Gold price increases again, people in Ho Chi Minh City rush to sell

At 2:30 p.m. this afternoon, November 8, the selling price of SJC gold was 86 million VND/tael, an increase of 500,000 VND/tael compared to early yesterday afternoon, but the buying price doubled, at 1 million VND/tael, to 82 million VND. At this price, the buying - selling gap widened to 4 million VND/tael.

Meanwhile, businesses have also widened the buying and selling gap for gold rings to nearly 3 million VND/tael.

At SJC, 99.99 gold rings were bought for 82 million VND but sold for 84.8 million VND/tael; at Mi Hong store, gold rings were bought for 82.2 million VND/tael and sold for 84.2 million VND, an increase of 1.7 million VND for buying and 1.2 million VND/tael for selling compared to yesterday, but this price decreased by 100,000 VND for buying and 400,000 VND for selling compared to the morning.

Many people continued to sell gold to make a profit on November 8, even though the price had increased again after yesterday's sharp drop. (Photo: H. L)

PNJ sells 999.9 plain rings at 85.2 million VND/tael, buys at 83.4 million VND/tael, 999 jewelry also has a buy price of 83.22 million VND/tael, sells at 84.03 million VND/tael.

The price of gold has increased again after a day of falling sharply by more than 6 million VND/tael, causing many gold holders in Ho Chi Minh City to hesitate. Some people, instead of jostling to sell gold yesterday, lined up to buy again, but the number of people selling was still higher.

At small gold shops, many people are rushing to sell because they are worried that the price of gold will continue to drop. Ms. Dung (living in Thu Duc City) said that she decided to sell 6 taels of gold rings because she was worried that the price would drop again in the next few days. Ms. Dung bought this amount of gold when the price was nearly 6.9 million VND/tael, so even though she saw a large difference between buying and selling, she said she did not want to keep it anymore. She calculated that compared to the peak at the end of October, each tael of plain gold rings had lost more than 5 million VND, so keeping gold at this time was "quite nerve-wracking".

At Saigon Jewelry Company (SJC) on Nguyen Thi Minh Khai Street (District 3), before opening hours in the morning and afternoon, there were always crowds of customers lining up to make transactions. According to records, customers came to wait mainly to sell gold.

The gap between gold buying and selling prices is widening to 3-4 million VND/tael. (Photo: HL)

Although the number of customers selling is greater than the number of customers buying, many times businesses still report that they are temporarily out of stock. When gold rings are announced to be back in stock, the points of sale stipulate that each customer can only buy a maximum of 1 tael of plain gold rings.

Mi Hong allows customers to buy a maximum of 2 taels of gold, while gold bars are 1 tael per person. This store also announced that it would buy all types of gold as usual if customers wanted to sell. However, compared to yesterday, the crowd competing to sell gold was no longer as busy.

At the PNJ store on Hai Ba Trung Street (District 1), the store staff said that since 10am, the gold rings have been out of stock and it is unknown when there will be more.

Mr. Dang Ho (living in Binh Thanh District) said that he had just taken a few days off from work, had free time, and had extra money so he wanted to buy gold to make a profit. He predicted that the price would rise to 90 million VND/tael so he took the opportunity to buy some. But after nearly 1 hour of waiting for his turn in the morning, he could only buy a plain 1-chi ring. In the early afternoon, he decided to line up and bought 5 more chi at the price of 8.42 million VND/chi.

Ha Linh

Source: https://vtcnews.vn/gia-vang-tang-tro-lai-nguoi-dan-tp-hcm-chen-nhau-di-ban-ar906294.html