Gold Rush in Hanoi and HCMC as Prices Skyrocket

In an unprecedented surge of demand, over 630 queue tokens were handed out by 11 a.m. at a Bao Tin Minh Chau jewelry store in Hanoi's Cau Giay District, with the overflow of customers spilling onto the streets. By lunchtime, only 170 had been served, leaving many to plan afternoon returns.

Nguyen Tuan Anh, arriving at 8 a.m., waited three hours to purchase just three maces of gold, highlighting the intense demand.

Global Uncertainties Fuel Gold's Appeal

With bullion prices hitting VND118 million (US$4,559.51) per tael, gold has emerged as Vietnam's most profitable asset this year, boasting a 40% gain. This surge has skewed the market towards buyers, with stores like Bao Tin Minh Chau limiting purchases to five maces per customer and others, like Phu Quy, displaying "out of stock" signs by noon.

State-Run and Private Stores Overwhelmed

In HCMC, the Saigon Jewelry Company's headquarters saw similar crowds, with purchase limits imposed. Mi Hong gold stores resorted to selling only rings due to bullion shortages. Nguyen Hung and Ninh Vy shared their struggles and strategies, from queuing multiple times to shifting investments from stocks to gold, citing instability under U.S. President Donald Trump.