Even though it is not yet the day of the God of Fortune (the 10th day of the lunar calendar), people are taking the opportunity to buy gold. The stores are crowded with customers coming in and out.
According to the observations of PV Tien Phong, the gold street of Tran Nhan Tong, Hai Ba Trung, Hanoi has been crowded with people waiting in line to buy since the morning of February 15th.
Even though the domestic gold price dropped this morning, it still remains high. Specifically, SJC gold is around 77 million VND/tael, while gold rings are over 65 million VND/tael.
People lining up in front of a gold store on Tran Nhan Tong street – Hanoi (photo: Ngoc Mai).
Many stores are overloaded, and customers have to wait in line for 30 minutes to buy gold. Ms. Bich Khanh (Cau Giay, Hanoi) said: “Every year for the Lunar New Year, I bring all the lucky money of my children to buy gold.”
According to the representative of a gold store on Tran Nhan Tong street, gold rings are a popular product. Most people buy more than 1 tael. In addition, gold dragon mascots are also in demand.
Customers have to wait in line for 30 minutes to buy gold (photo: Ngoc Mai).
As noon approaches, more and more people flock to the stores. Mr. Nguyen Minh (Dong Da, Hanoi), who bought 20 taels of gold, said: “Every year, I buy gold as an investment. I choose to buy before the day of the God of Fortune because the price is always lower. Today, I was surprised to see the crowd rushing to buy like on the day of the God of Fortune.”
Currently, gold rings are priced high. All stores have a variety of gold rings from 1-10 taels suitable for different customers to buy and store. Compared to the early part of 2023, gold rings have increased by more than 10 million VND/tael.
Plain round rings are the most popular choice on the first day the store opens for the New Year (photo: Ngoc Mai).
Mr. Huynh Trung Khanh, a World Gold Council expert, believes that not only SJC gold but also the demand for gold rings is high among the public, and the supply is currently insufficient due to the ban on importing gold for jewelry production. In addition, the strict crackdown on illegal gold trading has led to a shortage of raw gold supply in the market. These factors have combined to make the buying and selling price of gold rings soar.
Many people buy gold rings to save and invest in the new year (photo: Ngoc Mai).
Mr. Nguyen The Hung, of the Vietnam Gold Business Association, said that people tend to invest in and hold more gold rings than SJC gold, even though SJC gold has decreased, it is still higher than the world gold price by 15 million VND/tael. Meanwhile, gold rings are only 1-2 million VND/tael higher than the world gold price and closely follow the upward trend of the world gold price.
Gold rings are available in various sizes from 1 tael to 10 taels to meet the needs of customers (photo: Ngoc Mai).
Mr. Hung further added that at this time when the world gold price is affected by many political and economic factors, there are significant fluctuations, so investors should be cautious in their selection. For plain round rings and jewelry gold, investors should choose reputable units to ensure quality and price.
