Gold prices in Vietnam saw a significant surge in 2024, at one point exceeding VND 92 million per tael. For those who invested in gold early in the year and held onto it, the gains have been substantial.

Profits from holding gold

Nguyen Thi Mai from Ba Dinh District, Hanoi, invested in two taels of SJC gold in early 2024, using a year-end bonus to purchase at VND 75 million per tael.

Her rationale was simple: gold prices tend to increase annually, making it a safe long-term investment.

Her foresight paid off.

By the Day of the God of Wealth in February, the price of SJC gold rose to VND 78 million per tael, earning her an initial profit of VND 6 million.

The upward trend continued, with prices climbing past VND 80 million, then VND 90 million per tael.

In May, gold peaked at VND 92 million per tael, bringing Mai a profit of VND 34 million.

Compared to bank savings, her gold investment proved far more lucrative.

By the end of the year, gold prices stabilized between VND 80 and 85 million per tael.

As of December 30, SJC gold closed at VND 84.5 million per tael, leaving Mai with a net profit of VND 9 million per tael—VND 18 million in total.

Risks for latecomers

Not all investors had similar success.

Tran Thi Lan from Thanh Xuan District, Hanoi, purchased gold in May when prices had already surged to VND 90 million per tael.

She withdrew nearly VND 500 million from savings to buy gold, betting on further price increases.

However, with prices cooling to VND 84.5 million by year-end, she faced a loss of VND 5 million per tael—a total loss of VND 25 million.

Lan decided to hold onto her gold, hoping prices will recover to VND 90 million or higher next year.

Others, like Tran Thu Thao from Cau Giay District, Hanoi, incurred losses by selling prematurely.

Thao purchased two taels of gold at VND 89 million per tael but sold at VND 80 million per tael in mid-November to cut losses, taking an VND 18 million hit.

Expert advice

Experts caution that gold investment is risky, particularly for those seeking quick profits.

Dr. Nguyen Tri Hieu noted that gold prices fluctuate unpredictably, making timing crucial for buyers and sellers.

“Investing in gold now is risky, as current prices may not be the lowest. There’s no guarantee prices will rise significantly in the future,” Dr. Hieu said.

He advised potential investors to monitor gold prices closely and approach purchases cautiously.

Meanwhile, gold market analyst Tran Duy Phuong predicted that in the first half of next year, SJC gold prices could rise to VND 92–93 million per tael, while gold jewelry prices may hit VND 90 million per tael.

Duy Anh