Greedy for profit, customers sell gold 'hand over hand' in front of the store

Gold price increases without stopping

Gold prices today increased sharply, reaching an unprecedented high. At 3:00 p.m. on April 18, Saigon Jewelry Company listed the price of SJC gold at 117-120 million VND/tael for buying and selling.

Bao Tin Minh Chau is also listing the price of SJC gold at 117 - 120 million VND/tael for buying and selling.

The difference in gold buying and selling prices is currently at 3 million VND/tael.

Today's gold price, gold ring price, gold bar price listed at Saigon Jewelry Company Limited - SJC

At the same time, the price of gold rings is also being traded at a high level. Bao Tin Minh Chau buys gold rings at 116.5 million VND/tael, and sells at 119.5 million VND/tael, an increase of 1.5 million VND/tael in both buying and selling compared to yesterday's closing price.

The world gold price is currently around 3,327 USD/ounce, equivalent to 105.82 million VND/tael. The gold price continues to increase strongly and reached a record high in this morning's trading session as demand for safe havens increases.

The gold market is still buzzing about Federal Reserve Chairman Jerome Powell's speech in Chicago on the afternoon of April 16 and concerns around trade tariffs that could create higher inflation and higher unemployment.

Gold buyers and sellers exchange hands right in front of the store.

In the context of gold prices increasing hour by hour, day by day, climbing to unprecedented highs, people's demand for gold also escalates.

According to statistics from Bao Tin Minh Chau, at the business establishments of this enterprise, on the morning of April 18, the number of customers buying and selling had a ratio of 70% buying and 30% selling.

Gold prices are rising, many people are lining up to buy gold for investment because they believe that gold prices will increase sharply in the near future. Photo: Hong Canh

According to a reporter's survey, this morning, at a business store on Cau Giay Street, there was a long line of people coming to transact, mainly people who wanted to buy gold.

The high price of gold, along with the escalating demand for gold, has caused supply to fall short of demand. The gold shop on Cau Giay Street only sells a maximum of 1 tael to each customer. If a customer wants to buy 5 taels, they have to queue 5 times with 5 different numbers.

Mr. Nguyen Minh Hung (60 years old, residing in Quan Hoa, Cau Giay) said that on the morning of April 18, although he arrived at the gold shop at 8:30, there were already about 20-30 people lining up to buy gold. " Buying gold for investment at this time is still profitable and safe compared to many other investment channels. Not to mention, the price of gold increases every day, with no stopping point, investing in gold today will be profitable tomorrow" - Mr. Hung shared.

Notably, according to the reporter’s records, gold trading transactions not only take place in stores and gold businesses but also take place right in front of gold shops. Instead of waiting in long lines, many gold buyers and sellers “hand over” gold right in front of the gold shop. Gold sellers earn more profit, while buyers save time and effort.

Ms. Phuong Lan (Hoai Duc, Hanoi) said that the price of gold increased, so she brought 1 tael of gold to sell for profit. However, before she could enter the store, someone asked to buy it. They were willing to pay a difference of 500,000 VND per tael higher than the buying price of the gold trading enterprise.

" They are willing to buy any amount of gold, paying in any form, as long as they can buy gold" - Ms. Phuong Lan reported the words of the person who wanted to buy gold and said that by selling gold in front of the store, she had more profit from the gold than selling in the store.

However, according to experts, the form of buying and selling gold right in front of the gold shop also poses great risks to buyers. Because many people take advantage of the need to buy gold of many people, pretending to be sellers, mixing in gold of poor quality to deceive consumers.

Experts recommend that to ensure your rights, buy gold at reputable businesses with clear origins to buy quality products, both protecting your rights and protecting healthy business operations.

The world gold price is currently around 3,327 USD/ounce, equivalent to 105.82 million VND/tael. The gold price continues to increase strongly and reach a record high.

Hoang Giang

Source: https://congthuong.vn/ham-loi-nhuan-khach-ban-vang-trao-tay-truoc-cua-tiem-383735.html