Difficulty buying gold, many people switch to silver investment

Recorded by Lao Dong Newspaper reporters on April 8, the domestic price of plain round gold rings and gold bars increased and decreased in different directions. Although gold prices have fallen sharply in recent trading sessions, this precious metal has still attracted the attention of many people. Some gold shops on Tran Nhan Tong Street (Hanoi) recorded a spike in demand for gold rings. People are ready to queue up early in the morning to buy gold. However, gold stores have limited the quantity sold, making trading difficult.

Mr. Nguyen Minh Tuan (Ba Dinh District, Hanoi) said that he wants to buy gold to accumulate assets and invest long-term, hoping to protect finances in the future: "I have been there since 9am, along with many others lining up, but the store staff has not announced the opening time or the number of gold rings available. So I just wait."

Ms. Pham Mai Lan (Cau Giay District, Hanoi) also came to the store early, before it opened. She shared: "Recently, gold shops have limited the sale of gold rings, each person can only buy a maximum of 1-2 taels of gold per day. Currently, the store has not yet opened for sale, I will wait a little longer. If I don't see any opening for sale, I will return another day".

Meanwhile, Mr. Le Minh Duc (Hai Ba Trung District, Hanoi) is wondering whether to sell gold or not. "This morning I went to the store to see if someone was selling gold to make a profit, but there are still many buyers lining up. If I sell, I can earn a certain profit, but I am afraid that the price will continue to increase the next day. I will have to think more" - Mr. Duc said.

The scarcity of gold rings has caused many people to switch to investing in silver. Mr. Minh Tuan said that some of his friends have decided to buy silver instead of gold recently.

"If the store is limited and I can't buy much today, I will consider buying silver. Because the price is low and silver could be an attractive investment option in the current context, I think I can try it" - Mr. Tuan said.

Mr. Nguyen Van Tuong (Nam Tu Liem District - Hanoi) shared: "Although the price of gold is decreasing, I find gold rings very difficult to buy because the shop limits the quantity. I have been interested in silver for a month now. Although I don't know if the price has hit rock bottom, today I decided to try investing in silver. Not as strong as gold, but last year, silver prices increased quite well and brought higher profits than savings. I think this is a safe and reasonable choice in the current situation".

According to the Chairman and COO of Asset Strategies International, in 2024, world silver prices increased by about 21%. The strong increase in industrial demand has created a tightening supply of physical silver. Sectors such as electronics and renewable energy, especially solar PV technology, have contributed significantly to this boom.

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