Records at many large gold shops show that the number of customers coming to buy has decreased significantly, no longer the scene of jostling and queuing for many hours like the period when gold prices continuously peaked.
At some large gold trading stores such as Mi Hong, SJC, people come to transact mainly to get serial numbers and wait for a short time. Many places also have available gold rings and gold bars to sell directly to customers instead of limiting small quantities as before.
According to records, the number of customers buying is no longer too large. Some people said that they mainly monitor market developments instead of buying at any price as before.
Ms. Ngo Thanh Huyen (resident of Cho Quan ward) shared that more than two months ago she had to wait nearly 2 hours to buy gold rings due to the large number of customers. However, on the morning of May 21, she only took about 15 minutes to complete the transaction.
Now buying gold is much more comfortable, no longer crowded or having to stand outside the door waiting as long as before. I see the price is adjusting, so I buy to accumulate a little to save" - Ms. Huyen said.
Similarly, Mr. Nguyen Van Duc (resident of Phu Dinh ward) said that buyers' psychology has become less "hot" after a period of strong gold price fluctuations.
Previously, many people were afraid that prices would continue to increase, so they rushed to buy. Now prices fluctuate erratically, so people are also more cautious. I see that the current market is much calmer. Besides, depositing savings is also a safe channel at this time, so it is chosen by many people" - Mr. Duc said.
An employee of a gold shop in Ban Co ward said that purchasing power has now decreased significantly compared to the peak period in March. If previously customers had to queue from early morning to wait to buy gold rings, now the store can meet transactions on the same day.
According to gold expert Tran Duy Phuong - Director of Golden Fund Jewelry Company, a few months ago, SJC gold bars and gold rings of many brands were always in shortage. People had to queue in long lines to buy, even each person was only allowed to buy a limited amount of gold bars or 1-2 chi of gold rings.
At that time, the price of gold on the free market is usually significantly higher than the listed price at gold companies and commercial banks. Currently, due to a sharp decrease in buying demand, the price of gold on the free market has been equal, even lower than the price of businesses. This shows that the demand in the market is almost no longer much.
According to Mr. Phuong, most gold holders are currently mainly waiting for prices to recover to sell. Therefore, from April to now, transactions on the gold market have been quite sluggish.
Mr. Phuong predicts that from now until the third quarter, world gold prices are still likely to increase again, but the increase will not be too strong, possibly fluctuating around 4,900-5,000 USD/ounce and difficult to exceed the 5,000 USD/ounce mark.
For those who are holding gold, this channel still has profit opportunities, but it is highly likely that it will be difficult to exceed the profit from savings deposits. In the current context, savings deposits are still considered a safer and more effective investment channel.
At about 9:30 am on May 21, in Ho Chi Minh City, SJC gold bar prices were listed at 160.5 million VND/tael for buying and 163.5 million VND/tael for selling; while at Mi Hong, the prices were 160.8-162.3 million VND/tael respectively.
For gold rings, SJC listed at 160.0-166.6 million VND/tael (buying - selling), while at Mi Hong it was 160.8-162.3 million VND/tael.
