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As gold prices remain volatile and bank interest rates rise again, many people are reconsidering how to allocate their assets.
Ms. H., a self-employed business owner in Hanoi, recently made a decision she says was not easy: she sold two SJC gold bars she held to shift into bank deposits.
Ms. H. previously bought the gold at 172 million VND per tael. When the market moved down toward around 170 million VND per tael, she still chose to sell.
Based on her calculation, after selling the two bars, the proceeds would be about 340 million VND. With a bank deposit rate of 8.5% per year, she estimates that after six months, this money could earn about 14.45 million VND in interest. “Not a large number, but stable, safe and requiring little further thought,” she said.
Ms. H. also said she would not sell all the gold she has. In addition to the sold gold, she still keeps about 8 taels of gold purchased years ago, which have appreciated significantly. For her, this is a defensive asset that helps diversify her portfolio.
Many investors are weighing whether to hold gold or place more in deposits given the volatility in the market.
To achieve a profit roughly equivalent to 7.2 million VND per tael over six months from deposits, the gold price would not only need to rise by that amount. The buy-sell spread, typically 3–4 million VND per tael, would also have to be overcome.
This pushes the break-even point higher. To avoid losses when selling, gold must rise beyond the 3–4 million VND spread per tael. Moreover, to reach profit levels matching a six-month deposit, the price would have to rise further by about 7.2 million per tael.
In Ms. H.’s case, the total required increase is not limited to 7 million per tael; it could reach around 10–12 million. In other words, to “beat” the six-month deposit option, gold would need to rise to around 182–184 million VND per tael. This is not unimaginable, as gold had reached around 191 million VND per tael earlier this year.
However, the sense of security from placing money in a deposit amid market volatility is something other investment channels struggle to provide.
Since the start of 2026, gold movements have been more volatile. From about 150 million VND per tael, prices surged toward nearly 190 million VND per tael by the end of January. But the rise did not hold; in early February prices slipped to around 165 million VND per tael, then rose again toward near 190 million VND per tael in early March.
Notably, a few days later, the market reversed again, dipping to around 162 million VND per tael in mid-March. The frequent swings, with daily moves up to 9 million VND per tael, have unsettled many investors.
Meanwhile, the savings market is regaining appeal. Bank deposit rates have risen again after a period of low rates, with typical rates around 6.5–8.5% per year for six to twelve-month tenors, and even higher in some promotional programs.
Although not dramatic, these returns offer safety and liquidity in a volatile market. As a result, many people are torn about whether to invest more in gold or to raise deposits in the near term.
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