Gold prices continue to break records, causing shortages at many gold shops in Nghe An province.
With gold prices continuously rising, many gold and silver businesses in Vinh City have reported shortages, and many buyers purchasing large quantities have to pay deposits and wait for a scheduled pickup date.
Gold prices continue to rise.
On the morning of October 24th, according to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time was recorded at 2,735.54 USD/Ounce. The sharp increase in world gold prices pushed domestic gold prices to a "peak".
Accordingly, DOJI listed the price of 9999 gold at 88 million VND/ounce for buying and 89 million VND/ounce for selling. Compared to yesterday, the price of DOJI gold rings continued to increase sharply by 1.4 million VND/ounce in both buying and selling directions.
The price of SJC gold at Bao Tin Minh Chau Co., Ltd. is also being traded at 87-89 million VND/ounce (buying price - selling price). At Bao Tin Manh Hai, the price is also being traded at 87-89 million VND/ounce (buying price - selling price).
In Nghe An, each gold shop lists a different price, ranging from 90.75 million VND/ounce to 91.20 million VND/ounce (selling price) and 87.50-88.00 million VND/ounce (buying price). Accordingly, the price of gold in Nghe An is currently 1-1.5 million VND/ounce higher than the domestic gold price.
Ms. Le Thi Lam Dung, owner of a gold shop on Cao Thang Street (Vinh City), said: “World gold prices have fallen, but domestic gold prices have not decreased at all. Currently, gold prices are still being adjusted upwards. If at the beginning of the morning we listed the selling price at 90.75 million VND/ounce for plain 9999 gold rings, by nearly noon, it had been adjusted up to 90.90 million VND/ounce.”
At another gold shop on Cao Thang Street, while the price of 9999 gold was listed at 92.20 million VND/ounce on the evening of October 23rd, by the morning of October 24th the selling price had been lowered to 91 million VND/ounce.
Many gold shops are out of stock, facing supply shortages.
According to observations on the morning of October 24th, gold shops in Vinh City were quite busy. Many people came to check and update gold prices. Some people took advantage of the high gold prices to sell and lock in profits.
"If you bought gold a few months ago, you could make a good profit selling it. But if you buy it now, you'll lose money because the difference between the buying and selling price is too high, a margin of up to 3-3.5 million VND per tael. But because I need money, I still have to sell the gold to get cash," said Ms. Tran Phuong H., a local resident.
Notably, gold shops in Nghe An have resumed trading gold bars, primarily through buying. Accordingly, gold bars are being purchased at prices ranging from 87.50 to 89.00 million VND per tael. Private businesses do not require invoices or citizen identification for transactions, but their prices are lower compared to state-owned enterprises. Some companies, such as Doji and PNJ, are refusing to buy gold from other brands.
With gold prices continuously breaking records, the number of customers buying gold in Nghe An province is on the rise. Ms. Pham Thi Minh L. from Nghi An commune, Vinh City, said: “I don't have much money, only 50 million VND, and putting it in the bank wouldn't yield much profit, so I decided to buy 5 taels of gold at 9,070,000 VND/tael. If the price goes up to 10 million VND/tael, I'll make a profit; if not, it's just a way to save money from devaluation.”
.jpg)
Meanwhile, many people, despite gold prices being at their peak, still decided to "buy at the peak" due to herd mentality and fear that gold prices would rise even higher. Mr. Pham Quang T., who invested nearly 1 billion VND in gold during this period, could only buy 5 taels of gold. For the remaining 5 taels, he had to deposit 100 million VND, and the gold shop gave him a receipt to return in 10 days to collect them.
Previously, gold ring shortages were limited to Hanoi and Ho Chi Minh City. However, due to a surge in demand, especially after the sharp increase in global gold prices, gold has become even scarcer in Nghe An province. Many buyers are unable to purchase gold despite having sufficient funds.
Currently, if customers purchase large quantities of gold, most gold shops report shortages, advising customers to place a deposit and receive the gold after 5-10 days. Specifically at the ASEAN Gold, Silver and Gemstone Joint Stock Company's North Central branch, employees stated that for several months, the supply of gold rings and gold bars has been quite scarce, insufficient to meet customer demand.
For three days (October 22-24), gold rings and gold bars were unavailable at any of the stores. Many people who came to buy gold had to leave empty-handed, with the promise that "we will contact you when we have stock."
Ms. Nguyen My Nh., a customer, said: “Our group plays the gold-buying game, spending 2 taels (20 chỉ) each month. The day for the game is approaching, but for the past two days, when we went to the gold shop of the North Central Vietnam Gold and Silver Company, Nghe An branch, the staff informed us that they were out of stock and the exact time when they would have more was unclear.”
On the morning of October 24th, many people visited the North Central branch of ASEAN Gold, Silver and Gemstone Joint Stock Company to buy gold, but were unable to meet their needs due to a temporary shortage. Many customers left their phone numbers so that staff could contact them when the gold became available; many customers who needed gold urgently had to go to private gold shops to buy it.
Regarding this issue, Mr. Nguyen Duy De, Director of ASEAN Gold, Silver and Gemstone Joint Stock Company, North Central Branch, stated: “Our supply of gold rings and gold bars depends on distribution from our main distributors and retail purchases from individual sellers. Currently, our Nghe An branch is temporarily out of stock of plain gold rings and gold bars. We will resume serving customers when we have more stock. According to regulations, customers must present their citizen identification card when purchasing gold from the company. Each customer is only allowed to purchase one gold product per day (1 tael, 2 taels, 5 taels, 10 taels) and cannot purchase individual rings.”
World gold prices are at an all-time high. Since the beginning of 2024, the price of gold has increased by more than $750 per ounce (approximately 38%). The price is rising too rapidly and could reverse and fall unexpectedly. Therefore, individuals or investors looking to profit from short-term trading should be cautious, as excessively high prices could create a bubble. However, for long-term investment, buying now is still a viable option.
The probability of a short-term drop in gold prices due to profit-taking pressure is unavoidable. Therefore, investing in gold at this time is quite risky. Historically, gold prices rarely increase by more than 30% in a single year and then continue to rise sharply the following year. Therefore, while gold prices are projected to continue rising in 2025, unexpected drops are possible.
Gold expert Tran Duy Phuong
