For nearly a year now, when gold prices have been feverish and continuously breaking historical peaks, this precious metal has become an attractive investment channel for many people. However, gold shops often sell in limited quantities, creating opportunities for the buying and selling of precious metals on the "online market" and on the sidewalks to take place bustlingly.

Hundreds of groups have appeared on social networks for trading gold. Some groups have up to half a million members. Many gold transactions are only 1 tael, but the number of transactions is up to several dozen taels, which is also countless.

On the morning of March 8, the price of gold rings was listed by brands at 90.9-93.2 million VND/tael for buying and selling; SJC gold bars were priced at 90.9-92.9 million VND/tael.

Meanwhile, the buying and selling prices on the "online market" are often 1-3 million VND/tael lower than the listed prices of the brands.

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Ms. Le Thi Thai before being prosecuted for selling fake gold bars. Photo: Provided by the Public Security.

The difference that makes online gold trading increasingly bustling is that it meets the needs of customers, they can buy as much as they want. Transactions are quick, no need to queue for a number, no need to order in advance and wait for a week or half a month like in gold shops.

Faced with the irresistible appeal of gold as its price continues to increase sharply and hangs at a historical peak, fake gold has appeared, even appearing on a large scale.

Typically, recently, the Hanoi City Police Department of Investigation Security has initiated a case and prosecuted the defendant Le Thi Thai (born in 1984, residing in Ho Chi Minh City, currently in Pham Dinh Ho ward, Hai Ba Trung district, Hanoi) to investigate the crime of "Fraudulent appropriation of property".

Ms. Le Thi Thai is the Chairwoman of Coco Lee Diamond Hanoi Jewelry Joint Stock Company. She is also the legal representative of Thai Anh Appraisal Company Limited and Thai Anh Diamond Jewelry Company Limited (Thai Anh Diamond). These companies all have business lines in the fields of precious metal production, non-ferrous metal, non-ferrous metal casting, natural diamond distribution, diamond jewelry...

According to the investigation agency's accusation, during the period when gold prices were high, diamond trader Le Thi Thai sold fake gold bars to customers to appropriate money. In addition, Ms. Thai also showed signs of fraud through capital mobilization, using fake gold (gold bars and gold-plated bonsai trees...) as collateral to create trust with customers.

In mid-February, a gold shop in Bac Ninh discovered fake gold brought in by a customer named Phuong T. to sell. This customer said he had bought gold rings in blister packs (Thang Long Dragon Gold) from someone else on the “online market”. When he bought it, the gold was 70,000 VND/tael cheaper than the listed price at the shops, but there were no guarantee papers.

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Fake gold of big brands appears on the "online market". Photo: NVCC

On February 18, needing money, Ms. Phuong T. brought this amount of gold to the SH company store to sell. The staff checked and examined it and discovered that it was fake gold with extremely sophisticated tricks such as: smooth round gold rings were pressed in blisters, inside had the symbols of Bao Tin Minh Chau, outside had stamps, had barcodes that looked exactly like real gold.

Ms. Phuong T. called the seller and received an irresponsible answer, and at the same time said that they also bought the gold ring from someone else on social media. In the end, this fake gold product was recalled and destroyed. The customer named Phuong T. lost all the money she had spent to buy the gold.

Regarding the case of Coco Lee Diamond Chairwoman Le Thi Thai selling fake gold, Hanoi City Police requested individuals or organizations that have purchased gold (suspected to be fake gold) or participated in investment contracts with Le Thi Thai, in which gold bars or gold-plated bonsai trees were used as collateral, to quickly report before March 31.

According to economic expert Associate Professor Dr. Dinh Trong Thinh, gold is a commodity and also an asset, so transferring it is normal. However, the technology for making fake gold and counterfeit gold is very sophisticated. If not checked carefully, it is easy to encounter risks, so people need to be more careful in gold transactions, especially buying and selling gold on the "online market".

Gold prices are very expensive, so you should buy gold at reputable places with full documents to ensure the origin and quality of the product.

Gold price today March 8, 2025: The world suddenly plummeted, rings still soaring at the top Gold price today March 8, 2025 in the world reversed and plummeted. Domestic gold price decreased accordingly, SJC gold bars and plain rings evaporated 200,000-400,000 VND per tael, losing the mark of 93 million VND/tael.