Hanoi gold shops run out of stock due to sharp increase in gold ring prices

(NLDO) - Many gold shops in Hanoi are out of stock despite limiting sales.

At the opening time of 9:00 AM on September 3rd, the price of gold rings was listed at 125.1 million VND/ounce for buying and 127.6 million VND/ounce for selling, an increase of 2.6 million VND/ounce compared to yesterday.

Many customers went to buy gold on the day the price rose sharply.

At the Bao Tin Minh Chau store on Tran Nhan Tong Street, Hanoi , staff said that the store, which opened between 9:00 and 9:30 this morning, had run out of gold rings. They are still unsure whether they will be open for sales this afternoon.

"Each customer who lined up early was only allowed to buy a maximum of 1 tael (approximately 37.5 grams)," a Bảo Tín Minh Châu employee stated.

Meanwhile, other major gold shops such as Phu Quy and DOJI are also experiencing supply shortages. The number of gold rings sold varies depending on the time. Customers who want to buy usually have to place a deposit in advance and receive the gold later.

The demand for gold remains very high.

Recently, the Government issued Decree No. 232 of 2025 dated August 26, 2025, amending and supplementing a number of articles of Government Decree No. 24 of 2022 on the management of gold trading activities. This Decree takes effect from October 10, 2025.

One of the notable points of the Decree is the abolition of the State's monopoly on the production of gold bars.

Accordingly, many people expect that eliminating the monopoly on gold bars will help diversify the supply, create a competitive market, and gradually narrow the gap between domestic and international gold prices.

However, in reality, bringing down domestic gold prices still faces many difficulties, even as the monopoly on gold bars is about to be abolished.

According to Mr. Dinh Nho Bang, Chairman of the Vietnam Gold Business Association, whether gold prices will adjust downwards depends on the supply and demand relationship for gold bars and jewelry, as well as how well the import of raw gold is opened up.

"For Vietnam to become a center for producing high-quality gold jewelry, imports must be allowed," Mr. Bang analyzed.

According to the Chairman of the Vietnam Gold Association, if demand is high but supply is insufficient, the price will not fall; only if demand meets supply can the price of gold decrease.

Source: https://nld.com.vn/xoa-doc-quyen-vang-mieng-khi-nao-gia-vang-moi-giam-196250903134342033.htm