Gold flippers are selling gold en masse due to heavy losses.
The price of gold bars and gold rings decreased by another 300,000 VND this morning. Those who bought gold for short-term trading last week lost up to 3.8 million VND, leading to a situation of selling at a loss on social networks.
Updated at 8:30 am on November 3, the price of SJC gold bars at many domestic brands fluctuated. The common decrease was 300 thousand VND/tael, the common increase was 200 thousand VND/tael compared to the weekend session.
At the SJC and PNJ systems, gold prices are listed at 146.6 - 148.6 million VND/tael (buy - sell).
At DOJI store, gold price is listed at 146.1 - 148.1 million VND/tael (buy - sell).
SJC gold prices at other brands such as Bao Tin Minh Chau, Phu Quy and Mi Hong also decreased sharply, trading around 147.1 - 148.6 million; 146.1 - 148.6 million and 147.3 - 148.6 million VND/tael, respectively.
Not only gold bars, the price of 9999 gold rings also decreased by 300 thousand VND/tael. Specifically, SJC listed the price of gold rings at 143.3 - 145.8 million VND/tael, PNJ and DOJI both traded at 145 - 148 million VND/tael.
Bao Tin Minh Chau decreased slightly, only 100 thousand VND/tael, down to 146.1 - 149.1 million VND/tael. The consecutive decline put domestic gold prices under great pressure after a series of hot increases at the beginning of the month.
Last week, domestic gold prices recorded a strong increase at the beginning of the week, then continuously adjusted down. By the end of the week, gold bar prices at major brands such as SJC and PNJ had decreased by more than 800 thousand VND/tael compared to the end of the previous week.
At Bao Tin Minh Chau and DOJI, the afternoon buying price of SJC gold decreased by 1.1 - 1.3 million VND/tael. Currently, major gold companies still list buying and selling prices around 146.4 - 148.4 million VND/tael, while Phu Quy traded at 145.9 - 149.4 million VND/tael.
Last week, Bao Tin Minh Chau gold ring price dropped the most, adjusting to 3.8 million VND/tael in both buying and selling directions. SJC also lowered the gold ring price by 2.5 million VND/tael, while brands such as PNJ and DOJI reduced from 0.8 to 1.2 million VND/tael.
Currently, SJC gold rings are trading around 143.6 - 146.1 million VND/tael; DOJI and PNJ maintain prices at 145.3 - 148.3 million VND/tael; Phu Quy buys and sells at 145.4 - 148.4 million VND/tael; and Bao Tin Minh Chau maintains prices around 146.2 - 149.2 million VND/tael.
The decline in gold prices that lasted throughout the past week has caused many investors to suffer great losses. The buying and selling gap has widened, causing holders of gold rings to lose between 3.8 and 6.8 million VND/tael, and holders of gold bars to lose between 2.3 and 2.8 million VND/tael.
With the current unpredictable developments, domestic gold prices still pose many risks if the downward trend continues in the coming days.
On social media forums and gold exchange groups, gold prices have become a hot topic as they have continued to plummet after a series of strong increases. Many people have expressed their concerns about having bought gold at high prices in the highlands.
An account in the group “9999 Gold Buying and Selling Community” said they bought 1 tael of gold at 145.6 million VND/tael and another tael at 154.6 million VND/tael. Now the price has dropped, making them wonder whether to sell or continue to hold.
In the comments section, dozens of people sympathized with the same situation of “holding on to gold at high prices”. They are facing a difficult choice: sell and lose heavily, or hold on and worry that the price of gold will continue to fall.
Many people who need money urgently are in a dilemma. One person wrote anxiously: “I need money for work in a month, but the price of gold keeps falling like this, I don’t know if I should cut my losses or not.”
Many people in the community believe that the gold price is only temporarily adjusting, and should be kept until after Tet for the price to recover. One account shared: “Selling now is a loss, gold is still a savings, so wait a bit longer.” On the contrary, another group recommends selling early to preserve capital. One person wrote: “If you need money, sell, the gold price fluctuates a lot, don’t try to hold on.”
Some opinions say that most people who buy gold recently are not for long-term storage but to “surf” for quick profits. When the price drops sharply, panic is understandable. One member commented: “Now gold is no longer a safe haven, whoever buys at the top is accepting the risk.”
According to financial analysts, short-term investment in gold prices is risky. The world gold price fluctuates continuously, but the domestic price does not decrease accordingly, making it easy for buyers to "get stuck with goods".
Furthermore, the difference between the buying and selling prices of gold trading enterprises can be up to several million VND per tael, making short-term gold price "surfing" almost unprofitable. Investors are advised to consider carefully before trading during this period of strong fluctuations.
