Balanced buying and selling demand
According to Lao Dong, in mid-November, at famous gold shops in Ho Chi Minh City, buying and selling were bustling. Customers lined up to buy, but this time there was no longer the scene of people coming early, waiting for hours, even days to buy gold like before. The shops always ensured that the amount of gold was enough to meet customer demand.
Ms. Luong Thi Bich Tram (residing in Go Vap district) went to a famous gold shop in Ho Chi Minh City to buy 2 taels of plain gold rings. Ms. Tram said that here, it only took her about 15-20 minutes from the time she waited until the transaction was successful, she was able to buy the desired amount of gold.
“I planned to buy around the beginning of November, but because the gold price was nearly 90 million VND/tael, I considered it and decided to buy when the gold price dropped by about 4 million VND/tael. I saw quite a lot of people lining up to buy, but there was no jostling, the buying and selling was orderly,” said Ms. Tram.
Ms. Tran Thi Bach (living in District 1) shared: “About 5 months ago, to buy gold, people had to wake up early, jostle each other, and if they were lucky, they got a number and lined up to buy gold. Older people like me could hardly buy because they couldn’t wait. Now, I can buy much more easily and quickly.”
According to an employee of a gold shop in District 3, the pressure to sell gold has cooled down, there is no longer a scene of customers lining up and jostling each other. The demand for selling from people in the previous days increased, the shop bought back so there was a new supply of gold. With the current supply of gold, the shop decided to sell freely or with a moderate limit. In particular, customers do not need to order online in advance, they can come directly, get a number, and transact immediately.
Investors should buy gradually, not rush.
Gold expert Tran Duy Phuong - Director of Golden Fund Gold and Gemstone Company - said that at a time when domestic gold prices are falling quite sharply, the conversion price of domestic and world gold prices are equal. This is also a good opportunity for investors who want to buy for storage or investment. People should divide their money and buy gradually, not rush to buy all at once.
Regarding selling gold, investors should consider. If we need money and previously bought at a price of about 60-70 million VND/tael, we can sell to make a profit. If it is not necessary, we should wait for the right time, especially we should not sell at a loss because the probability of gold price adjusting and then recovering is very high.
From ancient times to the present, people's views, consciousness and habits have always wanted to hoard gold because they believe that gold always increases in price over time. Gold has high liquidity, and when money is needed, gold can be sold at any time. If the State Bank has a mechanism and policy to make people see that if they sell gold to invest in another product more clearly, it will stimulate the reduction of gold hoarding.
Recently, after the intervention of the State Bank at the request of the Government, the difference is no longer as high as the peak period of 18-20 million VND/tael between the price of gold in Vietnam and the world, now the difference is only about 3-5 million VND, this level is appropriate.
According to Dr. Nguyen Tri Hieu - Director of the Institute for Research and Development of Global Financial and Real Estate Markets, from now until the end of 2024, the world gold price will increase again to 2,800 USD/ounce. If people want to buy gold, they can buy it but should not sell it at this time because they will lose money.
The Ho Chi Minh City Market Management Department has also requested market management teams to strictly implement professional measures to closely monitor places related to gold trading activities, especially cases that must be monitored according to regulations. The goal is to promptly detect, inspect, and strictly handle violations under the jurisdiction of the market management force.
