Vietnamese are rushing to jewelers’ to both buy gold as its prices retreat to a three-week low, but most are out of stock and limit purchases to small quantities.
Many people lined up at Phu Quy store on Hanoi’s Cau Giay Street to buy the precious metal on Tuesday as Saigon Jewelry Company bullion prices dropped 2.4% to VND154.2 million (US$5,872) per tael, the lowest rate since Dec. 9.
Customers wait to buy gold in Phu Quy store in Hanoi. Photo by VnExpress/Trong Hieu |
But each customer was only allowed to buy a maximum of 18.75 grams of gold rings. Gold bars have been in such short supply this year that they are rarely seen in stores.
At the Bao Tin Minh Chau store on the same street, the brand ran out of gold rings by 10.30 a.m. Dat, an office worker who regularly buys gold as both savings and investment, says he went to buy during his lunch break after seeing prices fall sharply.
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Customers leave Bao Tin Minh Chau store in Hanoi where an “out of stock” sign is displayed. Photo by VnExpress/Trong Hieu |
He says he was surprised by the large number of buyers. “I have been to three or four shops but not been able to buy.” He expects gold prices to rise again after this sharp correction.
In HCMC, Saigon Jewelry Company and Mi Hong stores ran out of gold rings right in the morning. A Mi Hong employee said 500 queue tokens had been issued by 10 a.m.
Many people came to ask to buy gold rings or bars but had to leave empty-handed as the store was out of stock.
Globally, on Monday spot gold recorded its biggest daily percentage loss since Oct. 21 with analysts attributing it to profit-taking.
It plunged 4.5% to $4,330.79 before recovering to $4,364.70 Tuesday. Global rates are around 11% lower than in Vietnam.
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