Gold prices skyrocket, people buy and sell right outside the store

On the evening of April 9, after the gold price "broke" all previous records to reach 77.85 million VND/tael, "gold street" Tran Nhan Tong (Hai Ba Trung district, Hanoi) witnessed people lining up in long lines waiting for transactions.

According to VTC News reporters, since noon today, some gold shops on Tran Nhan Tong Street have limited the quantity sold. By evening, many people who came to trade gold said that some shops have stipulated that customers can only buy a maximum of 5 taels of gold.

Faced with this situation, some people immediately bought and sold right outside the store.

Many people trade and buy and sell right outside the gold shop.

"Since this morning, there have been a number of cases where previous buyers have resold to those in line behind them to make a profit right outside the store. We had to ask those people to leave the store so as not to affect other customers," said an employee at the gold store.

A customer said: "Currently, the line is too long, some people need to buy, some need to sell, both sides look at the price in the store and then bring it outside to negotiate, if the buyer agrees, they will sell."

Wanting to store more gold during the time when gold prices are constantly increasing, Mr. Quan (Dong Da district) had to mobilize relatives to divide into 2 stores to be able to buy more gold.

"This afternoon, seeing the price of gold continuously increase, after picking up my child from school, I went straight to the gold shop to queue up to buy 2 taels of gold. While waiting in line to make a transaction, the gold shop staff announced that each person coming to buy was limited to 5 taels of gold, so I had to call my younger brother to go to a nearby gold shop to buy more gold.

Even though the price of gold is increasing, I will invest more. People's demand for gold rings is still high, leading to a gradual shortage of gold rings. I think the price of gold will continue to increase, and if it does decrease, it will only decrease slightly and then increase again," Mr. Quan predicted.

Ms. Ngoc Anh (Hai Ba Trung District) said that this morning when she learned that the price of gold rings was at 74 - 75.4 million VND/tael, she decided to buy gold to save. But in the afternoon when she went to the gold shop to make a transaction, she was startled because the price of gold and gold bars had skyrocketed to 77.85 million VND/tael, an increase of nearly 2.5 million VND/tael compared to this morning's price.

"Just since the God of Wealth's day, I bought gold for 64 million VND/tael, but up to now the price of gold rings has increased by more than 13 million VND/tael. I plan to buy only 2 taels of gold, and when the price of gold decreases, I will buy more," said Ms. Ngoc Anh.

Many people believe that the more scarce gold rings are, the higher the price of gold will be, so selling now will only result in loss, buying is the only way to keep assets.

This morning, this store limited the amount of gold sold to each customer to less than 5 taels, but in the afternoon it changed to selling a maximum of 5 taels of gold.

The sudden increase in domestic gold prices is believed to be due to the strong upward trend in world prices. At 6 p.m. on April 9 (Vietnam time), the world gold price stood at 2,356 USD/ounce, an increase of about 16 USD compared to early this morning.

As of 7:00 p.m. on April 9, SJC gold price was listed at VND82.8 - 84.82 million/tael (buy - sell), an increase of VND2.4 million/tael in both directions compared to yesterday.

The price of gold rings is listed by Doji Gold and Gemstone Group at 76.15 - 77.85 million VND/tael (buy - sell). This is also the highest price of gold rings ever recorded in the domestic market.

According to experts, the world gold price is likely to decrease, and the domestic gold price will also be dragged down. Instead, people should wait for the gold price to adjust down, and buy at a better price. If they buy at the present time, both domestic and world gold are at their "peak" levels, the risk is quite high.

Minh Duc

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