Many people queued to sell gold in Vietnam as the prices increased to their highest level on March 7.
Many people queue to sell gold in Hanoi on March 7
At 11 am on March 7, gold shops on Hanoi streets like Cau Giay and Tran Nhan Tong were crowded with customers who queued for their turns.Hong Duyen, a customer at a shop on Cau Giay District, said that she wanted to sell three taels of gold which she bought on the God of Wealth Day nearly a month ago.
"I bought them at VND 62.65 million a tael," Duyen said. "Now the price is around VND70 million a tael."
Another customer, Phuong Linh, said that he was waiting to sell five taels of gold which he was keeping as savings.
"I bought the gold long ago at VND 50 million per tael," Linh said. "I think it is a good time to sell with the price of around VND 70 million a tael."
Domestic gold prices soared to reach VND72 million per tael on the trading session on the morning of March 7, marking a historic peak in the local market.
This comes after the Saigon Gold and Jewellery Company at 11 am on March 7 listed each tael of SJC gold at VND70.3 million per tael for buying and VND71.7 million per tael for selling in Ho Chi Minh City, with prices at VND70.3 million per tael for buying and VND71.72 million per tael for selling in Hanoi.
Simultaneously, DOJI Gold and Gems Group reported its buying and selling prices of SJC gold bar at VND70.4 million and VND72 million per tael in Hanoi and VND70.4 million and VND72.5 million per tael in Ho Chi Minh City, respectively.
Elsewhere, Phu Nhuan Jewellery Joint Stock Company (PNJ) was trading gold at VND69.7 million per tael for buying and VND71.3 million for selling per tael.
Each tael of SJC gold has increased by approximately VND1.4 million for buying and VND1.3 million for selling compared to the prices recorded on March 6.
The latest figures broke a record of VND69 million per tael which was set on the afternoon of March 5.
In terms of the global market, the precious metal’s price rose by USD5 per ounce to USD2,003 per ounce, with this figure forecast to continue increasing in the future.
