Buyers line up in front of a VietinBank gold outlet in Hai Bà Trưng District, Hà Nội. — VNA/VNS Photo

Gold buyers must exercise caution and try to pick the right time to buy or sell to avoid incurring losses and minimising risks, as the prices of the precious metal can go lower in the short term.

That's according to Lê Thúy Hằng, Director-General of the Saigon Jewelry Company Limited, brand owner of Việt Nam's SJC gold bars and the only officially recognised national gold brand.

Economists have also voiced their concerns over the recent gold rush with most agreeing that prices can still go down further as the State Bank of Vietnam has just started rolling out measures to close the price gap between the domestic and international gold markets.

The price gap has largely been seen as reasonable by experts and industry insiders, showing the effectiveness of the central bank's intervention. At a selling price of VNĐ77.98 million per teal, the gap has narrowed to just VNĐ6 million per teal.

"Compared to the previous gap of nearly VNĐ20 million per teal, the gold price has been stabilised and kept at a reasonable level," said Trương Vi Tuấn, a gold expert from giavang.net.

All four commercial banks and the SJC have claimed they are selling and will continue to sell gold to help stabilise the market as instructed by the central bank, and not for profit-driven purposes. — VNS