Gold prices are at multi-day lows, and experts say there is no longer an attractive case to buy as a safe-haven asset.
Sunday, March 15, 2026, 18:50
Gold market commentary continues: Experts warned that gold price surged to a peak in 2011, but investors did not recover until nearly a decade later.
As of the week ending March 15, the SJC gold ingot price quoted by vendors stood at 179.6 million VND per tael for buying and 182.6 million VND per tael for selling.
Gold bars and jewelry 99.99% were quoted at 179.3-182.4 million per tael (buy-sell). In two weeks, domestic gold price has fallen by more than 4 million per tael. Compared with the peak above 191 million per tael reached at the end of January, current price is down nearly 10 million.
According to a reporter from Nguoi Lao Dong, many people are buying gold when prices are at multi-day lows and below the historic peak. Nevertheless, gold prices have risen about 65% in 2025. To date, the metal remains more than 30% higher than the start of the year.
At a talk show titled "Stocks, gold, oil volatility: what opportunities for investors?" organized by Nguoi Lao Dong recently, many experts expressed views that current gold price level is "no longer attractive" as a safe haven.
Mr Vo Diep Thanh Thoai, Senior Customer Manager, DNSE Securities, analyzed that gold market has entered a long-term uptrend from 2019 to date. The strongest rally occurred roughly in 2022-2023 and continues to today.
In the context of conflict, rising inflation, many investors view gold as a safe haven to protect asset value. However, like other asset classes, gold still must reflect its intrinsic value.
"Investors should remember the lesson of 2011. After the 2008 global financial crisis in the US and its spillover to Vietnam, gold prices surged, causing many investors to buy around 40 million per tael. However, it took nearly 10 years to 2019 for gold to return to that level. Whatever asset class you choose, when prices have surged too high, investors should reassess cautiously and objectively before deciding," Thoai said.
Mr Dao Minh Chau, Deputy Director of the Center for Analysis and Investment Advice, SSI Securities, also said that with gold as an investment channel, it has risen very strongly recently. If viewed as a safe haven, at current price levels gold is no longer as safe a haven as before.
Gold expert Tran Duy Phuong also said that at this stage investors should not participate in accumulation because domestic gold prices are still higher than world gold. Currently domestic gold price is about 20-21 million VND per tael higher than world price (converted by the stated exchange rate).
