Records at some gold trading stores in Ho Chi Minh City on August 23rd show that although gold prices rebounded, the number of customers coming to trade did not fluctuate significantly. People mainly buy gold in small quantities to accumulate, while cautious psychology still dominates their decision to spend money.
At Mi Hong gold store, many customers mainly follow prices and consult information before deciding to buy. Some choose gold rings or jewelry gold in moderate quantities, instead of buying large quantities.
Ms. Nguyen Thi Tien, residing in Thanh My Tay ward, said that she has some idle money but is not in a hurry to pour it into gold. "I still follow gold prices every day, so I only buy a little to accumulate, and do not put much money into gold at this time because prices fluctuate quite quickly" - Ms. Tien said.
Similarly, Mr. Tran Van Minh, residing in Bay Hien ward, said that buyers need to calculate carefully in the context of fluctuating gold prices. "Previously, I often bought each chi to save. Now, if I have money, I still divide it into many channels, not focusing entirely on gold" - Mr. Minh shared.
According to some gold shop owners, purchasing power has not increased sharply recently even though prices have had rising sessions. Transactions mainly come from groups of customers buying for accumulation, while speculative buying and selling activities are quite quiet.
Talking to Lao Dong Newspaper, expert Tran Duy Phuong - Director of Golden Fund Jewelry Company, said that the domestic gold market has been relatively gloomy for the past 3 months. According to him, the diễn biến of world gold prices is one of the factors affecting the domestic market.
Notably, the increase in savings interest rates in recent months has also affected cash flow into gold. At times, interest rates were pushed up to 9-10%/year, causing a part of people with idle money to switch to depositing instead of buying gold.
People who are holding gold also tend to sell when prices rise or accept to cut losses to transfer money to savings, investment in production, business or debt repayment" - Mr. Phuong said.
According to experts, the psychology of gold holders is currently quite cautious. The market lacks momentum to form strong buying waves, causing liquidity at many stores to be low.
Meanwhile, the price of gold rings at some private gold shops at times was lower than the world gold price. According to Mr. Phuong, this is a sign that supply and demand in the market are quite weak, and purchasing power is not strong enough to create excitement.
In the context of continuously fluctuating gold prices, people tend to observe the market and allocate cash flow more cautiously, instead of buying in large quantities.
At about 10 am on August 23, in Ho Chi Minh City, SJC gold bar prices were listed at 144.6 million VND/tael for buying and 147.6 million VND/tael for selling; while at Mi Hong, the prices were 145.0-146.5 million VND/tael respectively.
For gold rings, SJC listed at 144.1-147.1 million VND/tael (buying - selling), while at Mi Hong it was 145.0-146.5 million VND/tael.
