People line up to buy gold, even though stores sell 'dripping'

People "snaking" to collect gold

At the time of survey at 2:00 p.m. on April 15, the price of plain round gold rings and domestic gold bars increased simultaneously. Of which, the price of SJC gold bars has reached 108 million VND/tael; plain round gold rings are currently being sold by Bao Tin Minh Chau at 107.2 million VND/tael.

In the context of gold prices breaking historical peaks, in Hanoi, people still flock to buy gold despite the fact that many units are selling "drop by drop". A quick survey by reporters of Cong Thuong Newspaper at gold trading points on Cau Giay Street (Hanoi City) showed that people mainly gathered at the stores of the Bao Tin Minh Chau brand. Branches of the brands PNJ, DOJI, Phu Quy... only recorded a few individual customers coming in and out to trade.

Customers coming to trade gold at Bao Tin Minh Chau brand are quite crowded.

Gold prices increased, but many people did not choose to take profits but continued to buy more. Today, there were still many people lining up to buy gold. Although the store staff said that the maximum quantity sold to each customer was 1 round gold ring, and that the gold bars were sold out, many people still tried to line up to make transactions. The waiting time for transactions today was also longer. On average, it took each customer nearly two hours to buy gold.

The number of people buying gold to store is greater than the number of people wanting to sell to take profit.

Mr. Binh (65 years old, Hanoi) shared: “I am retired so I have free time. I just take the newspaper to the store, wait for my number and buy it. It doesn’t matter how much I buy or how long I wait. Storing gold is also one of my retirement plans.”

Meanwhile, with the need to buy 5 taels of gold as a wedding gift for her daughter, Ms. Thanh (50 years old) also had to wait for several days, just to buy 1 tael of gold each day. "I have been in line for 3 days now, so I only need 2 more days to have enough gold to buy. Luckily, my house is next to the store, so it is less difficult to go there," Ms. Thanh said.

Gold buyers should be cautious when "putting down money"

Speaking to reporters from the Industry and Trade Newspaper, Associate Professor Dr. Nguyen Huu Huan said that with the current global economic instability, people will seek “safe havens” such as gold. The recent sell-off in the US bond market and the weakening of the USD are also among the reasons pushing up gold prices.

However, according to experts, gold prices will not increase continuously but will sometimes increase and sometimes decrease, but the main trend is still up.

Mr. Huan said that it is very difficult to predict when the gold price increase will end. According to him, there is no "ceiling" for gold price. For domestic gold, the mark of 110 million VND/tael will soon be reached in the near future.

“If people buy it for savings, keep it for a long time, and are not interested in speculation, they can spend money to buy gold. Those who invest in gold at the peak can sell it to make a profit and wait for the gold price to adjust sharply to buy more. The past time has also been an opportunity for speculators to make money, but they must have knowledge about the gold market and know how to analyze the macro economy, because otherwise the risk level will be very high. Investors need to have a clear strategy, avoid the mentality of following the crowd and carefully calculate the risks before deciding to buy,” expert Nguyen Huu Huan advised.

Experts also note that gold buyers at this time need to closely monitor the market before deciding to buy, because the domestic gold price is 5-6 million VND/tael higher than the world gold price, the difference between buying and selling prices is about 2-3 million VND/tael. Mr. Huan acknowledged that deciding to "spend money" to buy gold at this time is quite risky.

In addition to the world gold price movement, domestic gold price is also strongly affected by actual supply and demand. In the past two days, although gold price has reached its peak, domestic buying power is still high, because investors feel that world gold price is likely to increase to 3,500 - 3,600 USD/ounce.

Phuong Cuc

Source: https://congthuong.vn/nguoi-dan-xep-hang-mua-vang-du-cua-hang-ban-nho-giot-383111.html