Domestic gold prices have continuously fluctuated in recent days, making the trading atmosphere at gold business stores in Ho Chi Minh City more cautious. Many people choose the psychology of listening and monitoring market developments instead of deciding to buy and sell immediately like the hot price increase period before.
Recorded on June 13 at Mi Hong gold store on Bui Huu Nghia street, the number of customers coming to transact still maintained, but there was no longer a crowded scene of queuing like gold prices continuously peaked. Most customers came to the store to check prices and carry out small transactions. The number of customers selling to take profits was very small.
Ms. Nguyen Kieu Thu (resident of Binh Thanh ward) said that she had previously bought 1-2 taels of gold during price reductions. Currently, although gold prices have increased sharply, she still continues to buy in small quantities for long-term accumulation.
Because I buy gold for accumulation purposes, I don't put too much emphasis on whether the price will rise or fall in the short term. When I have suitable idle money, I will buy more. However, before the current market fluctuations, I only buy little by little to limit risks" - Ms. Thu shared.
Similarly, Mr. Do Van Dinh (resident of Nhieu Loc ward) said that he just bought 0.5 taels of gold even though the price is at a high level. According to him, instead of buying in large quantities as before, he chose to buy little by little or continue to monitor market developments before making a decision.
At SJC Jewelry Company, the number of customers coming to trade is not too large. Many people said that the general psychology today is to be cautious in the face of unpredictable fluctuations in the world and domestic gold markets. Recent strong correction sessions have made short-term investors consider more carefully before making buying and selling decisions.
At gold business stores on An Duong Vuong, Nhieu Tam streets..., the business situation is also quite bleak, with sparse customers.
Gold expert Tran Duy Phuong - Director of Golden Fund Jewelry Company said that purchasing power in the market has not increased as strongly as the period when prices continuously peaked because investor sentiment has changed significantly.
According to him, most people who need to invest in gold have bought from the end of last year or in the first months of this year, when the market still expects prices to continue to increase. However, since February, gold prices have continuously adjusted, making profit prospects no longer as attractive as before, reducing the motivation to participate of new investors.
Savings interest rates at many banks have slightly increased, bringing another safe investment channel for idle money. In the context of unpredictable gold price fluctuations, many people choose to deposit savings because they consider this a form with a higher level of safety and more stable profits.
Another factor affecting the market is that there is still a large number of investors holding gold bought at high prices. Among these, many people are starting to consider selling to cut losses or recover capital to serve other financial needs.
At about 10 am on June 13 in Ho Chi Minh City, SJC gold bar prices were listed at 144.0 million VND/tael for buying and 147.0 million VND/tael for selling; while at Mi Hong, the prices were 145.5-47.0 million VND/tael respectively.
For gold rings, SJC listed at 143.9-146.9 million VND/tael (buying - selling), while at Mi Hong it was 145.5-147.0 million VND/tael.
