Despite the sharp increase in prices, at many large gold stores in Ho Chi Minh City, selling pressure continues to overwhelm buying pressure. Recorded at a gold shop on Bui Huu Nghia Street, the number of customers coming to transact at gold shops was bustling.
Ms. Truong Hong Nhung (Go Vap ward) shared: "I know the price of gold is high but still decide to buy because I am afraid that tomorrow it will increase again. I had planned to buy it at the beginning of the week but hesitated, now seeing the price keep skyrocketing, I have to go to the shop.
However, buying plain gold rings at this time is not easy. Mr. Le Van Duc (Cho Lon Ward) shared that he had visited three gold shops in the area but all received the answer that there were no products.
"The shop said it could not import more gold, the shop said it had to wait for someone to sell before buying. I didn't think buying gold would be so difficult now, the price was already high, and it was still scarce" - Mr. Duc expressed.
Some opinions also warn of the risks of buying gold at high prices, especially for those who buy on the internet. However, for many people in Ho Chi Minh City, the goal is not speculation, but long-term holding, preventing financial risks. Mr. Tran Van Toan (Gia Dinh ward) said: "I don't recommend surfing, I buy them for long-term storage. In the past few months, I have not put in many profits, I feel more secure when buying gold".
According to gold expert Nguyen Duy Phuong - Director of Golden Fund Gold and Gemstone Company, the reason why domestic gold prices are still very different from world gold prices is due to the scarcity of supply. Currently, Ho Chi Minh City residents are having many difficulties when wanting to buy gold in the desired quantity.
SJC gold trading center only sells a limited amount of 1 tael per customer and has to wait a long time. Meanwhile, if buying at gold shops outside, whether there is a good deal or not depends on each time; only when there is a seller will the shop have gold to resell.
Mr. Phuong said that while waiting for the amendment of Decree 24, the immediate solution to cool down gold prices and narrow the gap with world prices is that the State Bank needs to support liquidity for the market. Therefore, it is advisable to supply the market with a few thousand to tens of thousands of taels of gold to solve the shortage of SJC gold bars, thereby contributing to stabilizing the market and reassuring people's psychology.
At 2:00 p.m. on August 2 in Ho Chi Minh City, the price of SJC gold bars was listed by Saigon Jewelry Company SJC and DOJI Group at VND 121.5-123.5 million/tael (buy in - sell out).
The price of gold rings at DOJI is listed at 117.0-112.5 million VND/tael (buy in - sell out). Saigon Jewelry Company SJC listed 116.5-119 million VND/tael (buy in - sell out).
