Notice of gold outage when prices are falling
The precious metal market witnessed the strongest price drop in the week when world gold prices fell flat, pulling domestic SJC gold and gold rings prices back to around the 171 to 172 million VND per tael mark. However, what people are most interested in at this time is not only the price decline but also the unexpected announcement signs appearing at transaction counters.
Contrary to the usual rule that when prices fall sharply, business units will clear out goods to cut losses or stimulate demand, many major gold brands in Hanoi this morning have taken steps to tighten output.
At some points of sale on Tran Nhan Tong street, Cau Giay, customers who came to transact were surprised when they received a notice that plain round gold rings or SJC gold bars were temporarily out of stock. Staff at these counters said that currently, the warehouse is waiting to import and there is no specific schedule for when it will reopen for normal sales.
Remarkably, at stores that have not hung out signs, another unwritten regulation is applied, which is to limit the quantity to buy. Customers who hold money and want to buy a large quantity to catch the bottom all receive a shake of the head, instead the store announces that each person is only allowed to buy a limited quantity of 1 to 2 chi, even some places only sell a small drop of 5 phan for good luck. This move makes people hold money and wait but cannot buy goods even though the listed price is still displayed on the electronic board.
Tighten selling and scare sellers with price differences
Besides the sales restriction announcements, gold shops also simultaneously listed new price lists with widened buying and selling spreads at 3 to 4 million VND, even higher at some times of the day.
This widening of the price difference makes people who accidentally bought at high prices in previous days hesitant and afraid to sell at a loss, because the purchase price of the store is pushed down very low.
A series of large sales points close for year-end meals
The most notable is the announcement from Saigon Jewelry Company (SJC). This unit said that, with the reason that the company has a year-end event, gold bar, gold ring and wedding jewelry trading locations in Ho Chi Minh City will temporarily suspend trading on the morning of January 31.
The affected locations include SJC headquarters at 418 - 420 Nguyen Thi Minh Khai (District 3), Gold, Silver and Gems Center at 230 - 230A Quang Trung (Go Vap) and Center at 172 Nguyen Van Nghi (Go Vap).
However, SJC also noted that transactions related to diamond and gem jewelry are still taking place normally. According to the announcement, it will not be until February 2, i.e. next Monday, that these stores will resume normal transactions.
Similar to SJC, Ancarat precious metal company also issued a notice adjusting operating hours. In order to create conditions for employees to participate in the year-end event, Ancarat stores in Ho Chi Minh City will close early and rest from 12 noon on January 31. The store system in Hanoi will still operate normally to serve customers. The entire system of this unit is expected to return to stable operation from February 1.
