According to records at the SJC gold store on Giang Van Minh street (Hanoi), the number of customers coming to transact was very large, many people had to queue. The security team is on duty, coordinating and arranging order for customers coming to transact. Most customers come to buy gold bars, only a few customers come to sell gold rings.
Notably, the SBV’s gold auction this morning did not attract much attention, not even knowing the schedule. Many customers said they did not clearly understand how the gold auction would impact the market. Buying gold because today’s price has dropped very sharply compared to yesterday.
As one of the few gold investors interested in the bidding of the State Bank, Mr. Nguyen Van Cong (office in Cat Linh street, Hanoi) said that from early morning he was present at the gold store but to … monitor the market situation.
Mr. Cong said that bidding is a form of increasing the supply of gold to the market, causing gold prices to decrease. “Domestic gold prices dropped very sharply this morning. The gold auction makes me expect the price will drop further to give me a chance to buy,” Mr. Cong said.
Mr. Chuong (Dong Da, Hanoi) went to buy gold while the State Bank held a bidding. According to observations of previous gold auctions, Mr. Chuong said that the gold price immediately after successful auction results usually does not decrease immediately.
“Gold prices will not decrease immediately after the auction, sometimes we have to wait several weeks for the auction to have enough impact to cause the gold price to decrease,” Mr. Chuong said.
In addition, Mr. Chuong analyzed that the gold auction was at the right time when world gold prices were falling very sharply, so the impact of the auction causing gold prices to decrease was not obvious.
Mr. Nguyen Xuan Bac (32 years old, Long Bien district) said: “I went to the gold shop to survey the price to see if people buy or sell a lot. I don’t know whether to keep gold or sell it because there is too much information. In the past, gold increased wildly, but recently the developments have been very unpredictable.”
People mainly choose to buy plain round gold rings. Photo: Tien Anh
“Most people realize that the price of gold is decreasing so they buy and accumulate and wait for the price to increase. However, investing in gold during this period is very difficult because gold prices continuously fluctuate,” he wondered.
Meanwhile, at 2:00 p.m. this afternoon, Tran Nhan Tong street was still crowded with people trading gold.
