After a deep decline in the morning, this afternoon (March 20), plain round gold rings and domestic gold bars adjusted slightly upwards. At gold business stores on Cau Giay street, Hanoi, the line of people waiting to buy is bustling at all hours. However, at 1:43 pm, the store announced that business establishments stopped receiving customers due to overloaded customers.
According to information released from the store, the maximum amount of plain round gold rings sold today is 3 taels of gold. If customers need to buy less than 3 taels of gold, they will be able to trade directly, and more quantities will receive appointment slips until April 5.
After opening for sale, Ms. B.T. M (Cau Giay ward, Hanoi) shared: "Today, I went with a friend. In the morning, I was able to squeeze in, so I bought at 17.5 million VND/chi, the price is adjusting up again, I don't know what my turn will be, the price will be how much. Currently it is 17.6 million VND/chi, buying a little is okay, but 1 tael of gold also increased by 600,000 VND".
For many people like Ms. N.H. H (Nghia Do ward, Hanoi) - a customer who bought plain round gold rings - said: "I bought from the time the gold ring price was 18.56 million VND/chi until now and have not been able to get gold. The store promised to come on March 21st to get it. Today I came to buy another chi of gold rings".
Similarly, Mr. N.T. P (Tay Ho ward, Hanoi) - a customer who has been "hunting" for gold rings for 2 consecutive days - said: "Yesterday, I also went and queued outside to wait, I was not allowed to go to the main store immediately, I had to follow the staff of the store. Today it is still crowded by noon, the store has stopped receiving new customers. I will buy 2 chi more while the price is decreasing".
Besides the number of customers buying in, the number of people who need to sell to take profit "drop by drop". As one of the few sellers taking profit, Ms. N.M. N (Cau Giay ward, Hanoi) agreed to leave - information: "I want to sell 1 tael of gold but have been queuing and waiting from 11 am until now and still cannot transact. There are few sellers but the number of buyers is too large, the store cannot serve all of them. I plan to go outside to sell, or transact online".
People need to note that the buying - selling price difference of gold rings at stores has been widened. Investors, if trading in the short term, need to pay special attention to this difference, because this is a decisive factor in real profit when selling.
Experts recommend that investors should not FOMO (pursue crowd psychology), especially with gold rings when the buying - selling difference is high.
Reality shows that as soon as the price reverses or adjusts slightly, buyers may fall into a loss situation right after trading, because the difference has been "deducted" from the profit. Therefore, people need to carefully consider their holding goals, calculate the difference and fluctuation risks before spending money.
Gold price update
As of 2:00 PM on March 20, SJC gold bar price was listed at 173.1-176.1 million VND/tael (buying - selling), an increase of 600,000 VND/tael compared to the morning trading session.
Bao Tin Minh Chau listed the price of SJC gold bars at the threshold of 173.1-176.1 million VND/tael (buying - selling), an increase of 600,000 VND/tael for buying and selling.
At the same time as the survey, SJC listed the price of plain round gold rings at 172.8-175.8 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both directions.
Bao Tin Minh Chau listed the price of gold rings equal to the price of gold bars, currently at the threshold of 173.1-176.1 million VND/tael (buying - selling).
On the world market, as of 2:05 PM on March 20 (Vietnam time), world gold prices had a deep downward correction, listed around 4.674 USD/ounce, up 25.3 USD.
