Gold lessee, person withdrawing savings to buy
Recorded by Lao Dong reporter at some gold shops at 9:15 a.m. on October 22, the domestic price of plain round gold rings and gold bars simultaneously decreased. However, at some brands, the price of gold rings and gold bars continued to increase before the trading time.
No more jostling, pushing, or congestion in front of gold shops on Cau Giay Street, Hanoi, some brands have painted lines and divided the queue areas. Due to the constant increase in the number of people coming to buy, part of the road has also been used as a "waiting hall".
Ms. Le Minh Ngoc (My Dinh, Hanoi) lined up for the first time in a series of questions with the method of holding gold in hand: "This is the first time I have been buying gold in this area, my grandchild's family has a wedding so I want to buy it as a gift. Seeing people lining up, I also waited in line, standing and asking more people who had already bought. If I can't buy it today, I will also give cash as a wedding gift to my nephew, but buying a little will be more meaningful".
As for Ms. Nguyen Kim Thu (Cau Giay, Hanoi), for nearly a month now, when gold is fluctuating, she has taken the opportunity to buy. Ms. Thu said: "Today I arrived at 8am, waiting nearly 2 hours to get the voucher to buy. Since the gold price fluctuated, I have been going out every day, some days I have been waiting from 9am to 5pm and can't buy. Today, if I line up and distribute numbers like this, I will have a sale" - Ms. Thu shared her experience.
A week ago, Ms. Thu chose to withdraw her savings to buy gold: "In the past, I deposited in a bank savings deposit, but at this time, seeing more profit in gold, I took it out to store gold. There were days when the shop did not sell, I bought gold jewelry twice to keep my property but also sold quickly to buy gold rings".
Many people even said that when the price of gold skyrocketed, families with weddings had to rent or borrow gold to have enough offerings on the big day.
At around 10am the same day, each person in line was allowed to enter the store to trade with a purchase limit of 1 tael of gold.
Gold price update
As of 11:00 a.m. on October 22, the price of SJC gold bars was listed at VND 146.5 - 148.5 million/tael (buy - sell), down VND 5 million/tael for buying and VND 4 million/tael for selling.
Meanwhile, Bao Tin Minh Chau listed the price of gold bars at 153.5-156.5 million VND/tael (buy - sell), down 500,000 VND/tael in both directions compared to the opening time of trading (10:00).
At the same time of the survey, SJC listed the price of plain round gold rings at 145.5 - 148 million VND/tael (buy - sell), down 4.1 million VND/tael for buying and 3.8 million VND/tael for selling.
Bao Tin Minh Chau listed the price of gold rings at 153.5-156.5 million VND/tael (buy - sell), down 500,000 VND/tael in both directions compared to the opening time of trading (10:00).
On the world market, as of 11:00 a.m. on October 22 (Vietnam time), the world gold price increased by 4 USD, listed around 4,127.1 USD/ounce.
Currently, the difference between buying and selling prices at gold enterprises is at a very high level, commonly 2-3 million VND/tael, causing the risk of losses to increase sharply if prices continue to decrease. In the context of unpredictable market fluctuations, many people still have a "bottleneck" or FOMO (fear of missing out on opportunities), but this is the time to be especially cautious.
If gold continues to fall sharply following the world trend, surfer buyers may suffer heavy losses after just a few hours of trading. Investors need to be cautious, avoid trading based on emotions to limit financial risks.
