia - Member of the Prime Minister's Policy Advisory Council, former Vice Chairman of the National Financial Supervision Committee, commented that the State Bank of Vietnam (SBV) needs to soon grant gold import licenses to stabilize the market.
"The State Bank will calculate the appropriate import quantity. This is necessary, because if not imported officially, gold will go through smuggling channels or floating. Gold smuggling is very dangerous, both tax evasion and unofficial consumption of foreign currency, which can push up the exchange rate, making the market more complicated, said Mr. Nghia.
According to him, increasing supply must go hand in hand with strict control, preventing manipulation, hoarding and pushing prices. Effective gold market management not only helps stabilize domestic prices but also limits speculation, contributing to maintaining the goal of preventing the economy from goldifying.
Stabilizing market sentiment, increasing official supply and controlling risks is a new sustainable direction...
