Gold prices cool down, the gold market in Nghe An warms up.
After a long period of being pegged at record highs, domestic gold prices unexpectedly plummeted due to the impact of the global market. Taking advantage of the sharp drop, many people in Nghe An quickly bought gold, causing the gold market to become vibrant...
The gold market developments on May 13, 2025, continued to attract the attention of investors and people nationwide. On the international market, the spot gold price on the Kitco exchange traded at $3,240 - $3,241.5 per ounce, a slight increase compared to yesterday's sharp decline. Previously, the world gold price had plummeted by $86.6, equivalent to more than 2% of its value, in just one trading session after the US and China reached a temporary agreement to reduce import tariffs.
International market developments have led to a sharp drop in domestic gold prices. At major retailers such as SJC, DOJI, Phu Quy, and Bao Tin Minh Chau, the price of gold bars uniformly decreased by 800,000 VND in both buying and selling prices compared to the afternoon of May 12th.
On the morning of May 13th, the current listed prices at these systems ranged from 117.2 million VND/ounce (buying price) to 119.2 million VND/ounce (selling price). Bao Tin Minh Chau Group also made a sharp downward adjustment, with a reduction of up to 1.3 million VND/ounce in the selling price.
In contrast to gold bars, the price of gold rings and jewelry has not fluctuated significantly. SJC gold rings of grades 1-5 have remained stable at 112.5 - 115 million VND/ounce (buy - sell).
In Nghe An, the gold market has also heated up noticeably after a series of sluggish days. At large companies and corporations such as DOJI Nghe An and AJC's North Central branch, gold prices are listed lower than the general market average. Specifically, DOJI sells at 115 million VND/ounce and buys at 112.5 million VND/ounce. AJC also lists the selling price at 115.5 million VND/ounce and the buying price at 112.5 million VND/ounce. The difference here only fluctuates from 2.5 to 2.7 million VND/ounce – significantly lower than private gold shops.
However, the biggest bottleneck in the corporation's system is the "stock shortage." On May 13th, most DOJI and AJC branches in Nghe An province had completely run out of plain gold rings – the product most sought after by people for investment purposes. Furthermore, these branches have stopped accepting deposits, only selling when stock is available.
This reality forces many people, even those who want to buy gold at a lower price with a smaller difference, to switch to buying from private gold shops.
Conversely, at gold shops like Kim Thanh Huy and Nhu Trinh, there is always plenty of stock available, and customers can buy as much as they want. However, the prices there are quite high.
Kim Thanh Huy gold shop listed the buying price at only 107 million VND/ounce, but sold it at 113 million VND/ounce, a difference of up to 6 million VND. Nhu Trinh gold and silver shop listed the selling price at 113.3 million VND/ounce and the buying price at 108.2 million VND/ounce, a difference of nearly 5.1 million VND/ounce. Despite this, these shops were still crowded with customers, indicating a strong increase in demand for gold among the public.
Explaining this phenomenon, Ms. Nguyen Phuong H., a customer who just bought 25 taels of gold at a gold shop on Tran Phu Street (Vinh City), shared: “Gold is still the safest investment channel. Real estate is facing many risks due to high taxes, the stock market is volatile, and savings accounts don't yield significant returns. I'm taking advantage of this sharp drop in gold prices to accumulate, because I believe the price of gold will soon rebound and could reach 130-140 million VND/tael by the end of the year.”
Besides investment purposes, many people are taking advantage of the drop in gold prices to buy gold to repay previous gold loans. Mr. Nguyen Cong Thang (residing in Vinh City) said: “At the beginning of March, I borrowed 10 taels of gold from relatives and sold it for cash; at that time, the price was only about 90 million VND per tael. Now, even though the repayment deadline hasn't arrived yet, I'm afraid the price of gold will continue to rise, so I'm buying it back to repay early. Even so, I've had to add about 250 million VND in just two months.”
The owner of a gold shop on Cao Thang Street (Vinh City) confirmed that the number of customers visiting the shop has increased dramatically in the past few days.
The return of activity at gold shops is a positive sign after months of market stagnation. However, experts also warn that investors need to be cautious and should not rush to buy gold in a herd mentality. The gold market remains volatile due to geopolitical factors, USD interest rates, global trade relations, and major economic indicators. Meanwhile, the excessively high buy-sell spread at private shops can cause investors to lose money immediately after purchasing.