Customers lined up to buy up all the gold rings and gold bars

This morning (April 25), on the “gold street” Tran Nhan Tong (Hanoi) is still crowded with people buying and selling gold. Right at the beginning of the morning, people crowded together to buy and sell gold at stores of Bao Tin Minh Chau, Doji, PNJ… Some stores even had long queues waiting to buy and sell this precious metal.

Queuing for 15 minutes to buy 5 tael of gold at a store on Tran Nhan Tong street, Ms. Mai (in Cau Giay, Hanoi) said that gold prices fluctuated strongly, she herself felt worried, afraid of “swinging to the peak”. . However, she didn’t know what to do with her idle money. Her friends who had invested in gold in the past had all made a profit, so she was determined to buy gold today.

As for Ms. Quynh (29 years old, Dong Da, Hanoi), she had accumulated a few ounces of gold before. Up to now, this amount of gold has been profitable, although not much. Seeing that, this morning she grabbed the money to buy gold to take advantage of the decline.

“Just buy and accumulate because the gold price trend is expected to increase in the near future,” she said.

Noted by Reporter.VietNamNet At gold stores, most customers come to buy more than the number of customers coming to sell. There are people who buy to accumulate, and there are also customers who buy large amounts of gold to pay off debt. Many people choose gold as an investment channel when their savings mature. Some people admit to buying according to crowd psychology. Seeing everyone rushing to buy gold, they also… bought it.

According to a representative of Doji gold store on Tran Nhan Tong street, the number of customers this week is not as crowded as last week. Among them, the majority of people came to buy plain round rings. There were also many people who came to ask but did not buy.

“Usually in the early afternoon, there will be more people coming to transact than in the morning. The store has to send sales staff to divide and regulate traffic in front of the store to avoid congestion,” an employee at this store shared.

Notably, at gold stores, plain round rings are still the most popular item that customers choose to buy these days. Therefore, the situation of “out of stock”, limiting the amount of gold rings customers can buy, is common in stores.

At Bao Tin Manh Hai this morning, store staff repeatedly informed customers: “Gold rings are still sold out. If you want to order in advance, you can come back to get the gold a few days later.” Previously, this store system accepted pre-orders but did not set a specific gold delivery date.

As for SJC gold bars, employee Bao Tin Manh Hai said that you can go directly to the store to trade because the supply is not as scarce as plain round gold rings.

Bao Tin Minh Chau’s consultant informed that stores still limit the amount of gold rings customers buy each time. Like today, with the branch in Cau Giay, customers can buy a maximum of 1 amount of plain round gold rings. At stores in Tran Nhan Tong, customers can buy a maximum of 3 quantities.

At the beginning of April, Bao Tin Minh Chau stores also continuously limited the amount of gold customers could buy. From 1 tael down to 5 taels, there was even a time when customers could only buy 3 taels of plain round rings at a time. The reason is because the demand for gold rings has increased dramatically.

Meanwhile, with SJC gold bars, this brand’s consultant affirmed that “goods are always available, customers can buy as much as they want”.

Exchange with Reporter.VietNamNet, director of a gold business, admitted that people have a very high demand for gold rings. Therefore, gold rings are always “sold out” throughout the system despite strong price fluctuations in recent days.

According to this leader, the State Bank is organizing a bidding for SJC gold bars to increase supply to the gold market. However, from the beginning of the year until now, people have switched from needing gold bars to plain round gold rings for investment and accumulation. This is also the reason why gold bars at the store system are always available, while gold ring warehouses are “scraped and bought out”.

“If we calculate the percentage of customers buying gold at the store, the demand for gold rings is up to 80%,” this person said. Notably, during the past time, many customers took advantage of the peak gold ring price to sell for profit, but the number of buyers was still overwhelming. Therefore, the source of gold rings cannot be matched in time, and there is a constant situation of being out of stock.

“The stores are always in a state of gold rings that customers have just brought to sell, after checking and paying, they are immediately sold to other customers. Currently, our stores and branches stop accepting orders for gold rings, because we do not know when we will have gold to pay customers,” this director shared.

In the early morning of April 25, 2024, domestically, SJC gold reversed sharply, dropping more than 700,000 to a million VND per tael. By noon, the price of gold increased slightly. Currently, SJC gold bars in Ho Chi Minh City are priced at 81.7-84 million VND/tael for buying and selling.

Bao Tin Minh Chau’s plain round gold ring is listed at 73.52-75.22 million VND/tael (buy – sell). SJC 9999 gold ring type 1-5 only costs 73-74.7 million VND/tael; Type 0.3-0.5 costs only 73-74.8 million VND/tael.

Tam An – Tien Anh