Many people continue to queue up to buy gold
At many large gold shops in Hanoi, people lined up early in the morning to buy gold. At Bao Tin Minh Chau store on Tran Nhan Tong street, Hanoi, the line of people stretched out to the sidewalk.
At Bao Tin Minh Chau store on Tran Nhan Tong street (Hanoi), the line of people stretched out to the sidewalk. Mr. Nguyen Van Dat (Long Bien District) shared: "I arrived at 8:30 am, but until now I was still waiting for my turn to trade. I still come to queue when I have to. This morning, Bao Tin Minh Chau only sold each person 2 taels of gold rings, without SJC gold bars".
Ms. Nguyen Thi Nhung (Cau Giay District) arrived early at a gold shop on Cau Giay Street with a worried mood: "Seeing the price of gold decreased, today I want to take the opportunity to buy. For now, just buy in advance, wait for more information and then think again. Today, Phu Quy sold 3 taels".
Talking to Lao Dong reporter, a media representative of a large gold and gemstone trading unit in Hanoi said: "Recently, the number of customers trading is very large, customers come mainly to buy. To ensure stable operations and avoid speculation, the chain of stores has proactively limited the number of sales per day and prioritized serving customers with real needs".
In the context of a highly volatile gold market and many risks, experts recommend that investors be cautious and avoid buying gold in a trendsome manner. Investing in gold needs to be based on careful analysis and consideration before making buying and selling transactions.
According to Dr. Nguyen Tri Hieu - an economic expert, buying gold to "surf" - that is, buying and reselling in a short time to make a profit is very risky in the context of strong price fluctuations and the difference between buying and selling is too high. Gold prices can adjust strongly at any time, making investors buying at the peak vulnerable to large losses.
Mr. Hieu recommended that the difference between buying and selling prices at 2 - 3 million VND was too high. "The ideal difference between the buying and selling prices of only about 300,000-500,000 VND/tael is reasonable for investors" - Mr. Hieu said.
Gold price update
As of 10:50 on May 9, the price of SJC gold bars at large enterprises continued to remain high, fluctuating around 118.2-120.2 million VND/tael (buy in - sell out), with a common difference of 2 million VND/tael.
Saigon Jewelry Company, DOJI Group and Bao Tin Minh Chau all listed the price of gold bars at 118.2-120.2 million VND/tael. Phu Quy alone has a lower price for buying, reaching 117.2-120.2 million VND/tael, pushing the gap to 3 million VND/tael.
In the 9999 round gold ring segment, DOJI sold at 113.4-116 million VND/tael, a difference of 2.6 million VND. Bao Tin Minh Chau listed 116-119 million VND/tael and Phu Quy at 114.5-117.5 million VND/tael, both with a difference of 3 million VND/tael.
In the international market, spot gold on Kitco is currently around 3,308.8 USD/ounce.
