{
    "id": 64640,
    "date": "2026-03-24T09:08:36",
    "date_gmt": "2026-03-24T02:08:36",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/gia-vang-tro-nen-kho-luong\/"
    },
    "modified": "2026-03-24T10:56:34",
    "modified_gmt": "2026-03-24T03:56:34",
    "slug": "gia-vang-tro-nen-kho-luong",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/gia-vang-tro-nen-kho-luong\/",
    "title": {
        "rendered": "‘Gi\u00e1 v\u00e0ng tr\u1edf n\u00ean kh\u00f3 l\u01b0\u1eddng’"
    },
    "content": {
        "rendered": "<div>\n<ul data-campaign=\"Header\">\n<li style=\"list-style-type: none;\">\n<ul data-campaign=\"Header\">\n<li><a title=\"Kinh doanh\" href=\"http:\/\/vnexpress.net\/kinh-doanh\" data-medium=\"Menu-KinhDoanh\">Kinh doanh<\/a><\/li>\n<li><a title=\"H\u00e0ng h\u00f3a\" href=\"http:\/\/vnexpress.net\/kinh-doanh\/hang-hoa\" data-medium=\"Menu-HangHoa\">H\u00e0ng h\u00f3a<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Th\u1ee9 ba, 24\/3\/2026, 00:12 (GMT+7)<\/p>\n<\/div>\n<p>Gi\u00e1 v\u00e0ng bi\u1ebfn \u0111\u1ed9ng r\u1ea5t nhanh tr\u01b0\u1edbc \u00e1p l\u1ef1c b\u00e1n gi\u1ea3i ch\u1ea5p lan r\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh n\u00ean m\u1ecdi d\u1ef1 b\u00e1o l\u00fac n\u00e0y \u0111\u1ec1u c\u00f3 r\u1ee7i ro cao, theo chuy\u00ean gia.<\/p>\n<p>Ch\u1ec9 trong ba tu\u1ea7n k\u1ec3 t\u1eeb chi\u1ebfn s\u1ef1 Trung \u0110\u00f4ng n\u1ed5 ra, <a href=\"https:\/\/vnexpress.net\/chu-de\/gia-vang-1403\" rel=\"dofollow\">gi\u00e1 v\u00e0ng<\/a> th\u1ebf gi\u1edbi c\u00f3 th\u1eddi \u0111i\u1ec3m gi\u1ea3m t\u1edbi 25%, v\u1ec1 s\u00e1t v\u00f9ng 4.100 USD m\u1ed9t ounce trong phi\u00ean 23\/3. Gi\u00e1 v\u00e0ng trong n\u01b0\u1edbc c\u0169ng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh theo di\u1ec5n bi\u1ebfn th\u1ebf gi\u1edbi, gi\u1ea3m 25 tri\u1ec7u \u0111\u1ed3ng m\u1ed7i l\u01b0\u1ee3ng t\u1eeb \u0111\u1ec9nh, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng m\u1ee9c \u0111i\u1ec1u ch\u1ec9nh 15%.<\/p>\n<p>Tr\u00e1i v\u1edbi k\u1ef3 v\u1ecdng tr\u1edf th\u00e0nh &#8220;v\u1ecbnh tr\u00e1nh b\u00e3o&#8221; khi c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang, gi\u00e1 kim lo\u1ea1i qu\u00fd l\u1ea1i \u0111ang gi\u1ea3m s\u00e2u, v\u00e0 \u0111\u1ed1i di\u1ec7n nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00f3 d\u1ef1 b\u00e1o, theo chuy\u00ean gia.<\/p>\n<p>Chia s\u1ebb v\u1edbi <em>VnExpress<\/em> chi\u1ec1u 23\/3, \u00f4ng Hu\u1ef3nh Trung Kh\u00e1nh, Ph\u00f3 ch\u1ee7 t\u1ecbch Hi\u1ec7p h\u1ed9i Kinh doanh v\u00e0ng Vi\u1ec7t Nam (VGTA), nh\u1eadn \u0111\u1ecbnh gi\u00e1 v\u00e0ng \u0111ang ch\u1ecbu \u00e1p l\u1ef1c khi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ee5t gi\u1ea3m, nhi\u1ec1u qu\u1ef9 b\u1ecb thua l\u1ed7 v\u00e0 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c l\u1ec7nh g\u1ecdi k\u00fd qu\u1ef9 (margin call). \u0110\u1ec3 b\u1ed5 sung ti\u1ec1n, h\u1ecd bu\u1ed9c ph\u1ea3i b\u00e1n v\u00e0ng &#8211; t\u00e0i s\u1ea3n c\u00f3 t\u00ednh thanh kho\u1ea3n cao &#8211; nh\u1eb1m duy tr\u00ec c\u00e1c v\u1ecb th\u1ebf \u0111\u1ea7u t\u01b0.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-64806\" src=\"https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521.webp\" alt=\"\" width=\"866\" height=\"577\" srcset=\"https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521.webp 480w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521-300x200.webp 300w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521-18x12.webp 18w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521-440x293.webp 440w, https:\/\/hbbgroup.net\/wp-content\/uploads\/2026\/03\/z70737188479072649e06673e7e2e610e8842ab03a4f6f-read-only-17594548500181456112521-219x146.webp 219w\" sizes=\"(max-width: 866px) 100vw, 866px\" \/><\/p>\n<p>Kh\u00e1c v\u1edbi c\u00e1c cu\u1ed9c xung \u0111\u1ed9t tr\u01b0\u1edbc \u0111\u00e2y, c\u0103ng th\u1eb3ng l\u1ea7n n\u00e0y t\u1ea1i Trung \u0110\u00f4ng l\u1ea1i chi ph\u1ed1i \u0111\u1ebfn gi\u00e1 d\u1ea7u &#8211; y\u1ebfu t\u1ed1 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn kinh t\u1ebf to\u00e0n th\u1ebf gi\u1edbi. C\u1eb7p ch\u1ec9 s\u1ed1 n\u00e0y \u0111ang bi\u1ebfn \u0111\u1ed9ng ng\u01b0\u1ee3c chi\u1ec1u nhau.<\/p>\n<p>&#8220;Gi\u00e1 v\u00e0ng \u0111ang bi\u1ebfn \u0111\u1ed9ng r\u1ea5t nhanh theo t\u00ecnh h\u00ecnh chi\u1ebfn s\u1ef1, li\u00ean quan t\u1edbi gi\u00e1 d\u1ea7u. M\u1ecdi d\u1ef1 b\u00e1o v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0y \u0111\u1ec1u c\u00f3 r\u1ee7i ro cao&#8221;, \u00f4ng Kh\u00e1nh chia s\u1ebb.<\/p>\n<p>\u1ede g\u00f3c \u0111\u1ed9 h\u1ecdc thu\u1eadt, \u00f4ng Nguy\u1ec5n H\u1eefu Hu\u00e2n, Gi\u1ea3ng vi\u00ean c\u1ea5p cao \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf TP HCM, cho r\u1eb1ng m\u1ed1i quan h\u1ec7 gi\u1eefa v\u00e0ng v\u00e0 d\u1ea7u kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng \u0111\u1ed3ng bi\u1ebfn. Trong d\u00e0i h\u1ea1n, hai lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y th\u01b0\u1eddng c\u00f3 t\u01b0\u01a1ng quan d\u01b0\u01a1ng do c\u00f9ng ph\u1ea3n \u00e1nh r\u1ee7i ro l\u1ea1m ph\u00e1t v\u00e0 b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb, nh\u01b0 trong kh\u1ee7ng ho\u1ea3ng d\u1ea7u m\u1ecf th\u1eadp ni\u00ean 1970 hay giai \u0111o\u1ea1n 2008.<\/p>\n<p>Trong ng\u1eafn h\u1ea1n, \u0111\u1eb7c bi\u1ec7t \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a c\u00e1c c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng, m\u1ed1i quan h\u1ec7 n\u00e0y c\u00f3 th\u1ec3 \u0111\u1ea3o chi\u1ec1u. Khi gi\u00e1 d\u1ea7u t\u0103ng \u0111\u1ed9t bi\u1ebfn, th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t s\u1ebd duy tr\u00ec \u1edf m\u1ee9c cao \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t. \u0110i\u1ec1u n\u00e0y khi\u1ebfn l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu v\u00e0 \u0111\u1ed3ng USD t\u0103ng, t\u1eeb \u0111\u00f3 g\u00e2y \u00e1p l\u1ef1c l\u00ean v\u00e0ng &#8211; t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u1ee3i.<\/p>\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, theo l\u00fd gi\u1ea3i c\u1ee7a \u00f4ng Hu\u1ef3nh Trung Kh\u00e1nh, ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch t\u1ef1 \u0111\u1ed9ng g\u00f3p ph\u1ea7n khu\u1ebfch \u0111\u1ea1i \u0111\u00e0 gi\u1ea3m. Nhi\u1ec1u qu\u1ef9 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh giao d\u1ecbch theo k\u1ecbch b\u1ea3n, khi th\u1ecb tr\u01b0\u1eddng xu\u1ea5t hi\u1ec7n bi\u1ebfn \u0111\u1ed9ng b\u1ea5t l\u1ee3i ho\u1eb7c gi\u00e1 d\u1ea7u v\u01b0\u1ee3t ng\u01b0\u1ee1ng, h\u1ec7 th\u1ed1ng s\u1ebd \u0111\u1ed3ng lo\u1ea1t k\u00edch ho\u1ea1t l\u1ec7nh b\u00e1n v\u00e0ng, t\u1ea1o \u00e1p l\u1ef1c b\u00e1n th\u00e1o trong th\u1eddi gian ng\u1eafn.<\/p>\n<p>Chung nh\u1eadn x\u00e9t, \u00f4ng Hu\u00e2n chia s\u1ebb, vi\u1ec7c d\u1ef1 b\u00e1o gi\u00e1 v\u00e0ng hi\u1ec7n nay tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n tr\u01b0\u1edbc. C\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 thay \u0111\u1ed5i v\u1edbi s\u1ef1 tham gia l\u1edbn c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1, qu\u1ef9 ETF v\u00e0 d\u00f2ng v\u1ed1n ng\u1eafn h\u1ea1n, khi\u1ebfn v\u00e0ng kh\u00f4ng c\u00f2n ph\u1ea3n \u00e1nh thu\u1ea7n t\u00fay vai tr\u00f2 tr\u00fa \u1ea9n m\u00e0 mang t\u00ednh t\u00e0i ch\u00ednh h\u00f3a r\u00f5 n\u00e9t. Do \u0111\u00f3, gi\u00e1 v\u00e0ng c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh theo d\u00f2ng ti\u1ec1n v\u00e0 k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng, thay v\u00ec ch\u1ec9 d\u1ef1a v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 n\u1ec1n t\u1ea3ng.<\/p>\n<p>Nh\u00ecn l\u1ea1i l\u1ecbch s\u1eed, v\u00e0ng t\u1eebng tr\u1ea3i qua c\u00e1c chu k\u1ef3 t\u0103ng m\u1ea1nh r\u1ed3i \u0111i\u1ec1u ch\u1ec9nh s\u00e2u. Giai \u0111o\u1ea1n 2008-2011, gi\u00e1 v\u00e0ng t\u0103ng l\u00ean g\u1ea7n 1.900 USD m\u1ed7i ounce tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o chu k\u1ef3 gi\u1ea3m k\u00e9o d\u00e0i khi kinh t\u1ebf ph\u1ee5c h\u1ed3i v\u00e0 l\u00e3i su\u1ea5t t\u0103ng. Tuy nhi\u00ean, b\u1ed1i c\u1ea3nh hi\u1ec7n nay c\u00f3 nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t, nh\u01b0 b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb gia t\u0103ng v\u00e0 xu h\u01b0\u1edbng nhi\u1ec1u ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, \u0111\u1eb7c bi\u1ec7t \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i, gia t\u0103ng d\u1ef1 tr\u1eef v\u00e0ng. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra ngu\u1ed3n c\u1ea7u n\u1ec1n t\u1ea3ng \u1ed5n \u0111\u1ecbnh h\u01a1n cho th\u1ecb tr\u01b0\u1eddng. D\u00f9 v\u1eady, r\u1ee7i ro \u0111i\u1ec1u ch\u1ec9nh sau giai \u0111o\u1ea1n t\u0103ng n\u00f3ng, theo \u00f4ng Hu\u00e2n, v\u1eabn l\u00e0 y\u1ebfu t\u1ed1 c\u1ea7n t\u00ednh \u0111\u1ebfn.<\/p>\n<p>\u00d4ng Hu\u1ef3nh Trung Kh\u00e1nh gi\u1eef quan \u0111i\u1ec3m t\u00edch c\u1ef1c v\u1edbi gi\u00e1 v\u00e0ng trong d\u00e0i h\u1ea1n, v\u00e0 nh\u1eadn \u0111\u1ecbnh \u0111\u00e2y l\u00e0 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng mang t\u00ednh ng\u1eafn h\u1ea1n. Song, chuy\u00ean gia c\u1ee7a Hi\u1ec7p h\u1ed9i kinh doanh v\u00e0ng c\u0169ng khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean h\u00e0nh \u0111\u1ed9ng th\u1eadn tr\u1ecdng trong th\u1eddi \u0111i\u1ec3m n\u00e0y v\u00e0 theo d\u00f5i th\u00eam di\u1ec5n bi\u1ebfn chi\u1ebfn s\u1ef1.<\/p>\n<p>Trong khi \u0111\u00f3, \u00f4ng Nguy\u1ec5n H\u1eefu Hu\u00e2n cho r\u1eb1ng v\u00e0ng n\u00ean \u0111\u01b0\u1ee3c xem l\u00e0 t\u00e0i s\u1ea3n ph\u00f2ng ng\u1eeba r\u1ee7i ro trong danh m\u1ee5c, v\u1edbi t\u1ef7 tr\u1ecdng h\u1ee3p l\u00fd, thay v\u00ec k\u00eanh \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n tr\u00e1nh t\u00e2m l\u00fd mua \u0111u\u1ed5i khi gi\u00e1 t\u0103ng v\u00e0 \u01b0u ti\u00ean chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n.<\/p>\n<p>Theo nh\u1eadn \u0111\u1ecbnh c\u1ee7a nh\u00f3m ph\u00e2n t\u00edch Ng\u00e2n h\u00e0ng UOB, gi\u00e1 v\u00e0ng ch\u1ecbu \u00e1p l\u1ef1c trong ng\u1eafn h\u1ea1n khi USD m\u1ea1nh l\u00ean, song tri\u1ec3n v\u1ecdng c\u1ee7a kim lo\u1ea1i qu\u00fd trong trung v\u00e0 d\u00e0i h\u1ea1n v\u1eabn t\u00edch c\u1ef1c. Nh\u00e0 b\u0103ng n\u00e0y gi\u1eef quan \u0111i\u1ec3m t\u00edch c\u1ef1c d\u00e0i h\u1ea1n \u0111\u1ed1i v\u1edbi v\u00e0ng, c\u00f3 th\u1ec3 \u0111\u1ea1t 6.000 USD m\u1ed7i ounce v\u00e0o \u0111\u1ea7u n\u0103m sau.<\/p>\n<p><strong>Qu\u1ef3nh Trang<\/strong><\/p>",
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