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Gold prices have fallen sharply, leaving gold holders uneasy. In just three months, domestic gold prices have dropped by 25 million dong per tael, prompting some buyers who purchased near recent peaks to worry about losses, while others are using the dip to accumulate.
On the morning of April 29, on Trần Nhân Tông gold street in Hanoi, the buying and selling atmosphere became busy from early hours. In front of major gold shops, customers queued to complete transactions. Many said they had monitored prices for days and decided to buy after the sharp decline.
Thanh Hương (Định Công Ward, Hanoi) said: “Since the Lunar New Year I’ve watched gold prices fall. Today they’ve fallen by a few million dong per tael, so I seized the opportunity to accumulate. With the upcoming long holiday, I think buying now is reasonable.”
Nguyễn Thắng (Đống Đa Ward, Hanoi) added that he viewed the current drop as a rare chance to accumulate: “I don’t think gold can fall much further, so I’m going to buy. Even if I have to queue, it takes only about 20 minutes to complete the purchase. I bought 5 chỉ to hold immediately.”
Reporters observed that despite heavy buying, the mood was not as intense as during past “gold fever” episodes. Many customers appeared cautious, purchasing smaller amounts rather than large sums.
A staff member at a jewelry shop said: “Customers are many, but most are buying in small amounts to store; there isn’t the same rush to accumulate large quantities as when prices were rising rapidly.”
In contrast, the sentiment among some gold holders was more negative. Minh (Cầu Giấy Ward, Hanoi), a private investor, said he is worried because his purchase was made near a higher price level.
Minh stated: “I bought when the price was around 183 million dong per tael. I expected it to rise, but after a little over a week it plunged. If I sell now, I’m already at a loss.”
He said his situation is not unique. Many who bought during the earlier surge are now anxious as each additional drop widens temporary losses. The article also notes that with a wide bid-ask spread, cutting losses in the short term can translate into a larger realized loss.
Experts said that in the short term, gold prices could remain highly volatile due to international factors including monetary policy, currency fluctuations, and market sentiment. As a result, “short-term trading” at this time carries substantial risk, particularly for less experienced investors.
For the longer term, gold is still viewed as a safe haven, but it does not always rise continuously. Deep corrections after a strong run are common. Investors are advised to set holding goals and define risk tolerance rather than follow the crowd.
As of the morning of April 29, domestic gold prices were around 163–166 million dong per tael, the lowest in three months. The movement is described as largely driven by international markets, as world gold prices corrected after a period of strength.
The article attributes the decline to a stronger USD and rising U.S. bond yields, which have led funds to move away from the non-yielding asset.
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