Why do many people still line up to buy gold even though the price is at its peak?

(NLDO) – The price of SJC gold bars has not decreased as expected but has even reached a new peak. Many people are still lining up to buy gold bars and plain gold rings in Ho Chi Minh City.

At noon on August 27, SJC gold bar prices continued to be listed by businesses at 126 million VND/tael for buying and 128 million VND/tael for selling. This is the highest price range of SJC gold bars ever.

On the free market, some gold shops reduced the price of SJC gold bars to 127 million VND/tael for buying and 128.5 million VND/tael for selling, down 1.5 million VND compared to yesterday and only 500,000 VND higher than the price of gold companies and commercial banks.

Meanwhile, the price of 99.99% gold rings and jewelry gold is traded around the buying level of about 119.9 million VND/tael and the selling level of 122.4 million VND/tael.

Despite the continued increase in domestic gold prices – contrary to forecasts that they could plummet after the Government issued Decree No. 232/2025/ND-CP, amending and supplementing Decree 24/2012/ND-CP on the management of gold trading activities, which abolishes the State's monopoly mechanism in the production and import and export of raw gold to produce gold bars, many people still queued up at some stores to buy gold.

Prices increase, but people still buy gold

According to the reporter of Nguoi Lao Dong Newspaper this morning, many people continued to line up to buy gold. At the headquarters of Saigon Jewelry Company (SJC) on Nguyen Thi Minh Khai Street, Ban Co Ward, Ho Chi Minh City, at 11:30 a.m., there were still many people coming to buy gold. However, from around 10:30 a.m., SJC employees announced that they would temporarily stop selling SJC gold bars and plain gold rings in cash because they were out of stock.

Inside the waiting area, many customers had been waiting for a long time but their turn had not yet come. Ms. Nhat Hanh (living in Ho Chi Minh City) said she was waiting for her turn to buy 1 tael of plain gold ring in cash, according to the listed price of about 122.4 million VND/tael.

At around 11:30 am on August 27, there were still customers lining up to buy gold even though the company announced a temporary suspension and would reschedule for early afternoon.

"I read that the State's monopoly mechanism in the production and import-export of raw gold for the production of gold bars will be abolished, but this morning I saw that the price of gold still increased, possibly because it takes time to import raw gold to produce gold bars and gold rings. I bought it to save, not to speculate, so I'm not worried about the price falling," said Ms. Hanh.

This morning, SJC announced that each customer will be able to buy 1 tael of SJC gold bar; 1 tael of plain gold ring by bank transfer or cash. However, due to the large number of customers, many people had to queue or wait a long time for their turn to make a transaction.

On the other hand, according to the reporter's records, the number of customers coming to sell gold for profit also increased compared to previous days. SJC company employees said that there were more customers coming to sell SJC gold bars and gold rings than previous days, thanks to that, the company has more gold to sell to customers.

According to analysts, domestic gold prices cannot be reduced immediately because the new regulations need time to be implemented. For the decree to be effective, the State Bank must also issue a detailed circular and license businesses and commercial banks that are qualified to participate in the production and import of raw gold. Only when a truly abundant and competitive supply is created will the price of gold bars have a basis to cool down and move closer to international prices.

Each customer can buy 1 SJC gold bar, 1 plain gold ring by cash or bank transfer.

Despite the increase in gold prices this morning, many people still go out to buy gold.

In the waiting area for customers to buy goods, it was more crowded than usual but still not as many as the number of customers lining up to buy gold.

Source: https://nld.com.vn/vi-sao-nhieu-nguoi-van-xep-hang-mua-vang-du-gia-o-vung-dinh-chot-vot-196250827115937563.htm