Nghe An: Gold price 'plummets' suddenly, people 'hoard' money to wait
(Baonghean.vn) - On the morning of February 26, when the world gold price turned down sharply, the listed gold price at gold and gemstone companies in Nghe An province dropped to 45.6 million VND/tael (buy) and 48 million VND/tael (sell). Instead of rushing to sell like the previous days, today, the gold transaction volume decreased sharply, the gold market was quite quiet.
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| Instead of jostling and rushing to sell gold when the price of gold peaked, after the price dropped by nearly 3 million VND/tael compared to 2 days ago, the number of people coming to trade decreased sharply. Photo: Thanh Phuc |
At the gold and jewelry shops on Cao Thang Street (Vinh City), instead of the crowded scene of people coming to trade on February 24 and 25, when the gold price peaked at 49 - 49.7 million VND/tael, this morning (December 26), the number of people coming to exchange and trade this precious metal has decreased significantly as the gold price "plummeted".
The listed gold price at reputable gold shops in Vinh city ranges from 45.5 - 45.8 million VND/tael (SJC gold, buying) and 47.80 - 48.0 million VND/tael (SJC gold, selling); 9999 round rings are 45 million VND/tael (buying), 48.5 million VND/tael (selling).
A large gold and silver shop owner in Vinh said: “The price of gold has been fluctuating continuously, this morning it has dropped by 1 million VND/tael compared to yesterday and by nearly 2 million VND/tael compared to February 24. When the price of gold increased, people rushed to sell to make a profit, now that the price of gold has decreased, those who have gold are not in a hurry to sell, those who have money are not in a hurry to buy because they are afraid of fluctuations. The fear of surfing at a time when gold fluctuates has caused the number of transactions to decrease sharply…”.
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| The rapid fluctuation in gold prices has made people quite cautious when trading gold at this sensitive time. Photo: Thanh Phuc |
Due to the rapid fluctuations in gold prices, people and gold speculators are very cautious, listening to the market, consulting prices but have not yet decided to buy or sell. "Gold has decreased by more than 2 million VND compared to the previous day. Although it has decreased sharply, the price of gold is still high so we do not dare to buy," said Mr. Nguyen The Ha.
As for gold shop owners, being cautious when the gold price fluctuates, they have proactively widened the difference between buying and selling prices. Previously, the difference was only about 500-700,000 VND/tael for buying and selling, now the difference is from 2.0-2.5 million VND/tael to ensure safety.
Meanwhile, people are quite cautious when bringing gold to sell. Many people only come to ask for the price, and when they see that the price is not good enough, they take it home and do not rush to sell. Ms. Dang Thanh H. (Dai Dong, Thanh Chuong) has 2 gold bars as a wedding gift for her husband. Now she is planning to build a house so she is selling them. When she asked about the gold price in Dung town, she saw that it had decreased, so she went to Vinh to see if she could get a better price to sell, but now the gold price is falling sharply, so she is still hesitant. "Yesterday, I read the newspaper and saw that the gold price was high, I needed to sell it, but after 1 day, the 2 gold bars lost nearly 3 million, so I did not sell it anymore."
That is also the common mentality of many people when deciding to trade gold at this sensitive time. Therefore, the gold market in Nghe An after the gold price turned down is quite quiet.
