SJC Gold Price Hits Record High, Many Buyers Face Significant Losses

The price of SJC gold bars has reached 147.6 million VND/tael, an increase of 600,000 VND/tael in both buying and selling directions compared to the previous closing session. This is a record high for the current year.

Looking back at past increases, it's clear that many buyers are facing significant losses. On January 29th, SJC gold bars reached a price of 188.3-191.3 million VND/tael. If you bought one tael at 191.3 million VND and held onto it until now, selling it at the current buying price of 144.6 million VND/tael would result in a loss of 46.7 million VND, equivalent to about 24.4% of the initial investment.

UBS Wealth Management still maintains a positive outlook on gold in the next 12 months and considers it as a channel to diversify assets. However, they caution that investors should not continue to increase their proportion of gold at all prices, especially for those who have made large profits after previous increases.

Ms. Le Thi Huong Tra, a lecturer at the Institute of Banking Science Research, noted that many Vietnamese people view gold as both an investment and a means to accumulate and preserve asset value. However, she emphasized that investors should not assume gold prices will continue to increase indefinitely and should be aware of price risks.