Gold prices suddenly dropped sharply during the conflict in the Middle East, Vietnamese people were in turmoil?

On the afternoon of March 3, the domestic gold price suddenly reversed, plunging without brakes to decrease by nearly 3 million VND/ton despite Middle East tensions. The market was in waves, the flow of people rushed to sell to cut losses and take profits, creating a chaotic scene at trading points.

The "vertical" decline and the wave of profit-taking

Opening the trading session on the afternoon of March 3, the price of SJC gold bars made investors "sit still" when they were simultaneously adjusted sharply down by businesses. At large systems, the buying - selling price is currently only around 185.2 - 188.2 million VND/ton, "evaporating" up to 2.7 million VND compared to the morning. Meanwhile, the price of gold rings also retreated deeply to the mark of 188.2 million VND/ton.

Notably, the decline rate of domestic gold prices is significantly faster than the decline of the world. In the international market, the price of gold traded around the mark of 5,327 USD/ounce, only slightly down 16 USD compared to the beginning of the day. This "out of phase" is explained by experts because the crowd psychology is changing extremely sensitively. Instead of continuing to buy to hedge against geopolitical risks, people are rushing to sell to realize profits. In Tran Nhan Tong gold street (Hanoi), many customers bring dozens of gold to sell because they are afraid that the price will adjust even more deeply in the coming days.

The shop "burned" gold rings, buyers had to wait 2 weeks

In contrast to the crowded scene of sellers, customers who want to buy at this time face many difficulties. At Bao Tin Minh Chau gold shop, although each customer can only buy a maximum amount, by about 10 am, the staff had to announce that the stock was out of stock. The same situation also occurred at Doji and Bao Tin Manh Hai when smooth round rings almost disappeared throughout the system.

More harshly, some units such as Phu Quy Company, although there is no limit on the quantity, offer a "return later" policy. Customers who pay money can only receive one thread immediately, the rest have to wait up to 2 weeks to hold the gold in their hands. The scarcity of local supply while prices fall shows that the market is under great technical adjustment pressure after a long period of "hot" increase. Many investors who have just bought gold at the peak of 190 million VND/ton are in a situation "like sitting on a fire" when the price turns around too quickly.

What are the warnings from experts and scenarios for the upcoming gold price?

Analyzing this "upstream" development, Mr. Nguyen Quang Huy - an expert in Banking and Finance at Nguyen Trai University said that today's decline is more of a post-hot rebalancing session than a long-term reversal signal. Profit-taking is a natural reaction when profits meet expectations, especially when the information about Middle East tensions has not ended, but there are no more unexpected escalations.

Besides, the pressure from interest rates that remain high also makes gold - a non-yielding asset - less attractive in the short term. Mr. Huy recommends that in the context of extremely sensitive market sentiment, the volatility amplitude of gold will still be very large. For those who are holding gold at high prices, the safe strategy is to restructure the portfolio, avoiding panic that leads to sell-off at all costs. For those who are intending to "catch the bottom", patiently observing the interest rate roadmaps of the US Federal Reserve (Fed) and international money flows will bring a greater advantage than rushing to participate when the market is uneven.

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