Gold prices fell sharply, people rushed to sell for fear of losing profits.

(NLDO) - The domestic gold price on November 7 evaporated by 4-5 million VND/tael, causing people to worry and rush to sell their gold, but the result was not as expected.

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According to the reporter of Nguoi Lao Dong Newspaper , in the face of the terrible decline of world gold, the price of SJC gold bars was continuously adjusted down by SJC Company, at 12 noon on November 7, down to only 83 million VND/tael for buying, 87 million VND/tael for selling, down to 2.5 million VND/tael for buying compared to the morning while the selling price decreased by another 500,000 VND. The difference between buying and selling is up to 4 million VND per tael.

This is a very sharp decrease in the price of gold bars in the past few days. Compared to the peak, the buying price of SJC gold bars has "evaporated" by 5 million VND/tael.

Similarly, the price of 99.99 gold rings also evaporated by about 4 million VND/tael. SJC Company listed the buying price of gold rings at 82.5 million VND/tael and the selling price at 84.6 million VND/tael, a total decrease of more than 3.6 million VND/tael compared to yesterday.

Vàng rớt giá dữ dội, người dân đổ xô đi bán vì sợ mất lãi- Ảnh 1. — People jostle to sell gold

PNJ Company and DOJI Group also simultaneously sharply reduced the buying and selling prices of gold rings to record lows in recent weeks.

Faced with the plunge in gold prices, most of the large gold shops in Ho Chi Minh City on the morning of November 7 were packed with customers coming to sell gold because people were worried that the price would drop further.

However, selling gold at this time is not favorable because gold shops and companies are reluctant to collect when the market is still falling. This makes many people upset and leave, some even argue loudly with the sales staff.

Mr. Tung (living in Ho Chi Minh City) said that when he saw the world and domestic gold prices continuously plummeting, he brought a quantity of SJC gold to a famous gold shop in Ba Chieu market area (Binh Thanh district) to close the deal but could not sell it because the shop said "there is no collection price yet".

"Seeing the price of gold evaporate by 3-4 million VND per tael, I rushed out to sell it, but I couldn't sell it, so I had to go home. They asked me to come back another day, but I don't know when. Now I have gold but I can't sell it. What if the price continues to fall?" - Mr. Tung said indignantly.

Standing next to him, Mr. Liem (living in District 3, Ho Chi Minh City), who brought 4 taels of gold to the store to pay the rent, said he was helpless when the gold store's rule stated that each person could only sell 1 tael of gold ring.

"When selling, you have to show your ID card and each person can only sell exactly 1 tael, not 2 taels. I don't invest in gold. Suddenly, I have gold in my hand but can't sell it to pay for the premises, it's so miserable" - Mr. Liem held 4 taels of gold in his hand and said loudly.

Vàng rớt giá dữ dội, người dân đổ xô đi bán vì sợ mất lãi- Ảnh 2. — Brought 3 taels of gold to the store but couldn't sell it.

Vàng rớt giá dữ dội, người dân đổ xô đi bán vì sợ mất lãi- Ảnh 3. — Ms. Yen kept 3 gold bars in a plastic jar.

Similarly, Ms. Yen (living in Ho Chi Minh City) said that she saved up to buy 3 taels of gold with a 99.99 plain round ring. At that time, gold fluctuated at 60 million VND/tael. This morning, gold fell sharply, so when she tried to sell it, the gold shop refused to take it back.

"Why do people buy gold when it is rising, but when it is falling, they only buy 1 tael? It's such a disadvantage for buyers," Ms. Yen said indignantly.

According to observations, most of the customers who came to sell gold were elderly. Many people came but were informed by the store that they could only buy 1 tael each, so they were forced to leave.

According to gold shop staff, customers selling gold were too crowded when they saw the price of gold plummeting, causing the shop to be overloaded and unable to serve customers in time, making many customers upset. On the other hand, customers could buy gold freely.

In Go Vap district, an employee of Kim Phat I gold shop said that on the morning of November 7, people also rushed to sell gold but very few people bought, forcing many gold shops to hold on to gold.

At around 11am, some gold shops temporarily stopped collecting gold rings, and also stopped quoting buying and selling prices. Many shops made appointments with customers to call them when they had enough money and then proceed with the transaction.

It was recorded that at 12:30, customers were still flocking to sell gold, and employees did not take a lunch break.

According to some gold shop owners, customers are selling gold en masse due to fear that gold prices will continue to fall sharply.

Vàng rớt giá dữ dội, người dân đổ xô đi bán vì sợ mất lãi- Ảnh 4. — Gold rush

Vàng rớt giá dữ dội, người dân đổ xô đi bán vì sợ mất lãi- Ảnh 5. — Crowds of people jostle at the gold counter of Mi Hong store, Binh Thanh district, Ho Chi Minh City.

Mr. Tran Huu Dang, General Director of ASEAN Gold and Gemstone Joint Stock Company (AJC, Hanoi), said that there are almost no gold buyers in the market. The reason is that the world gold price has dropped sharply, people who bought gold rings and SJC gold bars many months ago are now afraid of losing profits, so they are selling aggressively to earn profits, causing gold prices to fall hourly.

Gold trading businesses do not refuse to buy but will stop buying due to lack of money.

According to Mr. Dang, in Hanoi, the price of SJC gold bought at 12 o'clock also dropped sharply by 4-5 million VND/tael to 83 million VND/tael, 4 million VND/tael lower than the selling price of 87 million VND/tael.

The price of gold rings purchased by gold shops is 82 million VND/tael and sold at 84.5 million VND/tael.