Gold price recovers, contrasting scenes at two large gold shops on Tran Nhan Tong street

On the morning of April 24, gold prices recovered strongly after yesterday's plunge. Tran Nhan Tong gold street, Hanoi witnessed the scene of people jostling and lining up, showing that the attraction of precious metals has not cooled down.

According to VietNamNet reporters , gold prices this morning (April 24) were adjusted up by businesses by a million VND per tael compared to the end of yesterday's session. Specifically, at 9:00 a.m., Bao Tin Minh Chau listed prices at 117 million VND/tael (buy) and 120 million VND/tael (sell). SJC offered higher prices of 119 million VND/tael (buy) and 121.5 million VND/tael (sell).

Although the price of gold continues to remain high, people still flock to gold shops to buy. At Bao Tin Minh Chau store on Tran Nhan Tong street (Hanoi), long lines of people still line up early, creating a crowded scene stretching dozens of meters.

The store announced today that it will limit sales to a maximum of 2 taels per person, to ensure even distribution and avoid hoarding.

The gold shop was bustling with customers waiting to buy gold.

Unlike the hustle and bustle of Bao Tin Minh Chau, the SJC store was quite deserted even though it still sold more - each person was allowed to buy 1 tael of gold bar.

Meanwhile, Phu Quy only allowed each person to buy 1 tael, but by around 9am, the store announced that it was out of stock even though it had only served the first 15 customers.

Ms. Nguyen Thi Huyen (Hoang Mai district) and Mr. Pham Ngoc Le (Thanh Xuan district) were two guests who arrived early to listen to the gold price situation.

“We only planned to come to explore the market, if the price of gold decreased, I would not buy. But when we saw that the price had increased compared to yesterday, we decided to buy 2 taels. If we waited any longer, we might miss the opportunity,” Ms. Huyen shared.

SJC gold shop is empty, each person can buy one gold bar. Photo: Ngoc Cuong

Mr. Le also agreed: “I have been following the price for the past few days. Gold sometimes dropped sharply, but quickly increased again. Today is the same, there are signs of increasing again. I think this is a sign that the market still has room to increase, so buying now is reasonable.”

Meanwhile, Mr. Dong Xuan Huy (Long Bien district) said he decided to buy gold when he saw that today's price was still lower than yesterday's.

“Gold once reached 124 million VND/tael. Buying today for only 120 million is already a profit compared to the old peak. I think gold will continue to rise, especially when many factors in the world are still unstable,” Mr. Huy commented.

Ms. Khong Tuyet Mai (Dong Da district) said: "I do not invest heavily, I just buy to store as savings. But looking at the recent increase, it is clear that the price of gold has not cooled down."

Notably, this morning, some people were willing to buy back gold at a higher price than the listed price in the store. On the sidewalk, in front of Bao Tin Minh Chau, reporters recorded hand-to-hand transactions with a difference of about 200,000 VND/tael. Many people brought gold to sell right on the street, enjoying a higher price than in the store.

The appearance of these unofficial transactions shows that confidence in the upward price trend is still very strong, and also reflects that supply is somewhat limited, causing a number of small investors to accept buying outside to "hold the goods" in time.

Domestic gold prices are fluctuating, but buyer sentiment remains extremely stable. Stores limiting sales amid rising prices has reinforced expectations that this is not the peak and the gold market still has much room to grow in the coming time.

Experts say that with global economic instability, inflation not fully controlled and the trend of hoarding assets increasing, gold will continue to maintain its role as a "safe haven".

Gold prices fluctuated strongly, a familiar phenomenon reappeared at the "gold street" in Hanoi . The sharp drop in gold prices last weekend did not deter buyers. On the morning of April 21, Tran Nhan Tong gold street was still bustling, reflecting confidence in the upcoming price increase.

Source: https://vietnamnet.vn/gia-vang-phuc-hoi-canh-trai-nguoc-o-hai-tiem-vang-lon-tren-pho-tran-nhan-tong-2394541.html