This morning, the price of SJC gold maintained at 80 million VND/tael and gold rings at 68 million VND/tael, attracting the attention of many people, causing gold shops to be crowded with customers buying and selling. In some stores, people have to line up and get waiting tickets before they can buy gold.
Specifically, at a gold shop on Tran Nhan Tong street (Hai Ba Trung district), at 10 am, people lined up tightly outside the shop. Staff had to distribute tickets to manage the flow of customers buying and selling.
Mr. Minh Phuc (Dong Da district, Hanoi) said: “I decided to spend money to buy 5 taels of SJC gold at today’s price of over 400 million VND. For me, if gold goes up, it’s good, and if it goes down, it’s also fine because I buy gold for storage, so even though the price is high today, I still buy it.”
Customers lining up to buy gold on the morning of March 5 (photo: N.M).
Despite the price of SJC gold exceeding 80 million VND/tael, this man still buys 5 taels of gold.
Meanwhile, Ms. Thu Hoa (Hai Ba Trung district, Hanoi) also bought 10 taels of gold rings and 2 taels of gold pieces. “Bank interest rates are low and unattractive, so I only buy and sell gold. From the beginning of the year until now, I have been continuously buying and selling and always profitable. If I see the price go lower than the price I bought, I will still hold on to it,” she said.
On the other hand, Ms. Bich Hang (Thanh Xuan district, Hanoi) sold 18 taels of gold and earned over 1.4 billion VND. “When I bought gold, the price was less than 74 million VND/tael and now I’m closing the profit. I’m waiting for the gold price to adjust down so I can continue buying,” she said.
Speaking with PV Tien Phong, Ms. Le Thi Huong Tra – Researcher at the Banking Research Institute, Banking Academy – analyzed that the price of SJC gold pieces is currently 18 million VND/tael higher than the world gold price, and the price of gold rings is also 5 million VND/later higher than the world gold price. This is a historically high difference for gold rings and close to the record for SJC gold pieces.
“I believe that the reason for the recent strong increase in gold prices is first and foremost because the USD continuously appreciates against other foreign currencies. Along with that, the domestic gold price follows the movement of the world gold price, while in fact, the world gold price has not shown any signs of going down, even close to the record high in history,” Ms. Tra said.
People “surfing” gold since the beginning of the year due to continuously increasing prices (photo: N.M).
According to Ms. Tra, conflicts in some places can spread, so the whole world is turning to gold for storage and turning to USD for high liquidity. Therefore, central banks continuously buy gold to increase reserves.
In addition, in the current reality, the demand for gold in the domestic market tends to increase in a low-interest rate environment, while the supply has not yet improved due to waiting for new policies on the gold market to be issued. Therefore, the gold price continues to trend upward, while the buy-sell price difference is expanded to ensure the safety of the business unit.
Mr. Phan Dung Khanh – Director of Investment Advisory at Maybank Investment Bank – believes that besides the fact that the world gold price has increased strongly, causing the domestic gold price to increase, for the past 10 years, there has been no new source of SJC gold supply, leading to scarcity. Tien Phong will continue to update information for readers.
