People scramble to buy gold, businesses “turn around” to limit quantity sold
Recorded by reporter Dan Viet at 10am on November 8, gold shops on Tran Nhan Tong street were overloaded as people flocked to them after the strong volatility session yesterday (November 7).
Among them, at the Bao Tin Minh Chau store (branch 29 Tran Nhan Tong), the line of people went down the street. Some people want to buy large quantities because they learned yesterday (November 7th) that this business sells up to 5 gold rings per person. However, many people came and then unfortunately “turned around” and left because the store announced a temporary halt to sales.
Congested conditions caused people and vehicles on the road. Photo: Dan Viet.
Staff at the Bao Tin Minh Chau store here said after they stopped shopping yesterday, they would accept unlimited shopping again today. People who come to sell gold have priority to enter first to trade. For those who come to buy gold, this morning the store limited the number, each person can buy a maximum of 3 gold rings, SJC gold bars will not be sold.
Mr. Vu Van Nam (Hung Yen province) said that he traveled from afar to Bao Tin Minh Chau to buy gold, because yesterday he read that the shop sold it in large quantities. However, when he arrived, Mr. Nam received results that were not as expected. At the same time, he was promised by the gold house staff that he would return tomorrow evening or morning.
“I needed to buy about 3 gold rings to pay off my debt, so I went from Hung Yen early in the morning. It was a waste of work and long travel time and I couldn’t buy it, so I tried to wait until the evening to see what the situation was,” he said.
People flocked to gold shops after yesterday’s (November 7) highly volatile session. Photo: Dan Viet.
Located opposite, the Phu Quy gold store also faced an overload situation due to the long queue of people coming to buy. The store doesn’t even have enough parking space to buy gold. At around 10:15am, the Phu Quy store had to display a temporary out of stock sign with covered gold products and ask people who wanted to buy to come back around 2-3 hours later.
The Phu Quy store posted a “temporarily out of stock” sign. Photo: Dan Viet.
Mr. Bao Nam (Cau Giay district, Hanoi) came out of the gold shop, excited to buy 2 inches of gold and said: “Since my sister is getting married, I took the opportunity to buy gold for her to celebrate a wedding. 1-2 weeks ago I went to buy gold, but many stores said they were out of stock, some places only had to wait a month to get the gold.”
The price of gold bars and gold rings went up again today
Updated at 11:30 am today (November 8), the price of SJC gold bars was listed by SJC Company at 82 – 86.5 million VND / talel bought – sold, an increase of 1 million VND / talel each way the compared to the update. Sunday early this morning.
At Bao Tin Minh Chau brand, SJC gold bars were bought at 82.5 million VND/tael and sold at 86.5 million VND/tael. At the same time, gold rings are listed with this unit at 83.38 – 85.18 million VND / talel.
At Doji, this business listed SJC gold bars at 82 – 86.5 million VND / buy – sell amount. The round ring yield 9999 (Hung Thinh Vuong) is currently at 83.4 million VND/tael on the buy side and 85.2 million VND/tael on the sell side. The difference in the selling price of SJC gold bars and gold rings is 1.3 million VND/talel.
82 – 86.5 million VND / purchase – sale amount is also the price of PNJ SJC gold bars. PNJ 999.9 simple ring was bought by PNJ for 83.6 million VND/tael and sold for 84.8 million VND/tael.
Over the past month, the share price of SJC Gold bar changed. Source: giavang.org.
In a report sent to the representatives of the National Assembly on various contents related to the group of issues questioned at the 8th Session of the 15th National Assembly, the Governor of the State Bank (SBV) Nguyen Thi Hong provided an explanation of gold price developments in recent times.
In particular, the representative of the operator said that the world price of gold continues to increase, together with problems in other forms of investment (frozen property, gloomy corporate bond market, low bank deposit interest rates)…) making gold more attractive.
“However, through the monitoring of units in the system, it shows that the demand for gold is mainly in two large areas, Hanoi and Ho Chi Minh City, and that the characteristics and psychological expectations exist.
In addition to the reasons mentioned above, the possibility of market manipulation and the violation of relevant regulations on tax and competition laws cannot be denied, which has led to large differences between domestic gold prices (to especially SJC gold) and global prices,” said Ms. Hong.
The Governor of the State Bank still admitted that the gold market is not yet stable and stable because it is still affected by psychological factors, expectations, and risks that may affect currencies and foreign exchange markets; People were not encouraged to sell gold and convert it to VND to invest in production and business.
In addition, several fine art jewelry gold products with a content of 99.99% are used as gold bars (not including raw materials for production from smuggled gold sources). It is easy to take advantage of this phenomenon to reduce the effectiveness of the strict regulation of the gold bar market in Decree 24/2012/ND-CP.
These issues will be posted by State Bank Governor Nguyen Thi Hong to answer questions at the 8th session of the 15th National Assembly soon.
