Difficult to buy SJC gold bars, many people line up to buy gold rings in Ho Chi Minh City

In the early afternoon of September 3, the price of SJC gold bars continued to be traded by gold companies and commercial banks around the record level of 131.9 million VND/tael for buying and 133.4 million VND/tael for selling, maintaining a high level compared to the morning, after increasing by more than 4 million VND/tael compared to before the holiday.

At the same time, some small gold shops pushed the price of SJC gold up to 134.7 million VND/tael for buying and 135.7 million VND/tael for selling, an increase of 200,000 VND/tael compared to the morning, after having increased by 1.5 million VND/tael compared to the previous day.

This is also the highest recorded price of SJC gold bars on the market, surpassing all historical peaks and forecasts of experts.

Similarly, the price of 99.99% gold rings and jewelry gold also continued to increase, listed at 125.5 million VND/tael for buying and 128 million VND/tael for selling, 400,000 VND/tael higher than this morning.

Queue to buy half a tael of plain gold ring

Although the domestic gold price has been continuously rising, reaching new highs, many people are still lining up to buy gold. According to the reporter of Nguoi Lao Dong Newspaper this morning, at the headquarters of Saigon Jewelry Company (SJC), many people are lining up to buy gold. However, because the price of SJC gold bars was announced by the staff to be temporarily out of stock, many people have switched to lining up to buy plain gold rings.

"Each person can buy 5 phan (half a chi) of plain SJC gold rings in one day, by cash or bank transfer" - SJC company staff announced.

Ms. Diep Minh (living in Ban Co ward, Ho Chi Minh city) said that before the ceremony, she planned to buy 1 tael of plain gold ring for about 126 million VND/tael. This morning, Ms. Minh was informed that each person could only buy half a tael, but had to wait in line for an hour.

"Many gold shops sell gold rings, but since I came here to buy SJC gold bars but they were out of stock, I switched to buying gold rings," said Ms. Minh.

According to the reporter's observation, the area selling SJC gold bars was deserted with customers, while the area waiting to buy gold rings by cash or bank transfer was very crowded, with many times the queues extended to the yard and parking lot.

Khó mua vàng miếng SJC , khách hàng đổ xô mua vàng nhẫn tại TP HCM - Ảnh 2. — At noon on September 3, there were still many people waiting in line to buy gold at SJC company, when the gold price reached a historic peak.

Talking to reporters this afternoon, financial expert Phan Dung Khanh analyzed that the domestic gold price increased sharply due to the influence of world prices and the scarce domestic gold supply; the exchange rate tended to increase and widen the gap with the world.

"The world gold price has increased very strongly, officially setting a new historical peak of over 3,530 USD/ounce when investment demand as a safe haven channel returns. Cash flow can take profits in other channels such as stocks - after increasing very strongly since the beginning of the year and shifting to the gold channel" - Mr. Khanh analyzed.

The world gold price is currently trading at 3,533 USD/ounce, equivalent to about 112.8 million VND, lower than SJC gold bars by more than 20 million VND/tael. This is a record difference ever.