In contrast to the sparse number of buyers in Ho Chi Minh City despite the continued sharp drop in domestic gold prices today (November 12th), VietNamNet reporters observed that in Hanoi, from 8:30 AM onwards, gold shops on Tran Nhan Tong Street (Hai Ba Trung District) were bustling with people conducting transactions. In particular, the two branches of Bao Tin Minh Chau were constantly overloaded with customers waiting in line.

According to staff at Bao Tin Minh Chau gold shop (15 Tran Nhan Tong Street), the shop opens at 9:30 AM. During the morning, the store sells a maximum of 5 taels of gold per customer.

Just 30 minutes after opening, over 100 people had already taken a number and were waiting. Inside the shop, shoppers sat in long lines stretching from the counter all the way to the door.

Speaking to a reporter, Mr. Hung (Dong Da District, Hanoi) said that when he saw the price of gold drop to 83.3 million VND/ounce (selling price), he quickly took time off work to go buy some.

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Customers lined up in long queues, waiting for their turn to transact business. Photo: Tien Anh

"I bought gold to pay off my debt. I borrowed 2 taels of gold before, when the price was 54 million VND per tael. Now the price has almost doubled, so paying off the gold now means I've lost almost 1 tael," Mr. Hung said.

Mr. Trung (Hai Ba Trung district) commented that many people are following the crowd mentality, rushing to buy gold en masse. According to him, after a period of "small-scale" buying and selling, where shops limited sales to only 1-2 taels per person while prices were sky-high, the sharp drop in gold prices combined with shops selling large quantities has led many to fear missing out on the opportunity.

Also sitting in line waiting for her turn to transact, Ms. Thu (Cau Giay) said that it is necessary to know the market price, because if you buy in bulk without doing thorough research, it is very easy to incur risks and large losses, especially when buying in large quantities.

By 10:30 AM, the queue inside the gold shop was already packed with people, and the staff were constantly overwhelmed. Seeing the large number of customers, the store manager had to limit the number of people allowed to buy.

Although the store announced it would only accept 100 customers this morning, observations showed that over 150 people were waiting in line. Many people behind number 100 were worried they would have to leave.

Other gold shops on Tran Nhan Tong "gold street," such as Bao Tin Manh Hai, Phu Quy, SJC, etc., also recorded a similar situation with a bustling number of customers trading gold. Many customers buying gold rings, due to the long wait, tried to buy them back from those waiting to sell at a slightly higher price to save time.

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In contrast to Ho Chi Minh City, people in Hanoi are still rushing to buy gold even as prices have dropped sharply. Photo: Tien Anh

Online gold trading forums are equally bustling. Posing as a potential gold buyer, our reporter was approached by numerous "gold brokers" offering to sell gold at a markup of 2-3 million VND per tael, equivalent to 85-86 million VND per tael if bought in person. Conversely, when customers wanted to sell, many were willing to pay higher than the market price, buying any amount and paying upon delivery.

Meanwhile, online trading carries many risks. Buyers and sellers who prioritize short-term gains may face numerous negative consequences later on, such as: unreliable gold quality, substandard gold purity, potentially forged documents, and inflated purchase prices.

According to experts, people should be cautious when conducting transactions outside of official channels and should ideally go to reputable establishments to ensure that the rights of buyers and sellers are protected if any problems arise with the product.

Domestically, gold prices today, November 12, 2024, plummeted sharply in line with global gold prices.

By 10:00 AM, the price of 9999 gold bars from SJC was listed at 80.8-84.3 million VND/ounce (buy - sell). SJC listed the price of gold rings at 80.5-83 million VND, while Doji listed it at 81.2-83.4 million VND/ounce (buy - sell), a decrease of 1.3-1.75 million VND/ounce compared to the closing price yesterday.

Gold prices plummet again, and people in Ho Chi Minh City react strangely.

Gold prices plummet again, and people in Ho Chi Minh City react strangely.

This morning (November 12), the price of SJC gold bars continued to fall by another 1.3 million VND/ounce, listed at 80.6-84.1 million VND/ounce (buying price - selling price). However, people in Ho Chi Minh City are no longer rushing to buy.
Gold prices plummet, stores sell without limit, many people line up to cut their losses.

Gold prices plummet, stores sell without limit, many people line up to cut their losses.

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