Many stores temporarily suspend transactions due to overload and out of stock
On April 17, the domestic gold market recorded a new unprecedentedly high price, when the price of SJC gold bars at some major stores reached 118 million VND/tael (selling).
The soaring gold price has caused the "golden street" of Tran Nhan Tong and many gold shops on Cau Giay Street (Hanoi) to be crowded with people coming to trade. Due to overload pressure and limited supply, some stores have been forced to temporarily stop receiving more customers to ensure security and order.
According to records at large chain stores such as Bao Tin Minh Chau, DOJI, PNJ, Phu Quy... the number of customers coming to transact has skyrocketed. Long lines have occurred in many places, and security forces have been increased.
According to Lao Dong reporters at a gold shop on Cau Giay Street (Hanoi) at 15.55, many people are still patient in line waiting for their turn to buy even though each person can only buy a limited amount of 2 taels.
Mr. Nguyen Anh Tuan (Nam Tu Liem District) said: "I have been lining up for a long time. This morning, they issued ballots in order and stopped issuing them early. Those waiting here have all received the vouchers and are just waiting for their turn to get into the transaction. Those who come early in the morning can buy 1 tael, but like me, in the early afternoon, I can only buy 2 taels. Many others saw that they were no longer giving away ballots and left.
Meanwhile, Ms. Nguyen Thi Anh (Long Bien District) shared that she had been to many gold shops but could not trade. "Some places have to queue for too long, so I have to leave, some places have announced that they have run out of both gold rings and gold bars since early morning" - she said.
A sales staff at a store in Cau Giay shared: "This is the time when there are many more customers coming to transact than usual. To ensure service and safety, the store has temporarily stopped accepting new customers and scheduled transactions at another time.
Some images recorded by the reporter today:
Domestic gold prices increased rapidly in the context of world gold prices continuing to set new peaks, reaching more than 3,330 USD/ounce. Many people are seeking gold as a safe haven amid concerns that inflation risks and economic instability may increase in the coming time.
However, experts recommend that people be cautious when participating in the gold market during times of strong price fluctuations. Buying at a high gold price could be risky, especially if the goal is short-term browsing or storage.
The representative of the State Bank also gave recommendations and encouraged people to consider carefully, avoiding the mentality of investing in the crowd. At the same time, authorities are continuing to closely monitor the market situation to take stable measures when necessary.
Gold price update
As of 3:30 p.m., the price of SJC gold bars was listed by a number of units such as Bao Tin Minh Chau, DOJI Group or Saigon Jewelry Company SJC at 115.5-118 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.5 million VND/tael.
The price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at VND 114.5-117.5 million/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 115-118 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.
At the same time, the world gold price listed on Kitco was around 3,316 USD/ounce.
See more news related to gold prices HERE...
