This morning, March 19, Tran Nhan Tong Street (Hai Ba Trung - Hanoi) - where many gold and gemstone shops are located - is busier than ever. Domestic gold prices continue to rise sharply following world gold prices, approaching the threshold of 100 million VND/tael, attracting a large number of people to buy gold for investment and storage.
At nearly 11am this morning, Bao Tin Minh Chau listed the gold price at 98.1 million VND/tael (buy) and 99.7 million VND/tael (sell), an increase of half a million compared to early this morning.
Staff at Bao Tin Minh Chau announced that today the store is not selling gold bars and each customer is limited to buying half a tael.
Amidst the long line of people lining up in front of Bao Tin Minh Chau store, Mr. Nguyen Van Hung, 60 years old (Hai Ba Trung - Hanoi), shared: "This scene reminds me of the subsidy period, when people had to queue up to buy food."
Mr. Hung said that with the idle money he saved, he decided to buy gold to store, expecting the gold price to continue to increase and possibly exceed 100 million VND/tael in the near future.
Ms. Lan, an office worker on Quang Trung Street (Hanoi), said: "Although the gold price is high, I still decided to buy, accepting the risk in the hope that the price will continue to increase."
Ms. Lan understands that investing in gold at this time can be a loss if the price falls, but she still believes in the upward trend of the market.
Mr. Tuan, a small business owner (Ha Dong - Hanoi) said that he has been following the gold market for a long time. He decided to buy gold for long-term investment, considering it a safe channel in the context of many economic fluctuations. Mr. Tuan analyzed that although the gold price may fluctuate in the short term, in the long term, gold is still a valuable asset.
“Gold will continue to increase. I am sure that in just a few days, the price will exceed 100 million VND/tael. Gold is still the safest haven,” said Mr. Tuan.
When asked about the risk if gold prices reverse, he shook his head: “I buy to hold for the long term. The market may correct in the short term, but in the long term, gold will only increase in price.”
Ms. Hoa, a retired teacher in Doi Can (Ba Dinh - Hanoi) went to the store to buy a gold bracelet to give to her daughter on her birthday. She said that although the price of gold is sky high, she still wanted to give her daughter a valuable and meaningful gift. She believes that gold is not only jewelry but also an asset to accumulate for the future.
The reason Mr. Minh, 65 years old (Hoan Kiem, Hanoi) and his wife bought gold at the peak price was to celebrate their 40th wedding anniversary. He said: "We want to celebrate this special day with a pair of gold rings, which have both spiritual meaning and are an accumulated asset."
Unlike the crowd of people coming to buy, Mr. Duc in Nguyen Trai (Thanh Xuan - Hanoi) came to the store not to buy but to consider whether to sell or not. He bought 5 taels of gold more than 4 months ago, when the price was about 86 million VND/tael. With the current price, he made a profit of nearly 60 million VND.
“I want to close the deal even though I’m making a profit, but what if the gold price goes up even more? If I sell now and the gold price goes up to 100 million later, it will be a pity,” Mr. Duc wondered. After hesitating for a while in front of the counter, he decided not to sell.
However, also on this street, other gold stores such as Phu Quy, Doji, SJC,... are quite deserted.
According to experts, the sharp increase in gold prices is due to many factors, including geopolitical tensions in the Middle East and the weakening of the US dollar. The world gold price has surpassed the 3,000 USD/ounce mark, causing the domestic gold price to increase. People need to consider carefully before investing in gold, because the market always has potential risks and unpredictable fluctuations.
Source: https://archive.vietnam.vn/rong-ran-xep-hang-dan-ha-noi-do-xo-mua-vang-gia-dinh-100-trieu-dong/
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