People lined up to buy gold but still couldn't hold the gold in their hands.
On November 16, despite the sharp drop in domestic gold prices, people still rushed to buy gold rings. However, stores promised to deliver the goods by the end of November due to high demand.
On November 16, the domestic gold bar and gold ring prices fell simultaneously, but the demand for gold among people was still very high. In many stores, SJC gold bars were out of stock, making it difficult to buy gold as even successful gold buyers could not hold the gold in their hands.
On Tran Nhan Tong Street, many people had to queue for hours to wait their turn. Ms. Nguyen Hong Hanh said she wanted to buy gold rings to stock up, but for many days she had been constantly out of stock or had limited quantity.
Last week, she had to wait more than an hour to buy 2 taels, but this morning the store only sold a maximum of 1 tael.
Mr. Ngo Van Vuong also said that the stores do not have fixed opening hours. He arrived at 8:30 and saw a lot of people waiting in front of him. The store he bought from only sells a maximum of 1 tael of gold rings per person and promised to deliver at the end of November due to the large number of customers.
Domestic gold prices continued to fall sharply on the morning of November 16 after a series of strong increases at the beginning of the week. As of 10:30 a.m., SJC gold bars at Doji and Bao Tin Minh Chau in Hanoi and Ho Chi Minh City were listed at around VND149-151 million/tael (buy - sell), down by VND2.2 million/tael compared to yesterday morning. The difference between buying and selling remained at VND2 million/tael, with Phu Quy alone reaching VND3 million/tael.
Gold rings also fell sharply following the general trend. Bao Tin Minh Chau's Thang Long Gold Dragon round ring fell by VND1.3 million/tael, trading at VND150-153 million/tael.
Brands such as Doji Hung Thinh Vuong or Phu Quy both adjusted down 1 million VND/tael, with the buying-selling difference of about 3 million VND.
Despite a sharp drop at the weekend, domestic gold prices are still higher than last week. SJC prices are currently VND2.6 million/tael higher, while gold rings have increased by VND1.9-2.1 million/tael compared to last weekend.
In the world market, the spot gold price ended the US session at around 4,080 USD/ounce, up 81 USD/ounce compared to last week. During the week, the gold price reached a three-week peak of 4,242 USD/ounce but then decreased due to strong selling pressure.
