Gold prices fall sharply, buyers and sellers are cautious

Gold prices fall continuously, people listen to the market

On May 30, domestic gold prices continued to fall sharply, with adjustments ranging from 1 to 1.3 million VND/tael at many large gold businesses. This development extended the market's decline in recent days, making people's psychology more cautious in gold buying and selling decisions.

According to records at some gold shops in Hanoi, the number of customers coming to trade is not too active even though gold prices have decreased significantly compared to previous sessions. Many people who need to buy gold are still not in a hurry to spend because they expect prices to continue to fall in the coming days.

Ms. Le Thuy Nga in Giang Vo ward, Hanoi shared that she is in need of buying some gold and has been monitoring gold prices for nearly a week but has not decided to buy. According to Ms. Nga, gold prices are in a downward trend, so waiting for a few more sessions may help buy at a better price.

I plan to buy gold as a savings asset, but currently I still want to observe more. If the price continues to fall, I will consider buying in" - Ms. Nga shared.

The psychology of waiting also appears in many individual investors. Many people believe that world gold prices are still under pressure from economic factors and international monetary policy, so the possibility of further adjustment in domestic gold prices is possible. Therefore, instead of taking advantage of buying when prices fall, many people choose to stand outside the market to monitor the next developments.

In the opposite direction, those who are holding gold also do not have a strong selling trend. Although gold prices have decreased significantly, many people still expect the market to recover soon in the near future. This makes the supply of gold sold by people not increase sharply as in some previous periods.

Mr. Tran Le Minh in Hoan Kiem ward, Hanoi said that he is holding a quantity of gold bought from the beginning of the year and has no intention of selling. According to Mr. Minh, the current price is lower than when gold peaked, so selling at this time is not really attractive.

I think gold is still a safe asset holding channel in the long term. If I don't need money urgently, I will continue to keep it instead of selling it when the price is falling" - Mr. Minh said.

Experts believe that the gold market is in a sensitive phase when it is simultaneously affected by world gold price movements, exchange rate fluctuations and investor sentiment. Recent sharp declines have partly helped narrow the gap between domestic gold prices and the adjustment trend of the international market.

Trading in the market today mainly comes from customers with real needs, while speculation has decreased significantly compared to the period when gold prices were hot. This helps the market become more stable but also makes liquidity no longer vibrant.

Gold price update

By 12:00 PM, domestic gold prices continued to fall sharply. SJC gold bars at DOJI and Bao Tin Minh Chau were listed at 156-159 million VND/tael (buying - selling), down 1 million VND/tael in both directions. Phu Quy listed 155.5-159 million VND/tael, down 1.3 million VND/tael on the buying side and down 1 million VND/tael on the selling side compared to yesterday morning.

9999 gold ring prices also simultaneously decreased. DOJI and Bao Tin Minh Chau listed 156-159 million VND/tael, down 1 million VND/tael in both directions. Phu Quy traded at 155.5-158.5 million VND/tael, down 1.3 million VND/tael compared to yesterday morning.

Currently, the difference between buying and selling gold prices is commonly from 3-3.5 million VND/tael.

World gold prices are listed around the threshold of 4,531.3 USD/ounce, up 33.2 USD compared to the previous day.