Gold price increases again, Ho Chi Minh City people line up to buy again

(NLDO) - Gold prices have increased again, and people in Ho Chi Minh City are flocking to stores and gold shops to buy after a day of rushing to sell.

On the morning of November 8, the price of SJC gold bars and 99.99 plain gold rings both increased by nearly VND2 million per tael after plunging by VND6 million the day before. World gold also regained the threshold of USD2,700/ounce.

Vàng tăng giá trở lại, người dân TP HCM lại xếp hàng dài để mua- Ảnh 1. — Crowded with gold buyers at SJC

According to the reporter of Nguoi Lao Dong Newspaper, in contrast to the scene of massive gold selling like on November 7, many people in Ho Chi Minh City flocked to large gold stores in Ho Chi Minh City to buy with the expectation that gold prices would increase sharply again.

Specifically, at the SJC gold store located at 418 - 420 Nguyen Thi Minh Khai (District 3, Ho Chi Minh City), customers filled the inside and more than 5-6 people had to wait outside for their turn to buy gold.

Mr. Hai (living in Ho Chi Minh City) said that yesterday he was psychologically upset so he sold 2 taels of gold rings. This morning he saw signs of gold price increase so he came here to buy some gold rings to accumulate, waiting until gold price reaches 90 million VND then he will sell to make profit.

"At first, I only planned to buy 2 taels because I thought the gold shop wouldn't let me buy much. Luckily, the shop allowed me to buy freely, so I bought a tael of gold. Yesterday, selling it was like torture," said Mr. Hai.

Some customers sitting next to them also said they planned to buy 2-5 taels of SJC gold for savings. They decided to buy gold when the price was increasing because they felt that the upward trend had returned, not as negative as yesterday.

According to SJC store staff, this morning the pressure to sell gold has cooled down, there is no longer a scene of customers lining up to sell. Instead, the store allows customers to buy SJC gold freely, without any quantity limit. Customers do not need to take a number or wait in line for their turn.

Arriving at the PNJ store on Hai Ba Trung Street (District 1, Ho Chi Minh City), the store staff said they were out of gold rings and could not be sure when they would be available again.

At Mi Hong gold shop (Binh Thanh district, Ho Chi Minh City), 99.99 plain gold rings are bought at 82 million VND/tael, and sold at 84.5 million VND/tael; SJC gold is bought at 82.5 million VND/tael, and sold at 86.5 million VND/tael. Gold sales are no longer as busy as yesterday.

According to the store staff, the number of people buying and selling gold this morning has stabilized, even the number of gold buyers has increased. Currently, customers can buy 1-2 taels of gold rings, 1 tael of gold bars per person, and customers who want to sell gold, the store still buys as usual.

Having just bought gold, Ms. Lan (living in Binh Thanh district) said she bought 2 more taels of gold rings to save and she predicted that gold prices would likely continue to increase because it had just hit rock bottom.

"If gold decreases, I will lose, but not much. If gold increases, it is even better. I will sell it when I have something to do. In general, buying gold is easy now. Going to each store to buy 1-2 taels is enough for 1 tael," Ms. Lan said with a smile.

Mr. Son (living in Ho Chi Minh City) - who sold 1 tael of gold ring yesterday - said that this morning he saw the price increase so he bought 2 taels again to make a profit.

"Yesterday I saw people selling so I followed suit. This morning I saw the price increase again so I regretted it. Now I'll buy 2 more taels and leave them there," said Mr. Son.