Nha Trang: People line up to buy gold

After nearly 2 days of selling gold to stabilize the price, at SJC Nha Trang gold transaction points, customers lined up to buy gold in large numbers; the gold price continued to drop sharply to below 80 million VND/tael. Compared to the end of last week, the gold price decreased by about 4 million VND/tael and decreased by more than 13 million VND/tael compared to the time when gold reached its peak (May 10).

Demand for gold increases

Crowds of people traded gold at SJC Nha Trang on the morning of June 4.

Many people traded gold at SJC Nha Trang on the morning of June 4.

On the morning of June 4, at the SJC Nha Trang store on Ngo Gia Tu Street, we recorded a large number of people lining up to buy gold. The staff had to continuously explain to customers that each person could only buy a maximum of 1 tael, those who wanted to line up to deposit in advance and get a receipt, when the goods were available, the staff would call to notify them to come and pick them up. However, the store only accepted a certain number of customers, because it was currently unknown when the goods would arrive and how much they would have. At nearly 10 o'clock, while there were about 20 people in the store waiting for their turn, there were still quite a few customers outside the store.

Holding the gold purchase receipt in her hand, Ms. Nguyen Thi Lan - Loc Tho ward (Nha Trang) said: "Luckily I went early to line up and bought 1 tael, if I had gone late I might not have been able to buy it, the staff promised to call me to get the goods in the afternoon. I wanted to buy 2 taels but they only sold 1 tael per person so I'll go buy more tomorrow". Taking advantage of going to buy gold early, Ms. Mai (Dien An commune, Dien Khanh district) said she needed to buy 2 taels of gold to pay off her debt, but the store only allowed her to buy 1 tael. Ms. Mai shared: “Three years ago, I needed capital to do business, so I borrowed 2 taels of gold from my brother-in-law, promising to pay it back early this year. However, since the beginning of the year, the price of gold has been continuously increasing, making me restless. Now that I heard that SJC is selling gold to stabilize the price, I immediately went to buy it to pay off the debt. However, due to the high demand for gold among the people, while the supply is limited, I was only able to buy 1 tael. I think the State has intervened to allow businesses to sell gold to the people, so the price of gold will not increase in the near future.”

Mr. Hoang Anh Tuan - Director of SJC Nha Trang Branch said that after selling gold to stabilize the market price, the number of customers coming to trade increased 4 to 5 times compared to before. Accordingly, on June 3, after the first opening session, the unit sold about 120 taels of gold to people. On the morning of June 4, from early morning, there were many people coming to trade, but mainly buying, and only a few customers selling. By 12 o'clock, the store had sold 80 taels of gold to customers. In fact, currently, customer demand is very high but output is limited, so the store only sells 1 tael per person and still has no goods to deliver to customers immediately. The store has sent people to Ho Chi Minh City to receive the goods to deliver to customers soon.

Gold prices continue to fall

After a sharp drop in the last session of the week, the price of SJC gold continued to fall sharply after the State Bank of Vietnam sold gold to 4 state-owned commercial banks ( Agribank , BIDV, Vietcombank and VietinBank) and Saigon Jewelry Company Limited (SJC) so that the units could sell gold directly to the people. Recorded at the SJC Nha Trang branch store, by the end of June 3, the listed price of SJC gold bars was 77.98 million VND/tael for buying, 79.98 million VND/tael for selling, down about 3 million VND/tael; the price of SJC gold rings of types 1, 2, 5 was only 73.8 million VND/tael for buying, 75 million VND/tael for selling, down 700,000 VND/tael compared to June 2. At 10:20 a.m. on June 4, the gold price continued to decrease by VND500,000 /tael for buying; decreased by VND1 million/tael for selling compared to early this morning. Specifically, currently, the price of SJC gold bars at Nha Trang Branch is listed at VND77.48 million/tael for buying, VND78.98 million/tael for selling; the price of SJC gold rings of types 1, 2, 5 is only VND73.9 million/tael for buying, VND75.1 million/tael for selling, an increase of VND100,000/tael. Thus, the price of SJC gold bars has decreased sharply in both directions compared to the end of last week (about VND4 million/tael) and decreased by more than VND13 million/tael compared to May 10.

Gold price listed at SJC Nha Trang branch at 10:20 on June 4.

According to experts, the sharp drop in domestic gold prices, while the world gold price continues to increase sharply, has significantly narrowed the gap between domestic and world gold prices. In addition, the gap between buying and selling prices has also been narrowed, to only 1.5 million VND/tael. With abundant supply and drastic solutions from the Government and the State Bank of Vietnam, especially the stabilization of gold prices and inspection of some gold trading units, the gold market will stabilize in the coming time.

Regarding people's demand, according to the owners of some gold shops, through understanding the actual demand of the gold market, it shows that currently, the demand for buying gold bars for investment and storage is high, while the demand for use is very limited. The reason is that the real estate market is currently less vibrant, bank interest rates are not really attractive to people, while some industries and businesses are facing difficulties, so people have the mentality of investing in gold.

CAM VAN

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