On March 24, domestic gold prices continued to fluctuate. Records at many gold trading stores in Ho Chi Minh City showed that the number of customers selling was quite limited, while the buying demand of people increased sharply. Most gold holders still tend to wait for prices to recover instead of selling at the present time.
At Mi Hong gold store (Ba Chieu market area), from early morning, scenes of people queuing in long lines in front of the door appeared. Some customers came very early, even before opening to reserve seats. When the store started trading, a large number of customers flocked in, causing the waiting time to last from 1-2 hours before their turn.
Sharing after buying gold, Ms. Vuong Phuong Lan (An Hoi Tay ward) said that she came to queue from about 6 am. "Gold prices are fluctuating, so I am taking advantage of buying to hoard. Waiting nearly 2 hours for my turn but still finding it worth it, because I bought 1 tael of gold ring" - Ms. Lan said.
Similarly, at SJC store on Nguyen Thi Minh Khai street, the scene of queuing to buy gold rings also took place from the beginning of the day. Inside the store, people sat crowded on both sides, holding order tickets, patiently waiting for their turn to transact. Although they had to wait for a long time, many people were still determined not to leave the queue because they were worried about missing the opportunity to buy gold at good prices.
According to staff here, each day the store only serves about 100 gold buyers, with the regulation that each person can buy a maximum of 1 tael of gold to ensure supply.
I still follow gold prices to buy and accumulate, now I see them falling, so I went to buy, who knew it would be so crowded. If I don't take advantage, I'm afraid prices will increase again" - Mr. Nguyen Van Duc (living in Bay Hien ward) shared.
According to Assoc. Prof. Dr. Nguyen Huu Huan - Financial economic expert, the sharp drop in gold prices in the context of increasing global geopolitical instability is not actually too unusual. Meanwhile, the direction of operating the gold exchange can be seen as a step to "re-establish order" for the market.
When transactions are centralized, publicly listed and ordered according to market mechanisms, a transparent and reliable reference price will gradually be formed. This not only helps people and businesses have more basis for making decisions, but also supports management agencies to closely monitor supply and demand as well as promptly detect abnormal signs.
In the context that gold prices are still unpredictable, experts recommend that people should carefully consider before buying, avoid the psychology of following crowds, and allocate finances reasonably to limit risks.
At about 9 am on March 24, in Ho Chi Minh City, SJC gold bar prices were listed by SJC enterprises at 164.9 million VND/tael for buying and 167.9 million VND/tael for selling; at Mi Hong it was 1654 - 167.9 million VND/tael.
The price of gold rings at SJC is at 164.7 - 167.7 million VND/tael (buying - selling); while at Mi Hong it is 1654 - 167.9 million VND/tael.
