This morning (May 6), the price of SJC gold bars was listed by Saigon Jewelry Company SJC, DOJI Group and Bao Tin Minh Chau at 120.8-122.8 million VND/tael (buy in - sell out), an increase of 3 million VND/tael compared to the end of yesterday. The difference between the buying and selling prices is 2 million VND/tael. Phu Quy Group announced the price of 119.8-122.8 million VND/tael, with a higher difference, up to 3 million VND/tael.
The price of 9999 round gold rings also increased sharply. At DOJI, the listed price is 115.5-118 million VND/tael; at Bao Tin Minh Chau is 117.5-120.5 million VND/tael; and Phu Quy has 115-118 million VND/tael. The buying - selling range ranges from 2.5 to 3 million VND/tael, the difference is considered quite high compared to market practice.
Recordings at some large gold shops in Hanoi show that the number of people coming to trade has increased significantly since early in the morning. Mr. Nguyen Van Trong (Hai Ba Trung District) said:
I arrived early because I heard that gold prices had increased sharply. However, the shop only allows a maximum of 1 tael/person, so I am considering whether to wait or not, it is too crowded" - Mr. Trong said.
Meanwhile, Ms. Le Thi Hong (Cau Giay) shared: "Yesterday, the price was reduced, I planned to buy it to celebrate my sister's wedding next month. But this morning, prices have skyrocketed. The gap between buying and selling prices is up to several million VND, so I plan to wait for the price to stabilize before deciding."
Ms. Le Thi Cam Linh (Dong Da district) said: "For the past few weeks, I have noticed that gold rings are almost always scarce, especially in the early morning. Today, my husband and I have to come and queue together early to get a ticket." Ms. Linh added that although the gold price has increased sharply, she still decided to buy because she was worried that the price could continue to increase.
Notably, many brands selling gold and jewelry continue to limit their sales. Bao Tin Minh Chau only allows a maximum of 1 tael/person, while Phu Quy limits the sale to 3 taels/person.
Experts warn that in the context of strong market fluctuations, individual investors need to be especially cautious. The large price range increases the risk of "buying at the top, selling at the bottom", especially for those with a short-term investment mentality.
The domestic gold price increase was partly affected by developments from the world market. Recorded at 9:08 a.m. on May 6, the world gold price was listed on Kitco at 3,378.7 USD/ounce, a shocking increase of 113.1 USD/ounce compared to a day before.
Converted to Vietcombank's selling rate of VND 26,135/USD, the world increase is equivalent to about VND 2,956,000/tael (1tael = 1.20556 ounce).
