Gold prices continuously 'break peaks', many gold shops in Nghe An are out of stock
Gold prices continue to increase, many gold and silver businesses in Vinh City announced shortages, many buyers in large quantities had to deposit money and wait for an appointment to pick up.
Gold prices continue to increase
On the morning of October 24, according to Kitco, the world gold price recorded at 5:00 am today, Vietnam time, was at 2,735.54 USD/Ounce. The strong increase in world gold prices pushed the domestic gold price to "peak".
Accordingly, DOJI listed the price of 9999 gold at 88 million VND/tael for buying and 89 million VND/tael for selling. Compared to yesterday, the price of DOJI gold rings continued to increase sharply by 1.4 million VND/tael in both buying and selling directions.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 87-89 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 87-89 million VND/tael (buy in - sell out).
In Nghe An, each gold shop listed a different price, ranging from 90.75 million VND/tael - 91.20 million VND/tael (selling) and 87.50-88.00 million VND/tael (buying). Accordingly, the gold price in Nghe An is 1-1.5 million VND/tael higher than the domestic gold price.
Ms. Le Thi Lam Dung - owner of a gold shop on Cao Thang Street (Vinh City) said: "The world gold price has decreased, but the domestic gold price has not decreased. Currently, the gold price is still being adjusted to increase. If early in the morning, we listed the selling price at 90.75 million VND/tael for a 9999 plain round ring, then by noon, it had been adjusted to increase to 90.90 million VND/tael."
At another gold shop on Cao Thang Street, if on the evening of October 23, the price of 9999 gold was listed at 92.20 million VND/tael, then by the morning of October 24, the selling price was reduced to 91 million VND/tael.
Many gold shops are "out of stock", supply is scarce
According to the morning of October 24, the trading atmosphere at gold shops in Vinh city was quite lively. Many people came to consult and update the gold price. Some people took advantage of the high gold price to sell to take profit.
“If you bought gold a few months ago, you would have made a good profit selling it. If you bought it recently, you would have lost money because the difference between buying and selling is too high, the difference is up to 3-3.5 million VND/tael. But because you need money, you still have to sell gold to get cash,” said Ms. Tran Phuong H., a resident.
It is worth noting that at this time, gold shops in Nghe An have started to trade gold bars again, mainly in the buying direction. Accordingly, the price of gold bars is purchased at 87.50-89.00 million VND/tael. In private enterprises, buying and selling does not require invoices or citizen identification, but the price is lower than that of state-owned enterprises. Some enterprises such as Doji and PNJ refuse to buy gold from other brands.
Gold prices have continuously broken the peak, the number of customers buying gold in Nghe An has tended to increase. Ms. Pham Thi Minh L. in Nghi An commune, Vinh city said: "The amount of money is not much, only 50 million VND, depositing it in the bank is not profitable, so I decided to buy 5 taels of gold at 9,070,000 VND/tael. If the gold price goes up to 10 million VND/tael, I will make a profit, if not, I will consider it as hoarding to prevent the currency from losing value."
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Meanwhile, many people, even though the gold price is at its peak, still decide to "buy at the top" because they follow the crowd psychology and are worried that gold will go up. With nearly 1 billion VND to buy gold to store when the gold price is high, Mr. Pham Quang T. was only able to buy 5 taels of gold. For the remaining 5 taels, he had to deposit 100 million VND and the gold shop wrote a note to come back and get it 10 days later.
Previously, the shortage of gold rings only occurred in Hanoi and Ho Chi Minh City. But now, due to the sudden increase in people's demand for gold, especially after the sharp increase in world gold prices, this item has become even more scarce in Nghe An. Many buyers are in a situation where they cannot own gold even though they have prepared enough finances.
At this time, if customers buy a large amount of gold, most gold shops announce that they are out of stock, advise customers to deposit and receive gold after 5-10 days. Particularly at ASEAN Gold and Gemstone Joint Stock Company, North Central branch, the staff here said that for many months now, the supply of gold rings and gold in blister packs has been quite scarce, not enough to serve the needs of customers.
During 3 days (October 22-24), all stores had no gold rings or gold bars to sell to customers. Many people came to the stores to buy gold but had to return empty-handed with the promise "when we have the goods, we will contact you again".
Ms. Nguyen My Nh., a customer, said: “Our group plays gold, each month it is 2 taels (20 chi). The day to “go to the ward” is coming soon, but for the past 2 days, when we went to the gold shop of the North Central Gold and Silver Company, Nghe An branch, the staff informed us that the goods were out of stock and it was unclear when the goods would be available.”
On the morning of October 24, it was noted that many people came to the ASEAN Gold and Gemstone Joint Stock Company, North Central branch, to buy gold, but were not satisfied due to temporary out of stock. Many customers left their phone numbers for staff to contact when the goods were available; many customers in urgent need had to turn to private gold shops to buy.
Discussing this issue, Mr. Nguyen Duy De - Director of ASEAN Gold and Gemstone Joint Stock Company, North Central Branch said: "Our supply of gold rings and gold bars depends on distribution from outside the headquarters and retail purchases from sellers. Currently, the Nghe An branch has no stock of plain gold rings and gold bars. When there is a supply, we will serve customers again. According to regulations, customers coming to the company to buy gold must have a citizen identification card, each customer is only allowed to buy 1 gold product per day (1 chi, 2 chi, 5 chi, 10 chi) and cannot buy separately by ring".
The world gold price is at an all-time high. Since the beginning of 2024, the gold price has increased by more than 750 USD/ounce (an increase of approximately 38%). The gold price is increasing too quickly, so it can suddenly reverse and decrease. Therefore, if people or investors want to "surf" to make a profit, they should be careful. Because the gold price after going too high can create a bubble. But if you save for a long time, you can still buy now.
The probability of gold prices falling in the short term due to profit-taking pressure is difficult to avoid. Therefore, investing in gold at this time is quite risky. Historically, gold prices rarely increase by more than 30% in 1 year, and the following year they still increase strongly. Therefore, in 2025, gold prices are forecast to continue to increase, but there may be unexpected drops.
Gold expert Tran Duy Phuong
