ANTD.VN - While gold buying and selling at gold shops is almost "frozen", on the online market, gold trading and buying and selling activities are "boiling".
State Bank affirms gold market has stabilized
The State Bank said that recently, this agency has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the situation of high gold price difference, stabilize the gold market, contribute to stabilizing the macro economy; directed the State Bank of localities to coordinate with functional agencies to strengthen the work of monitoring the situation, checking and inspecting gold trading activities in the locality.
At the same time, credit institutions and businesses licensed to trade in gold bars are required to strictly comply with legal regulations on gold trading activities; implement the invoice and voucher regime according to legal regulations;
The State Bank also requested the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance to strengthen inspection, supervision, and monitoring according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market.
In 2024, the State Bank coordinated with the Ministry of Public Security, the Government Inspectorate, the Ministry of Industry and Trade, and the Ministry of Finance to organize an interdisciplinary inspection team on compliance with policies and laws in gold trading activities according to Decision 324 dated May 17, 2024. To date, the direct inspection has ended and is in the process of drafting a conclusion report.
In addition, based on current legal regulations, the State Bank has organized direct gold bar auctions to supplement the supply of SJC gold bars to the market.
According to the assessment of the State Bank, with the above-mentioned synchronous solutions and effective coordination of functional agencies, the difference between domestic gold price and world gold price has been controlled and maintained within a suitable range (currently about 5-7% higher than world gold price).
“The gold market has stabilized again, contributing to actively supporting the foreign exchange market, exchange rates and the management of macroeconomic policies,” the State Bank assessed.
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Domestic gold prices have reduced the gap with world prices, but buying and selling gold has become difficult. |
"Undercurrents" in the "market" of buying and selling gold
In fact, the gold market is developing positively in terms of the difference in gold prices, especially SJC gold, which has been reduced compared to the world gold price. Accordingly, if in the past, this difference sometimes reached nearly 20 million VND/tael, now it is only about 3-4 million VND/tael. This has a positive impact on exchange rate management and macroeconomic factors.
However, due to the fact that people's demand for gold is still very high while supply is limited, people are facing many difficulties in buying gold through official channels.
According to records, in recent days, online gold purchases through 4 commercial banks have encountered difficulties, due to the large number of orders leading to network congestion or out-of-hours notices from early morning.
This has led to many people having to look for other channels to buy gold, and the buying and selling of gold has exploded recently. Ms. Nguyen Thi Tinh (Hoang Mai, Hanoi) said that at the end of last year, due to the need to buy a house, she borrowed 10 taels of gold from relatives. At that time, the price of SJC gold was around 74 million VND/tael.
Recently, because the price of gold has increased without any signs of stopping, after reading information predicting that gold prices may continue to increase, Ms. Tinh and her husband were "impatient" and had to ask their biological parents to mortgage their red book to borrow from the bank to buy gold to pay off their debt.
However, since the beginning of October, she has not been able to register to buy gold online on the bank app. She has not been able to buy gold at major gold stores such as SJC, Bao Tin Minh Chau or DOJI because the stores have reported that they are out of gold.
Finally, following an acquaintance’s advice, she went to a smaller gold shop to buy the amount of gold she needed. However, she had to accept the price of 86 million VND/tael, even though the listed price at banks and businesses at that time was only 84 million VND/tael.
According to records, not only at stores but also hand-to-hand gold buying and selling activities have been taking place recently, connected through online groups. On many groups, there are many posts about the need to buy and sell SJC gold and gold rings.
Ms. Tran Lan Huong said that through a gold buying and selling group on Facebook, she posted an advertisement to sell 5 taels of gold rings of 2 brands Bao Tin Minh Chau and Phu Quy. Immediately, many people texted to offer to buy at prices ranging from 88.5 - 89 million VND/tael, while at that time, the buying price of plain round rings listed by businesses was around 86 million VND/tael, the selling price was over 87 million VND/tael.
When she agreed to sell gold, immediately 15 minutes later, the gold buyer was at her house and quickly traded 5 taels of gold for 89 million VND/tael. This buyer even texted her that if she had more, he was willing to buy it all because the demand for gold is currently very high, no matter how much she buys, it is not enough to sell.
Currently, the price of SJC gold bars has reached 89 million VND/tael, equivalent to the highest price in history in May 2024. However, on the "black market", according to records on October 22, this brand is being bought and sold at a price of around 91 million VND/tael.
Not only is the buying and selling of gold increasingly hot, but the service of ordering gold on behalf of others is also in high demand. On groups, each slot to buy gold at banks is advertised for sale at a price of about 100,000 VND/tael in big cities like Hanoi and Ho Chi Minh City; 50,000 VND/tael in other provinces and cities.
The boom in online gold slot registration and resale is also one of the reasons why it is difficult for people who want to buy real gold to register to buy gold online.
With this trend, some experts recommend that when trading on the black market, especially gold rings, buyers need to pay attention to the quality of gold and liquidity. In some cases, gold purchased at a store should only be sold at that store, if sold under a different brand, the purchase price of gold will not be high, much lower than the purchase price at the original store.
Experts also note that it is inevitable that gold will be lost, counterfeit, mixed, and of poor quality. People who really want to buy gold should consider carefully when trading in this market. In case of buying for investment or speculation, they should limit it because there are many potential risks.
According to economic experts, the gold market management solutions implemented by the State Bank and ministries and sectors in recent times have brought about some positive results, but the gold market still has many unstable and unclear factors. Therefore, long-term solutions are still needed for the gold market.
Currently, the State Bank of Vietnam is continuing to study and amend Decree 24 on gold market management, however, the "shape" of the amended decree is still unclear.
Source: https://www.anninhthudo.vn/mua-ban-vang-trao-tay-bung-phat-tiem-an-nhieu-rui-ro-post593320.antd
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