Recorded on the morning of March 3 at some gold shops on central streets of Ho Chi Minh City, the number of customers coming to transact increased significantly compared to previous days. At Saigon Jewelry Company Limited - SJC (Ban Co ward), Mi Hong... many people waited for their turn to buy plain gold rings.
At Mi Hong Company, Ms. Nguyen Tran Minh Tam (resident of Cho Quan ward) said that this morning she decided to queue to buy 1 chi of gold rings after following international news.
I see the Middle East situation is tense, worried that gold prices will increase, so I bought a little in advance to save. Not for short-term investment, but mainly for self-defense" - Ms. Tam shared.
According to Ms. Tam, this is a short-term savings of the family. Instead of depositing in the bank, she chose to buy gold because "holding gold makes me feel more secure".
Similarly, Mr. Le Van Hung (resident of Binh Trung ward) said that he had been monitoring gold prices for many days before deciding to buy.
Every time the world has major fluctuations, gold increases again. I don't know how much the price will increase, but if there is idle money, buying a little is still safer than keeping cash" - Mr. Hung said.
In the Ho Chi Minh City gold market, large gold shops have returned to applying a policy of selling only 1 tael of gold rings/person/day as usual. This is a regulation maintained for many months to ensure stable supply. When transacting, customers receive gold immediately, without having to wait.
According to Assoc. Prof. Dr. Nguyen Anh Phong - Head of the Faculty of Finance - Banking, University of Economics - Law (Vietnam National University Ho Chi Minh City), with the current geopolitical developments, the possibility of gold prices continuing to rise is well-founded. However, how much increase and whether it will be sustainable is very difficult to predict accurately.
Mr. Phong said that some international organizations have put forward scenarios that gold prices could reach 6,000 USD/ounce in the long term. This is not without basis as the world is facing a series of instabilities such as conflicts between the US, Israel and Iran, the risk of economic recession, rising oil prices and increasing inflationary pressure. In that context, according to traditional financial investment principles, gold is still often seen as a safe haven channel.
However, he also noted that in the current context, management agencies are tightening gold management, many legal and technical barriers are erected such as buying and selling gold over 20 million VND must be transferred, buying and selling gold must declare information... then when investing in gold channels, investors must be very careful.
At about 9:20 am on March 3, in Ho Chi Minh City, SJC gold bar prices were listed by SJC enterprises at 186.4 million VND/tael for buying and 189.4 million VND/tael for selling; at Mi Hong it was 186.8 - 189.4 million VND/tael.
The price of gold rings at SJC is at 186.1 - 189.1 million VND/tael (buying - selling); while at Mi Hong it is 186.8 - 189.4 million VND/tael.
