Gold price hits "peak", Nghe An market is bustling
(Baonghean.vn) - Although the price of gold has "cooled down" after decreasing by about 500,000 VND/tael compared to the historical peak of 71.6 million VND/tael, the current price of gold is still at a high level. The continuous increase in the price of gold in the past week has made the gold market in Nghe An quite bustling.
On the first morning of the week (October 16), at the gold and silver jewelry businesses in Vinh city, the buying and selling atmosphere was quite lively. Although it was only 8am, the store of the long-standing gold and silver business on Cao Thang street (Vinh city) had many people coming to do transactions.
Ms. Phi Yen, a gold shop employee, said: “Due to the fluctuation of gold prices, the afternoon sales and purchases at our store are quite lively. It is estimated that the number of customers coming to trade in the past 10 days has increased by about 40% compared to the same period last month. Of which, the amount of SJC gold bars has the highest sales, followed by 9999 round rings. For more than a week now, the price of gold has continuously increased following the world gold price.
There are days when the gold price is constantly adjusted, so the price list also constantly "jumps". On the morning of October 16 alone, the price had to be adjusted twice. Accordingly, in the early morning, the gold buying price was 68.8 million VND/tael, selling price was 71.5 million VND/tael; by the end of the morning, the adjustment decreased in each direction by 500,000 VND/tael.
According to the survey, as of 11:30 a.m. on October 16, the listed gold prices at gold, silver and gemstone stores in Nghe An were as follows: SJC gold bars: buy: 68.5 million VND/tael and sell: 71.1 million VND/tael; 9999 round rings were 5.8 million VND/tael (buy) and 5.9 million VND/tael (sell). Each store listed different prices, with a difference of 120,000 VND -150,000 VND/tael (9999 gold) and 300-500,000 VND/tael (SJC gold bars).
In other jewelry stores, the price of gold has increased, so the number of customers coming to sell gold is quite high. Most of the customers who come to sell gold bars and rings are people who need money to solve work.
Mr. Nguyen Van Hao (Thanh Thuy, Thanh Chuong) just sold 5 taels of gold bars and 8 taels of 9999 gold, saying: "This amount of gold is the family's savings from the past until now. Currently, I have changed my business to transportation services, and this time I need money to buy a car, so I have to sell. The price of gold is high, so instead of borrowing from the bank and having to pay interest, I choose to sell the gold for storage."
Also needing capital to do business, relatives lent a total of 10 taels of gold, Ms. Nguyen Thi Ha (Hung Dong, Vinh City) also sold them to get money. "When borrowing from relatives, most of them lend gold and pay in gold instead of cash. Currently, the price of gold is quite high, so 10 taels of gold can be sold for 700 million VND."
Meanwhile, on the other hand, the amount of gold sold in stores is less than before. Partly because the gold price is high and constantly fluctuating, people are hesitant to buy gold to store, waiting for the price to "cool down" before buying. Investors are also researching and exploring the market and are not in a hurry to buy at a time when the gold price is "hot".
In particular, this time coincides with the anniversary of Vietnamese Women's Day October 20, so gold jewelry is chosen by many people, causing the number of transactions at gold shops to increase. This is also the time when many families organize weddings for their children, so the demand for gold purchases also increases compared to 1 month ago.
Ms. Nguyen Thi Kim Oanh - Director of Kim Oanh Gold and Silver Enterprise (Dung Town, Thanh Chuong) said: "Currently, the highest increase in transactions is in the buying direction when people bought gold from the beginning of the year to store and now have profit so they sell; many families need capital to do business, when the gold price is high, they also sell instead of borrowing cash and paying interest. As for the selling direction, the main activity is in jewelry gold and wedding gold."
According to the assessment, the gold price will continue to fluctuate in an upward direction as the conflict between Israel and Hamas is increasingly tense. At the end of the year, the gold market will also be more active in both buying and selling directions, so gold shops have also prepared cash and gold to serve the market.
