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He is not a professional investor, just an office worker who spent years building his savings. When prices surged to that level, he feared missing out on a rare opportunity to get rich and joined the buying frenzy. Within weeks, prices stalled and then began to steadily decline. Now, he is left watching the value of his savings drop day by day.

As for me, I believe prices will continue to fall in the coming months. One reason is the wide gap between domestic and global gold prices. Such a divergence is unlikely to last, as local prices cannot remain disconnected from global trends indefinitely.

Another factor is the rapid increase in prices compared to 2023. No asset can rise sharply for an extended period without eventually cooling down. If it does not, it risks forming a bubble.

With prices recently slipping below VND170 million per tael, I genuinely sympathize with those who bought at the peak. Unless they are prepared to hold for another 5 to 10 years, the short-term losses can be difficult to accept for those seeking short-term gains or capital preservation.

Personally, I have no plans to buy gold anytime soon, even if prices fall further. I prefer to stay on the sidelines, observe how the market adjusts and wait for the current hype to fade. I also no longer view gold as an absolutely safe store of value as, in the current environment, holding large amounts can carry risks due to price volatility, wide buy-sell spreads and concerns over theft.

Another point that is often overlooked is that demand for gold jewelry appears to be weak, particularly among younger consumers.

I am not suggesting that gold will collapse, nor dismissing its long-term role. However, at this stage, caution seems far more sensible than buying out of fear of missing out.

*This opinion was submitted by a reader and translated into English. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.