Gold price 'falls freely', stores sell without limits, many people line up to cut losses

The price of gold "fell freely", dropping by 5 million VND/tael in half a day, so on the morning of November 7, many people rushed to gold shops, leading to overload. Shops sold freely without limiting the quantity, while many people "cried" and cut their losses because they had hit the peak.

According to VietNamNet reporters, from early morning, many people flocked to line up at gold shops on Tran Nhan Tong Street (Hai Ba Trung, Hanoi ). The number of people transacting was very large, many shops opened for unlimited sales.

Queue up to sell at a loss

At 9:30 a.m., the two Bao Tin Minh Chau brand stores on Tran Nhan Tong Street were overloaded. Store staff announced that they would not accept any more customers.

According to observations, the number of customers coming to trade at gold shops is much busier than usual. The number of customers coming to buy and sell gold is equal.

Bao Tin Minh Chau gold shop staff said that people who come to sell gold will be given priority and do not have to wait in line. However, this morning there were so many sellers that everyone had to wait in line for their turn.

Customers constantly check their phones, monitor and update gold prices . Photo: Tien Anh

Ms. Thanh (Dong Da), who brought 1 tael of gold to sell, said: "Last night, I hesitated when I saw the gold price drop, so this morning I had to come here to sell it in a hurry. The price of gold I bought was 8.4 million VND/tael, I was worried that the price would drop further so I had to sell it, luckily I broke even."

Ms. Hoa (Cau Giay, Hanoi) shared that she bought gold when the price was close to 90 million VND/tael, but this morning she saw it drop so quickly, to about 82.5 million VND/tael (buy in), afraid that the price will continue to drop, she had to sell to cut her loss.

Without revealing the total amount of gold she bought in the past few days, she tearfully said: "In just a few days, I have lost about 5-6 million VND/tael."

Many people also brought gold to sell, but after sitting in the shop listening to information, they decided not to sell and instead bought 1-2 more taels.

On gold forums, many people are “half crying, half laughing” and having to sell because they “held” gold when the price peaked. They fear they will lose more because the price of gold shows no signs of stopping falling.

"Golden brokers" go into the shop to deal with customers

Other gold shops on the “gold street” were also bustling with buyers and sellers. At Phu Quy gold shop (Tran Nhan Tong), the staff announced that they were open for unlimited sales. Some customers even wanted to buy up to 30 taels of gold.

At 11:30, Mr. Bang (Hai Ba Trung) said: "My wife just had to come home to cook rice, I continued to wait to buy, if I just go out I will lose my waiting position".

Other gold shops such as Bao Tin Manh Hai also open unlimited sales for plain round rings.

Customers sit in line waiting for their turn to make a transaction. Photo: Tien Anh

Sharing with reporters, Mr. Chung (Ha Dong, Hanoi) said: "I waited from early morning, queued for nearly 2 hours and still couldn't buy anything. I want to buy 2 taels of gold to celebrate the wedding."

At nearly 12 o'clock, gold shops were still overloaded, buyers and sellers were still lining up.

In particular, inside the gold shop, many people appeared to offer to buy and sell gold, willing to pay a higher price to buy it back and sell as much as customers wanted. The gold shop security staff continuously announced and asked the "gold brokers" who were offering and luring customers to leave the shop.

According to gold shop employees, seeing that people's demand for buying and selling was too high, plus the impatience of waiting for a long time, many people came in to invite them to buy and sell gold.

Therefore, gold shops continuously use loudspeakers to warn people not to trade in unofficial gold because they may encounter many risks regarding gold quality, related documents, etc.

Gold shop sells in a 'disappear and appear' style, buyers are in a panic

Bao Tin Minh Chau gold shops do not announce gold selling hours, open randomly when there is gold for sale, and also sell "in a flash" for 15-20 minutes then stop, causing customers to panic. Next to that, gold shops are deserted with almost no transactions.

Gold shop sells goods 'soccer style', customers run back and forth like shuttles

Customers are allowed to buy a maximum of 1 tael of gold ring, some stores even sell 1 tael per person, but within a short time, all the gold shops announced that they were out of gold. The staff continuously directed customers to other establishments but they still could not buy.

Waiting for a long time to buy half a tael of gold, 'gold broker' paid a high price to buy it back

Gold prices have been hitting record highs, while the market is scarce, forcing many people to go early and come back late, waiting all day to buy. This afternoon, a gold shop suddenly opened for sale but limited to half a tael per person, customers were upset and left.

Source: https://vietnamnet.vn/gia-vang-roi-tu-do-cua-hang-ban-khong-gioi-han-nhieu-nguoi-xep-hang-cat-lo-2339711.html