Reduced by up to 4.5 million VND/tael in just a few hours
Right from 9:00 AM on March 23, the gold market recorded a sharp decrease compared to the previous session's close. SJC gold bars at DOJI, Bao Tin Minh Chau and Phu Quy were listed at 166-169 million VND/tael, down 2 million VND/tael in both buying and selling directions.
In the 9999 gold ring segment, DOJI and Phu Quy also listed 166-169 million VND/tael, while Bao Tin Minh Chau was at 166.5-169.5 million VND/tael, down to 2.6 million VND/tael. The buying - selling difference is commonly at the threshold of 3 million VND/tael.
However, developments until early afternoon were even more negative. As of 1:30 PM, SJC gold bars at DOJI retreated to 164-167 million VND/tael; Bao Tin Minh Chau and Phu Quy both listed at 162-165 million VND/tael.
In the same direction, gold rings at DOJI were at 164-167 million VND/tael, while Phu Quy and Bao Tin Minh Chau were at 162-165 million VND/tael.
Thus, after only a few hours of trading, SJC gold bars decreased by another 2 to 4 million VND/tael compared to the morning session. With gold rings, the decrease was even stronger, from 2 to 4.5 million VND/tael. Bao Tin Minh Chau is the unit recording the strongest adjustment in gold rings.
Investors need to be cautious
The rapid decline made many gold buyers unable to react in time. Mr. Nguyen Van Tuong (Hanoi) said that this morning he bought 5 taels of gold after jostling and waiting for quite a long time for his turn to trade. At that time, he was also happy because he thought the price had dropped deep enough to spend money. But in the afternoon, when he saw the price continued to fall by a few million VND per tael, he could not help but be shocked.
When I finished buying, I still felt lucky because there were many people but I still could buy. Unexpectedly, in the afternoon, the price continued to decrease" - Mr. Tuong said.
Contrary to Mr. Tuong's mood, Mr. Nguyen Ngoc Anh (Hanoi) seemed relieved because he could not buy gold as planned this morning. According to him, the store was crowded and he had to wait a long time, so he left. In the early afternoon, when the price continued to fall deeply, he thought he had avoided a hasty decision.
In fact, the gold market on March 23rd showed that investor sentiment changed very quickly. In the morning, many people still flocked to stores with the expectation of "catching bottom". But in the early afternoon, when prices continued to plummet, the excitement quickly turned to caution, even anxiety.
It is worth mentioning that the current risk is not only in the price reduction rate, but also in the buying - selling difference that is anchored at a very high level, commonly around 3 million VND/tael. With this gap, buyers have almost suffered a large loss right after trading if forced to sell in the short term.
In the context of gold prices fluctuating too strongly, buying according to crowd psychology or rushing into "bottom-fishing" for fear of missing opportunities may put investors at a disadvantage. The reality in today's session shows that some people just bought in the morning, and in the afternoon witnessed prices falling by several million VND per tael.
People need to be especially cautious with the fear of missing opportunities (FOMO). When the short-term trend is not stable, the amplitude of increases and decreases is too large and the buying-selling balance is still high, making hasty money decisions can easily lead to losses. For individual investors, especially those who intend to surf the wave, the priority at this time is not to follow the crowd but to manage risks and preserve capital. FOMO should not be used with gold in the current period.
