Searched everywhere but couldn't buy 1 tael of gold ring.
According to Lao Dong reporters, in recent days, people have been lining up in front of stores to buy gold. Most investors are looking for plain gold rings to buy. However, owning the item is very difficult. Most gold stores are limiting the quantity sold. Many stores even announced that they are out of stock and have stopped selling.
After waiting for many days, Ms. Nguyen Thu Huong (Hoan Kiem district, Hanoi) still could not buy gold rings to celebrate the wedding of her relatives: "Along Tran Nhan Tong street, Hanoi, there are many gold shops but I have never been able to buy gold rings. Some places are too crowded, I don't know how long it will take to wait. Some places are out of stock, announcing that they are not selling gold rings. In addition, most of the shops do not publicize their opening hours, making it even more difficult to buy gold. I am too busy to wait like everyone else" - Ms. Huong said.
Ms. Huong said that she had received gold rings as wedding gifts from relatives. However, if she could not buy them, she would have to convert them to money gifts equivalent to the current price of gold rings.
Like Ms. Huong, Ms. Do Hong Nhung (Gia Lam district, Hanoi) shared: "Last week, the price of gold dropped sharply, so I decided to buy. However, I have not been able to buy for many days because the store announced that it was temporarily closed. In the past few sessions, the price has continuously increased sharply. When I went to buy, they announced that they had stopped selling."
Follow the crowd to buy gold
According to the reporter's observations in Hanoi, not all stores are crowded with customers. Surveying 6 famous gold and gemstone brands in the area on November 22, three units announced that they were out of gold rings and had stopped selling. Of the three brands selling this item, one unit had a large number of customers lining up to buy. The other two brands had people trading, but were not bustling.
It is worth mentioning that many people do not intend to buy gold but follow the crowd mentality when the price of this precious metal fluctuates strongly. Choosing to queue at a gold shop with too many people lining up in front, Ms. Pham Thi Tuyet (50 years old, Dong Da district, Hanoi) - a customer coming to buy gold rings at a gold shop on Tran Nhan Tong street - said: "Seeing many people buying gold, I also wanted to buy some. When I went to the street and saw people lining up here, I went in to queue. This brand is famous, I also recognized it so I accepted to wait in line. The shop only sells a limited quantity each day. If you cannot buy it, you will have to wait many hours later or line up early another day to buy it again."
Standing in line behind Ms. Tuyet, Mr. Le Minh Khuong (Dong Anh district, Hanoi) shared: "I bought gold for my wedding. The store across the street still sells gold rings as usual today. I passed by and didn't see a long line like this one. However, I didn't buy it because I got this brand of gold for my wedding before, so now I want to do the same. In addition to buying gold for my wedding, I just decided to buy a few more because I saw a lot of people buying and hoarding it. I didn't do much research, but there must be a reason for so many people buying gold. I also believe that gold will increase even more."
Businesses pass the risk onto consumers
In recent sessions, the difference between buying and selling domestic gold has been continuously high, at times reaching 4.5 million VND/tael. Although it has decreased to around 2.5 million VND, experts say that the difference is still too high, putting investors at risk of losses.
Talking to Lao Dong reporter, Dr. Nguyen Tri Hieu - economic expert - said that the gap between buying and selling prices of gold in the country is too high. "Some of the reasons for such a gap in gold prices are that gold traders see large fluctuations in gold prices, so they buy at very low prices but sell at high prices. That is a backup plan to avoid the case where gold traders are not greatly affected by price fluctuations.
Whenever the world gold price fluctuates strongly, gold traders in Vietnam will push up the difference. Taking advantage of the Vietnamese people's love for gold, especially when the world gold price fluctuates, people rush to buy gold. That is also a way for gold traders to pass the risk onto consumers," said this expert.
