Gold shops in Nghe An temporarily stop trading SJC gold bars?

On the morning of July 15, the domestic gold ring price increased by 100,000 VND per tael. Accordingly, SJC Company bought for 75.15 million VND and sold for 76.75 million VND; PNJ Company bought for 75.15 million VND and sold for 76.6 million VND...

In addition, gold trading companies have made a new move, increasing the buying price of gold bars by 500,000 VND/tael after 5 weeks of inactivity, to 75.48 million VND, while the selling price remains unchanged at 76.98 million VND. At present, the price of SJC gold bars is nearly 3 million VND/tael higher than the world price, while gold rings are 2.6 million VND/tael higher.

In Nghe An, according to a survey at some gold and silver businesses, gold rings are currently being bought at 74.00-76.20 million VND/tael and sold at 76.65-77.45 million VND/tael. The difference between gold and silver businesses is quite high, up to nearly 2 million VND/tael for both buying and selling.

The price of gold rings has increased, sometimes exceeding the price of gold bars, so the gold ring market in Nghe An is quite active. Mr. Nguyen Duy Tuan P., who is buying gold at a gold shop on Cao Thang Street, said: "The price of gold rings is closer to the world gold price, increasing and decreasing steadily according to the world gold price, so I choose to invest in gold rings. I invest in gold when I have idle money and for the long term, so in my opinion, gold rings are more stable and safer."

According to gold shop owners, for more than a month now, the amount of gold rings sold has increased 2-3 times compared to before. Whether buying gold for weddings, gifts, or storing or investing, people have chosen to buy gold rings. In recent days, when the price of gold rings continues to increase, surpassing the price of gold bars, in the buying direction at gold shops, people have mainly sold gold bars.

Ms. Tran Anh Thu, an employee of a large gold shop on Cao Thang Street, said: "The price of gold rings is high, close to the world gold price, with little fluctuation, so buyers choose to invest and when the price of gold rings increases, many people also take the opportunity to sell to make a profit."

On the other hand, the price of SJC gold bars has been stagnant for nearly 5 weeks. Starting from June 3, the State Bank sold gold to stabilize the price through 4 state-owned commercial banks and SJC Company. After that, the price of SJC gold bars decreased by 3 million VND/tael from 79.98 million VND/tael to 76.98 million VND/tael on June 6 and has been maintained until now. Gold trading units in the market kept the buying price at 74.98 million VND/tael, selling at 76.98 million VND/tael.

Compared to its peak, the price of gold bars was 17-18 million VND/tael higher than that of gold rings. Now, the price of gold rings has surpassed the price of gold bars, and for the first time, the price of gold rings is officially 150,000 - 400,000 VND/tael higher than that of SJC gold bars.

Therefore, people are quite hesitant in choosing gold bars. And for more than a month now, gold bar trading in Nghe An has been temporarily suspended. On the morning of July 15, when asking directly at large gold shops on Cao Thang, Tran Phu, and Le Loi streets, we learned that for many days now, businesses have not bought or sold gold bars and on the price list, the gold bar box is blank.

At many gold shops in districts such as Dien Chau, Yen Thanh, Do Luong, Thai Hoa town, the gold shop staff also announced that they have temporarily stopped trading for many days. When asked why they are not trading, the staff replied, "You should ask the shop owner directly."

“Since gold bars were transferred to four major banks for sale, gold shops in Vinh city have stopped selling or buying gold bars. Occasionally, I stop by major gold shops to see if there are customers coming to sell gold bars, then buy them back,” said Ms. Nguyen Thi MH.