Limited supply, stores continuously hang signs out of stock
The domestic gold market continues to witness a shortage of supply. According to Lao Dong reporters in the past month, although the number of customers pouring into transactions was very large, most brands limited the number of sales, or even closed to stop transactions.
Ms. Nguyen Thi Huong (Cau Giay District, Hanoi) shared: I have no intention of buying gold to store, I just want to buy one as a wedding gift for my grandchild. But I haven't been able to buy it for a week. When I bought a tael of gold and had to wake up from the early morning lining up, I had to give up. Occasionally passing by, I stop by to see if there are goods to buy, but today they still report them all. Many people come early, only get a number from the beginning to buy".
Like Ms. Huong, Ms. Nguyen Thi Ha (Dong Da District, Hanoi) shared: I have a sum of idle money, if I deposit, the interest rate is low, so I want to switch to buying gold. But it is very difficult to buy these days, I have to come early to queue and each person can only buy 1-2 taels. Today is the third day I have been buying but still haven't been able to buy any" - Ms. Ha said.
Talking to reporters, a representative of a gold and gemstone trading enterprise said that due to security, political and economic instability in the world, the world gold price increased, which also affected the domestic market. Along with that, people tend to buy accumurately, or invest more than sell, which is also the main reason why businesses run out of products to sell.
In the country, the amount of imported gold is still limited, the supply from people selling is low, the demand for storage, gifts, investment... increases sharply, often businesses do not have gold mines and are not allowed to import raw gold, but at this time people often buy, very few people resell, leading to a shortage of goods at many business units. Therefore, businesses cannot balance the amount of gold they buy and sell, so there are times when they have to temporarily hang signs out of stock" - this person said.
Online transactions are rampant
When stores hung up with signs, many online gold trading groups were bustling. Many accounts offer products of major brands at prices 2-5 million VND/tael of gold higher than the listed prices at stores.
This activity is taking place, increasing price fluctuations, causing customers to turn to the free market, making the supply of brands even scarcer.
In addition, hand-to-hand transactions and sales on social networks pose a risk of fraud, fraud and legal risks. Due to not being controlled by management agencies, buyers find it difficult to verify the origin, quality and authenticity of the product. Many cases of poor quality gold delivery, or even losing money due to bank transfer but not receiving the goods.
People should trade at licensed and reputable gold shops to avoid falling into the "trap" of subjects taking advantage of market fluctuations for profit.
The shortage of gold not only makes people buy at higher prices than the actual price, but also causes difficulties for legitimate businesses. This situation reduces the number of customers coming to trade at stores, reduces the supply from customers selling gold to stores, so stores lack goods to sell, reducing revenue for businesses legally trading in gold.
