On the morning of 29/12, a branch of the gold shop on Nguyen Cong Tru street remained closed; a notice posted outside stated it was "temporarily closed to facilitate the investigation into tax and related issues." The company's hotline is currently unreachable.

In addition to the branch in Thanh Sen ward, another branch of this system in Cam Xuyen commune also stopped transactions.

A branch of a large gold shop on Nguyen Cong Tru street, Thanh Sen ward, Ha Tinh closed on the morning of 29/12. Photo: Duc Hung

Ms. Tam from Toan Luu commune traveled over 10 km to a branch of this gold and silver business in Thanh Sen ward, only to find it closed. "I was surprised when the shop closed, as this is a long-standing place for buying and selling where I often transact," she said.

Last weekend, many customers attempting to conduct transactions at branches of this gold shop chain had to leave after waiting for extended periods without anyone opening the doors.

According to local authorities, on the evening of 26/12, five economic police officers from Hanoi Police inspected the gold shop on Nguyen Cong Tru street, located in Nam Ha group 6. Authorities confiscated some jewelry and related documents. To date, authorities have not announced the reason for the inspection and search.

Another branch of the same gold shop system also closed on the morning of 29/12. Photo: Duc Hung

In mid-December, authorities had previously inspected this gold shop regarding compliance with State regulations related to gold price stabilization. At that time, some branches of the same system also closed for one or two days before reopening.

Nguyen Cong Tru street is a hub for many large, long-standing gold shops in Ha Tinh. Recently, as the price of the precious metal fluctuated strongly, many people visited daily to buy and sell.

The inspection in Ha Tinh occurs as authorities in many provinces and cities tighten management of gold businesses. In early December, Thanh Hoa Police prosecuted the husband and wife owners of Kim Chung Gold and Silver Company for tax evasion under Article 200 of the Criminal Code.

Gold prices have fluctuated significantly. Last week, the precious metal reached nearly 160 million VND per tael at one point, before declining. Opening today's trading session, SJC gold bars decreased by almost 2 million VND per tael, settling around 156 - 158 million VND. The buy-sell spread is 2 million VND per tael. Brands quoted plain gold rings at 151.1 - 154.1 million VND, a decrease of 2 million per tael compared to last weekend.

Duc Hung