On the morning of August 19, on Tran Nhan Tong gold street (Hai Ba Trung, Hanoi), there were no longer long lines of people waiting to buy gold. However, inside the store, there were still many customers waiting. The store only sold out within 40 minutes, each person was only allowed to buy one tael.

According to VietNamNet reporter, from 8am to 9am, at Bao Tin Minh Chau gold shop (Tran Nhan Tong, Hanoi), there were few customers coming.

By 9:15, everyone had come to get numbers and lined up inside the store.

The gold shop staff shared that since early morning, many people have come to buy gold. However, due to the long waiting time for the shop to open, many people left and waited until the selling time to come back.

According to observations, outside the stores, there are not as many customers as before, but long lines on the sidewalk still occur; the form of taking a number to wait is still applied at these stores.

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Gold rings are sought after by many people. Photo: Chi Hieu

Ms. Lan Anh (Hai Ba Trung, Hanoi) shared that she came to the store at 9:15 am and was the 7th person in line to buy gold. At the time of waiting for a number, there were about 20 people behind her.

At 9:40 a.m., the staff outside the store announced that this morning the store would only sell to 40 people who had to take a number, and each person could only buy 1 tael. Notably, the store only sold round gold rings, not SJC gold bars.

Mr. Quang (Cau Giay, Hanoi) said that the Bao Tin Minh Chau gold shop in Cau Giay was "overwhelmed" with many more customers than the one on Tran Nhan Tong Street. Although the shop had run out of gold, he still stayed and waited.

“I park my car here and wait another hour, maybe the store will open for the next session,” said Mr. Quang.

Many people who came to buy gold hired motorbike taxis to take them there and were willing to pay extra for the driver to wait for them to take them home for peace of mind.

Mr. Khang - a motorbike taxi driver in Dong Da (Hanoi) said: "Since last night, I was asked by a woman near my house to take me to buy gold this morning. To avoid wasting time booking a car and to ensure safety while traveling, she paid me an extra 100,000 VND to make me wait 40-50 minutes."

Most people who come to the store are to buy gold rings. They said that since the beginning of the year, gold rings have increased by about 15 million VND/tael, so even though the price is high, they still want to buy because they hope the price will continue to increase.

On the contrary, Ms. Oanh brought 3 taels of gold rings to sell. She said: “I bought 3 taels of smooth round gold rings at the end of March, when the price of gold rings was 70 million VND/tael. Now that the price has gone up, I am selling them. I bought them just to speculate, now I will make a profit of about 8 million VND/tael.”

According to observations, many people even ask relatives to stay outside the store, waiting for someone to bring gold to sell, then they are willing to pay a higher price than the store to buy it back.

With the limited amount of gold purchased being one tael per person, many buyers feel secure because if they buy a small amount, they will get the gold soon; but if they buy a large amount, they may have to wait a few days, at which point the price will "dance" unpredictably.

Even though the store was closed and no longer accepting customers, there were still many customers waiting outside, so that if anyone inside left, they could take their place.

Although the price of gold rings this morning (August 19) was slightly adjusted down, it is still at a high level. Specifically, SJC Company listed the price of gold rings of type 1-5 at only 76.8-78.2 million VND/tael, while Doji listed the price of 9999 smooth round gold rings at 76.85-78.2 million VND/tael (buy - sell).

SJC's 9999 gold price remained unchanged compared to the end of last week's trading session, at VND80 million/tael (selling).

To buy 1 tael of gold, you must declare personal information. Some places make an appointment to pick it up in 10 days.

To buy 1 tael of gold, you must declare personal information. Some places make an appointment to pick it up in 10 days.

Not only commercial banks but also small retail stores are required to declare customer information when buying and selling gold.
There is no shortage of gold, and the black market gold trade will end.

There is no shortage of gold, and the black market gold trade will end.

To end the black market gold trade, making it as difficult to buy gold as it was during the 'subsidy period', experts say the State Bank should not intervene administratively forever. It is necessary to let the gold market operate according to its own rules.
'Black market' gold price is nearly 80 million VND/tael, customers are suspicious

'Black market' gold price is nearly 80 million VND/tael, customers are suspicious

Most gold shops announced that they do not buy or sell SJC gold bars, but at some shops, the reporter, posing as a gold seller, was invited by the shop owner to make a discreet transaction with a purchase price of nearly 80 million VND/tael.