Nguyen Tri Hieu, a finance and banking expert, said at a seminar on investment channels held some days ago that the gold market is expected to experience the strongest volatility in 2026, followed by the stock market.

According to him, the gold market is undergoing unprecedented fluctuations as global gold prices have surpassed $4,700 per ounce, while domestic gold prices at times touched VND165 million per tael. These figures are far beyond previous forecasts. The gold market is highly sensitive to geopolitical developments and investors’ FOMO psychology.

Regarding the question of whether to sell gold to buy real estate, Hieu said this is a difficult question at the moment.

The expert stated that in 2025, gold brought a return of about 80 percent, while no other investment channel achieved a similar rate. Even real estate struggles to reach a 30 percent profit level.

Therefore, if profitability is the main criterion, investors should not sell gold to invest in real estate, he said.

“However, in terms of long-term safety, real estate may be safer than gold. In a developing economy like Vietnam, real estate prices are very unlikely to decline. Although the government and society hope housing prices will fall to make them more affordable, reality shows this is difficult to happen. Land prices keep rising, construction costs are climbing, and interest rates tend to edge up,” he said.

Hieu predicted that interest rates will increase this year, and this is one of the factors pushing real estate prices higher.

“Current real estate prices are already at very high levels, making it harder to seek short-term profits. Nevertheless, in the long run, the real estate market, especially the housing segment, still has room for growth because supply has not yet met real demand.

For investors who already hold gold, they should continue holding it and should not shift into real estate at this time. By contrast, for those with idle cash who have not invested in any channel yet, real estate remains a worthwhile option for long-term goals,” Hieu suggested.

Rumors, herd psychology

According to Ngo Tri Long, a respected economist, among investment channels today,  gold is currently the most attractive due to its rapid price increases.

Any investor aims for three goals: safety, liquidity, and growth. Each investment channel has different objectives. Gold is often a channel for risk prevention. In the context of global economic and geopolitical instability, investors tend to seek gold as the safest haven.

Long noted that in all cases, investors should not follow rumors or crowd psychology.

"Gold prices will continue to rise in the near future due to unstable world geopolitical situations. Investors should not rush to sell their entire portfolio to switch to other channels. Instead, the optimal strategy is to reallocate proportions, only taking profits on a portion when the asset reaches the expected threshold or nears the peak to reinvest in real estate. This helps both preserve capital and take advantage of profitability from multiple sources without violating the principle of 'putting eggs in one basket'," Long said.

Regarding real estate, he evaluated it as a safe channel for holding money. To invest successfully, investors need to find properties likened to "beauty queens", meaning the assets possessing prime locations, transparent legal status, and synchronous infrastructure. These assets not only have high liquidity but also generate sustainable cash flow.

However, according to the expert, decisions should be made based on each investor's specific appetite.

By 1.09 pm on January 22, SJC gold bar prices were adjusted up to VND167.3-169.3 million per tael (buy-sell), up VND600,000 per tael compared with the early-morning listing.

Manh Ha