According to observations on Tran Nhan Tong street (Hai Ba Trung district, Hanoi), the number of customers queuing for transactions in the early morning is not as high as in previous years. At 5am this morning, there were only a few customers sitting waiting for the opening at some famous gold shops on Tran Nhan Tong street. Many large stores such as Bao Tin Minh Chau, DOJI, arrange seats, drinks for customers and open earlier than usual, around 6:00-6:30 started the transaction. Meanwhile, on this street, many small shops had to start opening at 7:00-7:30.
By around 9am, the number of customers flocking to Tran Nhan Tong street increased, causing traffic congestion. The parking lots around the “golden street” were also crowded close to noon on the God of Wealth Day.
One gold shop on Tran Nhan Tong Street
Ms. Thao Anh (Hoang Mai district, Hanoi) came to Tran Nhan Tong street at 10am and waited in line for about 30 minutes before it was her turn to trade. This year, she bought 3 plain 9999 gold rings mainly for luck and as a savings. “In previous years, I went from 5am because I was afraid of crowdedness, had to wait in line for a long time, but eventually had to wait until the store opened to buy. This year, based on past experience, I went later, although I still had to queue, it was quite fast.”
Ms. Hoang Linh (Hoan Kiem district) said that buying gold on the 10th of the first month of the lunar year is a habit of her family for over 10 years. “My family is not too concerned about buying gold for luck, but sees it as a savings, an asset to accumulate for future generations. Moreover, gold rarely loses value, so we feel assured.”
Gold shop on Nguyen Trai Street, Thanh Xuan District, Hanoi on the morning of February 19.
Not only outside the crowded gold shops are people waiting, but also inside the cashier counters, the staff are busy working to serve customers.
According to observation, 24k plain gold rings are still a popular product. In addition, the dragon-shaped gold products, symbols of the Year of the Snake, are also chosen by many people.
24k plain gold rings and Thanh Tai gold products are the most purchased.
A gold shop in Cau Giay district
Although the demand for gold transactions on February 19 increased sharply, most of it was focused on a few large stores. Meanwhile, small shops were deserted, with few buyers even though they also had Thanh Tai gold products.
An empty gold shop on God of Wealth Day
Gold prices today fluctuated quite strongly. SJC gold prices all fell below 1 million VND/ounce in the morning. Accordingly, the selling price of SJC gold dropped to around 78 million VND/ounce. The buying-selling price difference widened to 3-4 million VND/ounce.
Meanwhile, the price of 24k plain gold rings increased quite strongly in stores. However, the price difference between the brands is quite significant. While Bao Tin Manh Hai and Bao Tin Minh Chau listed the selling price of plain gold rings around 66 million VND/ounce, DOJI applied 65.5 million VND/ounce.
Gold price board in the morning of February 19
