Small gold shops buying and selling SJC gold bars push prices to record highs

At noon on August 25, the price of SJC gold bars at large enterprises such as PNJ, SJC, DOJI was listed at 125.9 million VND per tael for buying and 126.9 million VND per tael for selling.

Free SJC gold bar price hits record high

Meanwhile, at some small shops in Ho Chi Minh City and the provinces, the price of SJC gold bars was pushed up to the highest level of 127.4 million VND for buying and 128.2 million VND for selling, 1.3 million VND per tael higher than that of large gold companies. This is a record high for SJC gold bars. However, buying and selling SJC gold bars at these shops is not easy.

A gold shop employee in Ho Chi Minh City said: "The selling price this morning is 128.4 million VND per tael, buying price is 126.9 million VND. Customers who want to buy must deposit 10% and wait about 2 days to get the gold."

Some other places only trade 99.99% gold rings, listed around 106.9 million VND for buying and 112 million VND for selling.

Các tiệm vàng nhỏ mua bán vàng miếng SJC đẩy giá kỷ lục cao ngất ngưởng - Ảnh 1. — SJC gold bar price is at historical peak

Low spread, high risk

According to Decree 24/2012 of the State Bank, only licensed banks and businesses are allowed to buy and sell SJC gold bars. Small gold shops trading gold bars without a license are considered illegal.

However, in recent days, due to the continuous sharp increase in the price of SJC gold bars, the market has entered a vibrant period. The demand for exchange on groups and social networks has also increased, despite the price being at a historical peak.

Gold expert Tran Duy Phuong said that the fact that some gold shops buy and sell SJC gold bars without a license can be considered a "black market" so the transaction volume is not much and usually only buys and sells to familiar and close customers. The selling price is high but the buying price is also high when the difference between buying and selling prices is only about 800,000 VND/tael. The important thing is whether customers accept to buy at high prices at gold shops?

"There are customers who want to buy dozens of taels of SJC gold bars, but they have to be regular customers, which will reduce risks for both the buyer and the gold shop. If people buy SJC gold bars from groups or online, they will face greater legal risks and the risk of buying low-quality SJC gold bars, fake gold or fraud..." - gold expert Tran Duy Phuong warned.