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Gold price drops continuously, investors are anxious to sell and cut losses

After 10 sessions when the gold price went down, many people felt like sitting on the fire when they accidentally hugged dozens of gold trees when the price was at the top.

From March 2 to March 8, the domestic gold market continuously “floated” when the price of gold within a week increased by 7 million VND/tael. However, right after that, the gold price also fell freely when it decreased by 7 million dong/tael in just 4 days.

On March 17, the price of SJC gold bars is commonly listed at 67.4 million dong/tael (buying in) and 68.6 million dong/tael (sold out).

This intense volatility made some surfing venture capitalists make a lot of money, but there are also many people who hold bitter fruits before they have time to exit.

In this context, investors with financial potential, investing in gold with their savings, are still trying to wait for the price to rise to take profits. But for those who borrow money to buy gold to surf, it’s like sitting on fire, rushing to push goods to cut losses because of financial pressure.

Gold price drops continuously, investors are impatient to sell and cut losses - 1

Many investors started to cut losses in gold.

Mr. Tran Minh Nhat (Dong Da, Hanoi) shared, he bought 20 gold trees at 70 million VND/tael, equivalent to 1.4 billion VND. In half of this money, Mr. Nhat had to borrow from relatives.

When the price reached the historic peak of 74.4 million VND/tael, Mr. Nhat decided to sell to take profit. But thinking that the gold price is in an upward momentum, there is still room to increase, moreover, if he sells at this time, his profit will be only about 50 million dong, far below expectations, so Nhat continues to “hug” goods, waiting for another opportunity.

I accepted to borrow money to surf gold, hoping to earn a larger profit, so when the price peaked, I still decided to wait.“, Nhat shared.

However, contrary to Mr. Nhat’s speculation, the gold price fell for many consecutive sessions, after only 2 days, it fell deeply to 68-69 million VND/tael. Many days later, the price hardly changed much, the downtrend continued.

Gold goes down and never increases again, while it is due to pay, I must have to sell at a loss of 10 gold trees to pay you.“, he said sadly.

If Mr. Nhat sold at this time, he would be forced to accept a loss of more than 30 million dong.

Like Nhat, Ms. Nguyen Thi Nguyet (Dinh Cong, Hanoi) also had to accept to sell at a loss for fear that the price would continue to decline. Nguyet bought 10 gold trees when the price increased to 69 million dong/tael, so if she cut her losses at this time, she would lose about 20 million dong.

Domestic gold investors have just experienced a trading week with great disappointment, because they thought that the gold price would maintain an uptrend in order to gain profits, after increasing investment in the previous week. However, the market’s changes, the price from the record high has continuously dropped rapidly, causing many gold holders to worry, those who are not patient enough and under financial pressure have to accept to cut their losses.

Prior to that, the expert also said that although gold investment is considered a safe channel, it is also risky because the price of precious metal fluctuates very strongly at this time. Therefore, people should not speculate on surfing and especially should not borrow money to pour into gold at this time.

(According to VTC News)

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