The gold market in Nghe An province is 'frozen' amid the price surge.

At the close of trading this morning (April 13th), the price of 9999 pure gold rings from domestic brands was listed at 101.2 - 101.6 million VND/ounce (buying price) and 104.8 - 105.1 million VND/ounce (selling price); an increase of 4.5 million VND/ounce in the buying price and 4.7 million VND/ounce in the selling price compared to the close of trading last week. The difference between the buying and selling price is 3.6 million VND/ounce.

In Nghe An, as of 11:30 AM on April 13th, gold prices were listed at 99-99.3 million VND/ounce (buying price) and 103-103.8 million VND/ounce (selling price). Accordingly, gold prices in Nghe An are listed by businesses 200,000 VND/ounce lower than domestic gold prices for both buying and selling. Overall, over the past week, gold prices in Nghe An have only increased by approximately 2 million VND/ounce, lower than the domestic increase of 2.5 million VND/ounce.

Despite the sharp rise in gold prices, the gold market in Nghe An province is not as vibrant as expected. Observations at major gold shops in Vinh City and surrounding districts show a rather sluggish market. Currently, those intending to buy gold for hoarding or as a hedge against economic risks are hesitant because the price has exceeded the psychological threshold of 100 million VND/ounce. They fear that if they buy now, the price will fall, resulting in losses.

Furthermore, many people expect that after a period of rapid increase, prices will correct downwards. Therefore, they are temporarily staying on the sidelines, "watching the market." Some fear that if they don't buy now, prices will rise even further, leading to a feeling of "unease." However, they remain cautious, not daring to "put down money" immediately, only buying very small quantities.

Meanwhile, on the other hand, those who own gold are also reluctant to sell, expecting prices to continue rising in the near future, so they are considering "hoarding" to wait for the next peak. Some people, even though they are making a profit, still don't want to sell because they consider gold a safe haven amidst signs of global economic instability (geopolitical conflicts, risk of recession...). Therefore, the gold market in Nghe An at this time seems to be in a "frozen" state in both buying and selling.

Ms. Tran Dieu Linh, in charge of the gold counter at a gold shop on Tran Phu Street (Vinh City), said: "Many customers come to inquire, but very few actual transactions. The number of customers visiting the shop has increased by 30% in the past week, but transactions haven't increased proportionally. Many people come 2-3 times just to ask about prices, compare, and hesitate. Buyers are afraid of buying at the peak, while sellers only sell sporadically. Everyone is waiting to see if the price will go up further. The gold shop itself doesn't dare to import large quantities because the price fluctuates every second. If the price reverses after selling, we'll lose money immediately."

Individual investors are also temporarily withdrawing due to the rapid fluctuations in gold prices, making short-term trading risky. Mr. Nguyen Phu H. (Quan Bau Ward, Vinh City) said: "I often 'catch the wave' to buy and make a profit, not much, only about 30-50 million VND per transaction thanks to quick buying and selling of gold rings. But this time, the difference between the buying and selling prices is too large, constantly fluctuating, so the risk is high. I'm temporarily switching to another, safer channel."

In rural areas, the gold market is somewhat more stable, with transactions continuing as usual. Ms. Nguyen Huong, the owner of a gold shop in Thanh Chuong, said: "Unlike in the city, most gold buyers in rural areas buy for savings, usually 1-2 taels (approximately 37.5 grams) or less. Therefore, they buy gold to save for the future rather than to speculate. With the high price of gold, some people are selling their old gold, but only a few taels, mainly to make a small profit of a few million dong. The number of customers selling is also quite small."

With gold prices currently at record highs, buyers fear buying at the peak, while sellers regret it if prices continue to rise. Everyone is carefully considering their options, and this hesitation is slowing down the gold market.

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According to Kitco News' latest weekly gold survey, industry experts are more optimistic about gold than ever. Wall Street is almost unanimously in agreement that gold prices will continue to rise in the short term; and investors participating in Kitco's online survey also believe gold prices will increase next week.