Gold prices drop, people rush to buy, stores close, no transactions

Thanh Bình |

On October 10, domestic gold prices fell sharply. In Hanoi, some gold shops have long lines but are closed, not transacting.

Recorded by Lao Dong reporter at 9:00 a.m. today (October 10), the prices of plain round gold rings and domestic gold bars simultaneously decreased after the peak day. In Hanoi, many people have come to "row up" since 4am to hunt for gold rings but could not have expected the scene of the gold shop "closing the door and locking the door".

Mr. Nguyen Trong Hung (Xuan Dinh Ward, Hanoi) was present at the gold shop on Cau Giay Street and said: "I left at 5am, not yet ready to receive the voucher, at around 7:45 the shop opened to receive the voucher. But the line of people was too crowded, uncontrollably so the doors were closed."

Mr. Hung tried to stand at the gold shop waiting for the opening time: "My daughter is about to get married, so I also want to buy 1-2 taels just to give, try to wait a little longer, not to lose money and leave early".

Hang dai nguoi dan xep hang truoc cua hang vang mac du da duoc thong bao ngung giao dich sang nay. Anh: Thanh Binh
A long line of people lined up in front of a gold shop despite being informed to stop trading this morning. Photo: Thanh Binh

Taking a trip of 17 km from Long Bien to Cau Giay, Hanoi, Mr. Phung Duc Quan was also present at this gold shop from 4am.

Mr. Quan shared: "Buying at Tran Thai Tong is closer to my house but they give out few coupons, and when they are numbered, they will stop, and the people there will also line up early, so I have to go here. I waited until 10-11am this morning to open the store to see if I could do any transactions, now I'm out of work."

Luckily, Mr. Vu Cong Sinh and his wife living on Quan Nhan Street, Hanoi said: "My wife and I arrived early and lined up right at the beginning, so when we opened the door to get the number, the first 10 people were allowed in. My wife was standing in the store while I was lining up at the end of the line, so I was still waiting to open the door. When the door was opened, people jostled and pushed, they could not control it so they closed the door, everyone pushed down the staff".

According to the reporter's records, the store also issued a notice that it would not open for trading this morning. However, people were still waiting outside the lobby until the transaction time.

Cua hang vang cua dong then cai do suc mua qua dong. Anh: Thanh Binh
The gold shop closed its doors due to overwhelming purchasing power. Photo: Thanh Binh

Gold price update

As of 10:30 on October 10, the price of SJC gold bars was listed at VND139.9 - 141.9 million/tael (buy - sell), down VND600,000/tael compared to the previous session.

Bao Tin Minh Chau listed the price of SJC gold bars at 137.8-140.8 million VND/tael (buy in - sell out).

At the same time of the survey, SJC listed the price of plain round gold rings at 136.2 - 138.9 million VND/tael (buy - sell), down 600,000 VND/tael in both directions.

Bao Tin Minh Chau listed the price of gold rings at 137.8 - 140.8 million VND/tael (buy - sell).

On the world market, as of 10:30 a.m. on October 10 (Vietnam time), the world gold price reversed and decreased, listed around 3,971.9 USD/ounce, down 3.6 USD.

Thanh Bình
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