After the price of gold rings stagnated last night, this morning (April 12), the price of gold increased sharply. Hanoians crowded to trade on the bustling gold street of Tran Nhan Tong.
Recorded at 10:30 a.m. on April 12 on Tran Nhan Tong Street (Hai Ba Trung, Hanoi), the price of Bao Tin Minh Chau gold rings was traded at 76.28-78.18 million VND/tael (buy - sell), the difference between the buying and selling prices was nearly 2 million VND/tael. This morning, DOJI listed plain round gold rings at 76.2-78.25 million VND/tael.
Overwhelming number of sellers
According to VietNamNet reporters, the number of people coming to gold shops to trade is very large. At Bao Tin Minh Chau shop, people have to line up to wait their turn. Staff here have to be on duty to direct customers to buy and sell, ensuring shopping space as well as avoiding jostling and pushing.
Among them, the majority of people bring gold to sell for profit, while the number of buyers is small and hesitant.
Bringing 15 taels of gold to sell, Mr. Duc Minh (Dong Da, Hanoi) said that gold is at a very high price, continuing to hold on to it could be risky because the price could drop sharply at any time. "Seeing that the gold price is very high, I don't expect any more profit so I decided to sell to take profit," he said.
According to Mr. Minh, the international gold price continues to increase, so the domestic price also increases. However, he shared that many times he was in trouble because the international gold price increased but the domestic gold price decreased sharply.
“Gold is in a fever period, the price may drop sharply after the fever passes,” he calculated.
Similarly, Ms. Dao Quynh Anh (Hai Ba Trung, Hanoi) also brought 20 taels of gold rings to sell. Through observation, she saw that due to fear of falling gold prices, many people decided to sell gold today to make a profit.
“I bought gold two months ago for 65 million VND/tael, now I sold it for a profit of nearly 23 million VND. With only over 120 million VND in initial investment, I earn nearly 12 million VND in profit each month,” Ms. Quynh Anh excitedly said.
Mr. Hai (37 years old, Dong Da) went to the gold shop on Tran Nhan Tong street just to observe the market, then choose the time to buy. Mr. Hai believes that the psychology of selling to take big profits will cause the price of gold to decrease in the next few days.
“I have not decided to buy yet because there are too many people selling today. I believe that the price of gold rings will decrease soon,” Mr. Hai shared.
Many people "buy gold at sky-high prices"
After the price of SJC gold peaked at 85 million VND/tael on the morning of April 12, while many people sold gold to make a profit, at many gold shops, people also waited early to buy in the hope that the price of gold would increase so they could sell it for profit.
Ms. Thu Hoai (Dong Da, Hanoi) said that this morning, when she saw the news and saw the strong fluctuations in gold prices, she went to consult and buy more. "To round up the amount of gold accumulated at home and hearing that the gold price is still on the rise, I decided to buy," Ms. Hoai said about the reason for buying when the gold price was rising.
Instead of selling gold when the price is at its peak, many people buy from 1 to 5 taels of gold.
Ms. P. (47 years old) and her husband in Bac Tu Liem district said: "I bought gold on April 2 at a price of nearly 82 million VND/tael, thinking that the price of gold was already high, hoping that the price would go down so that I could buy more. However, until today, the price of gold has continuously increased, so my husband and I still decided to buy with the hope that the price of gold will increase in the near future."
At Bao Tin Thanh Van gold shop (Tran Nhan Tong street, Hanoi), a gold shop employee said: "In recent days, plain round gold rings have been selling very well. On the morning of April 12, the shop was 'out of stock' of this item. Many customers came to buy and then left because there were no more left."
At a gold shop on Tran Nhan Tong Street, employees here said that since the price of gold increased sharply, people have flocked to trade. At this shop alone, buyers accounted for more than 65% as of the evening of April 11.
According to observations, gold prices have increased again but the number of buyers is still large, although they are cautious and wary.
“From the evening of April 9 to the morning of April 12, we had to limit the number of purchases for each customer and the transaction time also changed. Each customer can only buy a maximum of 5 taels and after 7pm, the system will still trade but will stop accepting more customers to buy and sell,” said the gold shop manager.
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