From the beginning of the week until now, the domestic gold price has been continuously increasing along with the global gold price, causing a frenzy of buying and selling at many gold shops. People rush to buy gold in various forms, from SJC gold bars, rings, jewelry to gold nuggets.
Customers crowded at a store on Tran Nhan Tong Street, Hanoi (Photo: Ngoc Mai).
On the peak day of March 7, the gold price reached the highest level ever. SJC gold bars were priced at 81.3 million VND/tael and gold rings were nearly 69 million VND/tael.
On the gold streets in Hanoi such as Tran Nhan Tong (Hai Ba Trung District), Cau Giay… many gold shops are crowded with buyers and sellers. There are even shops announcing that customers have to wait for nearly a month to receive their rings with a quantity of over 4 taels.
Customers who were informed to buy a quantity of over 4 rings only received a note and will be given the rings after April 2.
At Tran Nhan Tong gold street, staff were busy arranging parking spaces for customers from the outskirts, then directing them to the buying and selling areas.
Mr. Nguyen Quoc Duong (in Thanh Xuan, Hanoi) bought 7 taels of gold rings for nearly half a billion VND. “Previously, I bought SJC gold bars but the price is now too high, so I switched to buying rings. The shop informed me that I can only receive the rings on April 2, I don’t know if the price will rise or fall at that time,” Mr. Duong said.
Mr. Nguyen Quoc Duong (Thanh Xuan, Hanoi) bought 7 taels of gold rings for nearly half a billion VND and was promised to receive the rings later (Photo: Ngoc Mai).
Sharing more about buying gold rings in the current high price situation, Mr. Duong said: “I buy gold for accumulation, so even though the price is high, I still buy it because I feel more secure holding gold.”
Ms. Thu Nga (in Dong Da District) also bought 5 taels of SJC gold and shared: “I have been following the information and seeing the continuous increase in the world gold price, so in Vietnam, it will definitely increase as well. Currently, the savings interest rate is too low, so I immediately withdrew money from a bank account to buy gold. I don’t intend to keep SJC gold for long, I’m just waiting for the price to rise and then sell it.”
Many people buy gold and wait for the price to continue rising for “wave surfing” (Photo: Ngoc Mai).
Many customers come to stores, waiting in line, feeling unsure whether to buy or sell in the current high gold price situation.
Mr. Nguyen Thang (in Hai Ba Trung District) is waiting for staff to count over 2 billion VND to sell 35 taels of gold. Mr. Thang shared that he bought 35 taels of gold rings since the beginning of 2023 and has made a profit of over half a billion VND.
Customers waiting to receive more than 2 billion VND in profit from selling gold rings (Photo: Ngoc Mai).
As of 2 p.m on March 7, the world gold price was trading at 2,155 USD/ounce, an increase of 27 USD/ounce in the past 24 hours, equivalent to a price of over 64 million VND/tael, before tax and fees.
In the domestic market, SJC gold bars were listed by gold trading businesses at 79.5-81.5 million VND/tael (buying – selling), nearly 18 million VND/tael higher than the world gold price.
Bao Tin Minh Chau’s Thang Long Dragon gold rings were listed at 67.6-68.88 million VND/tael (buying – selling), over 4 million VND/tael higher than the world gold price.
Many customers are confused about whether to buy or sell at this time (Photo: Ngoc Mai).
Since the beginning of the year, SJC gold has increased by 7 million VND/tael for selling and 8 million VND/tael for buying; gold rings have increased by 6 million VND/tael in both buying and selling.
