After many sessions anchored in high price zones, the domestic gold market suddenly recorded a downward trend in recent days. This development quickly attracted the attention of people, especially the group of customers waiting for a reasonable "enterment point" to buy.
According to reporters' records on May 5, at some gold trading stores in Hanoi, the number of transactions showed signs of slight increase as soon as prices adjusted down. Many people took the opportunity to spend money to buy in with the expectation that prices will recover soon in the near future.
However, in the opposite direction, there is also a psychology of hesitation when some people consider taking profits after the price has increased before.
On Tran Nhan Tong street (Hai Ba Trung ward), Ms. Pham Thi Thanh Huong (living in Hoan Kiem ward) said that she decided to buy gold during this price reduction to save as a savings.
I see gold as a savings. When I saw the price decrease compared to before, I bought a little more to save, not focusing on short-term profits and losses. Today I bought 1 chi of gold rings and the store immediately returned the goods" - Ms. Huong said.
Meanwhile, Mr. Do Nghia Dung (Bach Mai ward) said that this gold purchase originated from personal financial needs. This morning, he intended to buy 3.5 taels of gold rings, a 3-tael bracelet and a 0.5-tael bracelet.
I have a gold debt before, so I want to buy it back to balance. At the same time, I also need gold to manage some personal matters, so I take advantage of the price drop to buy. Today the store is quite crowded, I am still having to queue" - Mr. Dung shared.
Contrary to the buying trend of many people, Mr. Bui Minh Quan (Vinh Thanh commune, Hanoi) is hesitating between selling or continuing to keep.
I bought 9 taels of gold rings from a lower price period, so I am currently also profitable. However, I have not decided to sell because I am still worried that prices may continue to fluctuate. Maybe I will close a part to reduce risks" - Mr. Quan shared.
Gold price update
As of 11:30 am, SJC gold bar prices were listed by DOJI Group at the threshold of 162-165 million VND/tael (buying - selling), down 1.6 million VND/tael in both buying and selling directions compared to yesterday morning.
Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 162-165 million VND/tael (buying - selling), down 1.6 million VND/tael in both buying and selling directions compared to yesterday morning.
At the same time, DOJI Group listed the price of gold rings at 162-165 million VND/tael (buying - selling), down 1.6 million VND/tael in both buying and selling directions compared to yesterday morning.
Phu Quy Jewelry Group listed the price of gold rings at the threshold of 162-165 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions compared to yesterday morning.
At 11:32 am, world gold prices were listed around the threshold of 4,532.2 USD/ounce.
The downward trend of the international market is affecting domestic gold prices. People need to be cautious and avoid following the crowd mentality when gold prices fluctuate strongly, especially in the context that the difference between buying and selling prices is still maintained at a high level.
See more news related to gold prices HERE...
