Purchasing power increased sharply
According to Lao Dong on November 11, at gold shops in Districts 1, 3, Binh Thanh... in Ho Chi Minh City, the demand for gold has begun to increase again. The buying and selling power is now more balanced compared to the time when gold prices suddenly plummeted a few days ago.
Some gold shops in Ho Chi Minh City also confirmed that buying power has increased over the past 3-4 days.
In some places, customers are even willing to withdraw their bank savings to buy gold. Ms. Tran Thi Oanh (living in Binh Thanh) said that she usually buys gold to store, however, at this time, gold is fluctuating, the number of buyers is quite large, so she is considering withdrawing some of her bank money to buy more gold.
"I'm afraid that stores will limit the amount of gold sold as low as in June 2024, so I have to buy it today," Ms. Oanh shared.
Mr. Chu Manh Hai (living in District 3) shared that this year, he and his wife are over 60 years old, have salaries so they often save a part to buy gold.
"I think buying gold means I can hold it securely in my hand and feel secure. My wife and I are not familiar with investing in stocks or real estate," he expressed his opinion.
Not only Ms. Oanh and Mr. Hai, but many people today believe that with the amount of money deposited in the bank, the interest rate is currently quite low, so there may not be much profit. Meanwhile, if you buy gold at the right time, the profit will be higher.
Gold prices continue to fall in November
Faced with this situation, some experts point out that people should use idle money to store using many different methods instead of focusing on just one method to avoid risks.
Talking to Lao Dong, gold expert Tran Duy Phuong - Director of Golden Fund Gold and Gemstone Company said that the psychology of people rushing to trade has caused gold shops and gold trading enterprises to welcome a large number of customers.
Domestic gold prices still depend on world gold prices. At this time, gold prices are being adjusted, and will continue to decrease in November. However, in December and longer term, world gold prices will increase, and it is difficult to decrease continuously and deeply.
"Investors who want to buy should consider because there will be some declines in November. This is an opportunity to buy for medium and long-term investment" - gold expert Tran Duy Phuong commented.
