After a series of deep downward adjustments, gold prices have had their 2nd consecutive session of increase. This morning (March 25), plain round gold rings and domestic gold bars continued to rebound. At gold business stores on Cau Giay street, Hanoi, lively trading scenes took place at all hours.
According to information released from the store, the maximum amount of plain round gold rings sold today is 2 taels of gold. If customers need to buy positions under 5 taels of gold, they will be able to trade directly, and more quantities will receive appointment slips.
The above announcement surprised some people, because before that on March 23, when gold prices fell sharply, gold shops were recorded to have announced the sale of unlimited quantities of gold rings. If customers have a need to buy positions of 0.5; 1; 2; 3; 10; 20 gold taels, they will be able to trade directly, and more quantities will be received by the appointment date of April 18.
Returning to buying gold rings, Mr. V.C. H (Tay Ho ward, Hanoi) shared: "Today I proactively went earlier than yesterday, everyone went to buy this morning still crowded, but the store has coordinated to go inside the waiting facilities instead of standing outside causing disorder. I sat waiting on the 2nd floor and will be instructed to go down to the 1st floor to transact. Gold prices fluctuate, so I only buy a little, about 3 taels of plain round gold rings to accumulate wealth".
Similarly, Mr. B.H. T (Hoang Mai ward, Hanoi) - a customer who needs to buy gold rings - said: "The gold price was at 16.8 million VND, I haven't been able to buy it yet. Partly because I'm afraid of queuing, partly because I haven't mobilized enough money, so I haven't gone to buy. Today I came back to buy, I plan to buy about 1 tael of gold".
Mr. T added that the number of people in need of buying is large, but the store has coordinated to go to the upper floors to wait. "It is expected that waiting quickly will be about 2 hours, if later, I will have to transact past noon" - Mr. T said.
As for Ms. N.P. M (Dong Ngac ward, Hanoi), buying plain round gold rings is a way to save money.
I am a freelancer, so I am not constrained by time, but my house is 8km away, so I only go shopping when I need it. I usually spend a lot of free money on clothes, so sometimes I will buy gold to save. I have been buying since the gold price was at 99 million VND/tael, most recently it was 145 million VND/tael. Today I plan to buy 2 more gold taels to accumulate more" - Ms. M said.
Although gold prices are increasing, experts recommend that investors should not FOMO (buy in pursuit of crowd psychology), especially 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 11:40 am on March 25, SJC gold bar prices were listed at 172-175 million VND/tael (buying - selling), an increase of 4.8 million VND/tael.
Bao Tin Minh Chau listed SJC gold bar prices at 172-175 million VND/tael (buying - selling), simultaneously increasing by 4.8 million VND/tael.
At the same time as the survey, SJC listed the price of plain round gold rings at 171.8-174.8 million VND/tael (buying - selling), an increase of 4.8 million VND/tael in both directions.
Bao Tin Minh Chau listed gold ring prices equal to gold bar prices, currently at the threshold of 172.5-175.5 million VND/tael (buying - selling).
On the world market, as of 11:44 AM on March 25 (Vietnam time), world gold prices had a deep downward correction, listed around 4,570 USD/ounce, up 96.7 USD.
