Gold prices are constantly increasing, Hanoi people still line up to buy gold for investment

At 5:00 p.m. this afternoon, May 9, 2024, the domestic SJC gold price is still increasing continuously. Continuously setting new records.

Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 97.2 million VND/tael for buying and 89.5 million VND/tael for selling.

Compared to the early morning of the same day, the price of SJC gold at this unit increased by 2 million VND/tael in both buying and selling directions. The difference in the buying and selling price of gold at this brand is currently at 2.3 million VND/tael.

Gold price increases continuously, forecast to reach 100 million VND/tael

At the same time, Bao Tin Minh Chau brand listed the price of SJC gold at 87.2 million VND/tael for buying and 89.3 million VND/tael for selling. Compared to the early morning of the same day, the price of SJC gold at this brand was adjusted up by 1.65 million VND/tael for buying and up by 1.8 million VND/tael for selling.

The difference in gold buying and selling prices of this brand is currently at 2.1 million VND/tael.

Notably, while in the past, small gold shops listed the selling price of SJC gold bars at a price millions of VND/tael lower than that of large gold companies, now the difference is only a few hundred thousand VND/tael. For example, at Mi Hong gold shop, the selling price of SJC gold bars this morning increased by 700,000 VND/tael, to 87.8 million VND/tael, buying at 86.5 million VND/tael.

Gold price increases continuously, forecast to reach 100 million VND/tael

Surprisingly, at the same time, the world gold price was only around 2,314 USD/ounce, equivalent to 71 million VND/tael.

Thus, the price of SJC gold bars is widening the gap with the world price to more than 18 million VND/tael.

According to economic experts, in recent days, the domestic price of SJC gold bars has increased continuously despite the close instructions of the Government, despite the State Bank intervening by increasing the supply of SJC gold bars to the market through gold auctions.

Previously, to stabilize the market, Prime Minister Pham Minh Chinh requested the State Bank to immediately handle market problems. The Government leader also requested management agencies to "put national and ethnic interests first", encourage the production and export of gold jewelry, and create jobs for workers.

Giving reasons for the record increase in domestic gold bar prices, experts said that the main reason is the sharp increase in demand for gold bar investment. According to statistics from the World Gold Council, Vietnam's gold investment demand in the first quarter increased sharply by 12% in the first quarter of 2024, the highest since 2015.

In addition, another reason that contributed to the record-high domestic gold bar price was the unsuccessful gold auctions of the State Bank. Yesterday (May 8), the State Bank held the 5th auction with a higher starting price than the previous session, up to 85.3 million VND/tael.

In the context of gold prices constantly increasing, reaching an all-time high, this afternoon (May 9), Hanoi residents still lined up to buy gold for investment. Photo: Tien Anh

Many people lined up waiting their turn to buy gold.

However, in the context of the continuous increase in gold prices, reaching an all-time high, this afternoon (May 9), Hanoi residents still lined up to buy gold for investment. Mr. Tran Anh Tuan (Cau Giay, Hanoi) believes that the gold price will continue to increase in the coming days, so this afternoon he bought 5 taels of gold for investment and storage. "I listened to the market and saw many forecasts from experts that the domestic gold price could reach 95 to 100 million VND/tael" - Mr. Tran Anh Tuan shared and said that he was a bit surprised because this afternoon there were many people buying gold.

Sharing the same view, Mr. Thanh Minh (Cau Giay, Hanoi) also said that taking advantage of the increase in gold prices, he went to buy gold this afternoon to store. "I planned to buy it last week, but there were many calculations, I didn't expect the gold price to be so high this week" - Mr. Thanh Minh informed.

Also according to statistics from the Bao Tin Minh Chau brand, in the context of unprecedentedly high gold prices, the number of customers coming to buy gold is greater than the number of customers coming to sell gold. At times, people lined up in long lines waiting for their turn to buy gold.

Source: https://congthuong.vn/gia-vang-tang-khong-ngung-nghi-nguoi-dan-ha-noi-van-xep-hang-cho-mua-vang-dau-tu-319177.html