Despite falling gold prices, people in Nghe An province are still crowding to buy gold.

(Baonghean.vn) – Although gold prices decreased this morning (July 7), gold and silver shops in the districts of Do Luong, Dien Chau, and Vinh City still had more buyers than usual.

Buyers jostle to purchase gold at Nhu Trinh gold shop in Dien Chau town. Photo by Quang An.

After hearing the news of the sharp increase in gold prices, people in Dien Chau flocked to gold shops to buy and sell gold. On the morning of July 7th, the number of customers was many times higher than usual. At gold shops such as Kim Van Than, Kim Hoa, Nhu Trinh, etc., from early morning and from 10 am today, people came to buy in large numbers, unaware that the price of gold had dropped. According to observations at one shop, nearly 40 people were waiting to buy 9999 gold.

Ms. Ho Thi Hoa, owner of Kim Hoa gold and silver shop in Block 4, Dien Chau town, said that due to the gradual increase in gold prices over the past few days, the number of people coming to buy and sell has increased by about 40% compared to normal days. Most customers are local residents. On the morning of July 7th, the price of 9999 gold at Kim Hoa Co., Ltd. in Dien Chau town was listed at 3,560,000 VND/ounce for buying and 3,720,000 VND/ounce for selling. 18k gold was bought at 2,200,000 VND/ounce and sold at 2,600,000 VND/ounce. Silver and gemstones also saw slight price increases due to the rising gold prices.

The herd mentality and fear that gold prices would continue to rise led to increased sales at gold shops. Ms. Nguyen Thi Thom (Dien Hoa, Dien Chau), a gold buyer, said: "I bought a few taels of gold to keep as a reserve, not a lot. I'm afraid that if gold prices rise too high later, I won't be able to buy any more."

According to our reporter's observations, gold rings are the best-selling item in Dien Chau.

Customers buying gold at Kim Hoa gold shop in Dien Chau town. Photo by Quang An.

Reporters in Do Luong town observed people checking prices and buying a few taels, or even whole gold bars. As the central district of western Nghe An province, transactions at gold shops were about 30% higher than in previous days, mainly catering to the needs of local households. According to the owner of Ngoc Bao gold shop – a large and reputable shop in the district – “From March to July, the gold market was quite sluggish, with people buying cautiously, seemingly in a testing phase. In recent days, the number of customers has increased by more than a third compared to before because the domestic gold market has seen price increases. This morning, despite receiving news of a price drop, people still came to buy gold. We lowered the price to 3,600,000 VND/tael (buying price) and 3,800,000 VND/tael (selling price), a decrease of 50,000 VND compared to yesterday.”

Customers buying gold in Do Luong town. Photo by Le Ngoc Phuong.

At Bao Tin Phuong Nam gold shop in Do Luong town, the number of customers was quite sparse. The shop owner said: "Compared to other places, the number of customers in Do Luong has increased but not significantly. Here, only a few people buy gold for investment purposes; very few engage in speculative trading."

Currently, there are over 20 gold shops of various sizes in Do Luong, and yesterday's highest sales volume reached a few taels per shop.

According to gold shop owners, if gold prices continue to rise slightly in the coming days, the number of customers coming to trade will also increase, but it will certainly not be as bustling as during the period leading up to the Lunar New Year at the end of the year.

In Vinh City, the price of gold at the Agribank North Central branch decreased compared to yesterday, with a buying price of 3,850,000 VND/ounce and a selling price of 3,900,000 VND/ounce. The price for buyers also decreased compared to yesterday, July 6th.

Le Ngoc Phuong - Quang An