Strange scenes at many gold shops in HCMC

TPO - Gold rings and gold bars are increasing in price to a record level, at one point soaring to 96 million VND/tael. However, many gold shops in Ho Chi Minh City are “deserted” to buy and sell this precious metal.

TPO - Gold rings and gold bars are increasing in price to a record level, at one point soaring to 96 million VND/tael. However, many gold shops in Ho Chi Minh City are “deserted” to buy and sell this precious metal.

Early in the afternoon of March 14, Tien Phong reporters visited many gold shops and neighborhoods specializing in gold, silver, and gemstones in Ho Chi Minh City. However, the strange scene was the complete absence of gold buyers. When the gold shop employees saw customers, they immediately greeted them, but few people stopped to look at the gold.

At Thiec market (District 11), dozens of gold shops here display gold in full display cases but only a few customers stop by to repair or polish jewelry. Only occasionally do customers come to look at and try on rings, earrings...

Strange scenes at many gold shops in Ho Chi Minh City photo 1

Gold ring price increased to 96 million VND/tael on March 14

Ms. Ha Trang (47 years old, living on Tran Quy Street, District 11) said that in the past, every two months she used to stop by her regular gold shop to buy 1-2 taels of gold rings to save, but since the beginning of the year she has not been able to buy any gold because the price is too high. "Now the gold shop is quoting a price of more than 9.5 million VND/tael, so I won't buy anymore because it is beyond my means," Ms. Trang said.

Employees of many gold shops here also said that the price of gold has increased in the past few days so no one has come to buy or sell much. Some customers asked to buy plain gold rings but the shops did not have any to sell.

Strange scenes at many gold shops in Ho Chi Minh City photo 2

Gold shops on Hai Ba Trung Street (District 1) are deserted

At Thiec market, there is only one gold shop that still has 9999 plain rings, priced at over 95 million VND/tael. However, the staff also admitted that not many customers come to buy because of the high price, and very few people come to sell gold rings even though the buying price is also a record high, over 93 million VND/tael.

A famous gold shop in District 6 said that there are still many gold rings left, selling for 93 million VND/tael. Customers who need to buy should buy soon because the price may increase in the coming days.

Meanwhile, the gold trading area on Hai Ba Trung Street (District 1) has almost no customers coming to trade or buy. Gold shops also admit that they have no plain gold rings or gold bars to sell to customers.

Specifically, the price of SJC gold bars is also listed at 94.1 - 96 million VND/tael for buying and selling. Similarly, the price of gold rings is also listed by SJC Company following the price of gold bars at 94 - 95.5 million VND/tael for buying and selling.

Strange scenes at many gold shops in Ho Chi Minh City photo 3

A famous gold shop in District 6 has only a few customers coming to see the jewelry.

Meanwhile, at some other brands, the price of gold rings is even sold at a higher price than the price of gold bars - the first time.

PNJ Company sells plain gold rings for 96 million VND/tael, the same price as gold bars; Phu Quy Group sells gold rings for 96.2 million VND/tael while gold bars are 95.6 million VND/tael, or DOJI sells for 93.4 million VND/tael, higher than the selling price of gold bars at 93.1 million VND/tael.

According to gold expert Phan Dung Khanh, the price of gold is an international financial product that will be mainly affected by world prices. At that time, domestic gold prices can set new records if world prices continue to increase sharply. However, the level of impact on gold bars, jewelry gold or gold rings will be different. Because gold bars are more strictly managed, the level of impact from policy is higher than that of gold rings or jewelry gold.

Therefore, in the past, gold bars were always higher than gold rings and jewelry gold, but now, with the goal of bringing the gold price closer to the world price of gold bars, the growth rate of gold rings is higher than that of gold bars. It should be noted that if the world gold price decreases, the price of gold rings may also decrease more sharply than gold bars.

Many financial experts believe that in the long term, if domestic gold continues to maintain its correlation with the world's precious metals, the price will increase. The price of 100 million VND/tael of domestic gold is a major psychological barrier for the market.

Regarding investment, experts recommend that investors should have many channels to allocate assets such as stocks, real estate, gold, savings deposits... and should not invest all in gold.