Saturday , May 25 2024

Investors flock to stores as gold hits all-time high

Jewelry stores are bustling with customers eager to trade in gold, as its value soars to unprecedented heights.

At Saigon Jewelry Company’s headquarters in Ho Chi Minh City’s District 3, around 10 people were waiting at 11 a.m. Wednesday, all intent on buying or selling gold bars.

Nhi, from District 6, was taken aback upon discovering that gold prices had soared past VND80 million (approximately $3,289.47) per tael on Tuesday, setting a new record.

Opting to convert her bank savings into gold bars, she expressed her strategy: “I’ve shifted my savings from cash to gold, given the low bank deposit rates and the anticipated rise in gold prices.”

After purchasing gold on Tuesday, Nhi returned for more on Wednesday.

Another customer sold her U.S. dollars, which she saved over several years, to buy three taels of gold.

“You will never lose buying gold.”

In Hanoi’s Cau Giay District, a shop exhausted its gold bar stock before 10 a.m. Tuesday, overwhelmed by the demand.

“The store only has a limited number of bars each day. We could not keep up with a surge in demand,” said an employee.

Gold prices reached a new high of VND80.3 million per tael on Tuesday but later settled at VND78.45 million. At the time of reporting, the price hovered around VND79.5 million.

Analysts attribute the price surge to the limited gold supply, which is controlled by the government.

Currently, Vietnam’s gold prices are about 32% higher than global rates.

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