At 8:30 a.m., a long line of eager customers snaked along Nguyen Thi Minh Khai Street in Ho Chi Minh City, awaiting entry to the Saigon Jewelry Company (SJC). As gold prices surged to an unprecedented VND134.4 million per tael, anticipation in the crowd was palpable. Each customer was limited to purchasing just one tael of bullion and 0.05 taels of 24K gold rings, which only heightened the sense of urgency.
Among the crowd was Oanh from District 1, who expressed her anxiety about the rising gold prices. “I’ve waited for hours. Most shops have run out of gold, and I felt it was now or never,” she shared, echoing the sentiment felt by many. The line was predominantly filled with middle-aged and elderly individuals, while younger attendees appeared more interested in gold bars. Many were prepared for the wait, bringing snacks and drinks to keep their spirits high.
In a surprising twist to the gold-buying frenzy, some young people are capitalizing on the situation by offering to stand in line for clients, like Tan Loi, a college sophomore, who was paid VND800,000 for his services. “I spent over an hour in line, but you’ve got to earn your keep somehow, right?” he remarked with a chuckle. An SJC employee confirmed this phenomenon, stating that many individuals are queuing up to buy on behalf of others, creating a secondary market for buying spots in line. This trend has sparked social media postings advertising paid positions to buy gold, offering pay rates that can exceed VND400,000 a day.
The gold buying excitement is not isolated to Ho Chi Minh City; similar scenes have unfolded in Hanoi. At two Bao Tin Minh Chau locations on Tran Nhan Tong Street, customers were left disappointed when both stores sold out by 10 a.m., despite imposing strict purchasing limits of 0.1 taels. Another shop, Phu Quy, allowed customers to buy as many rings as they wanted but remained constrained with available supplies, promising delivery for the remainder.
The escalating demand for gold has been fueled by a relentless increase in prices, which have risen for 11 consecutive days. Meanwhile, global spot gold prices lag behind local rates by VND20.9 million per tael, adding pressure on consumers to make purchases now.
Interestingly, the influx of buyers has given rise to sellers eager to seize the moment. Manh, who came to sell two taels of gold with his wife, cited rising prices as his reason for cashing in. “Gold’s value has skyrocketed, and I think it might soon decline,” he said, emphasizing the need for financial security. In the same vein, Hoa, an office worker in Hanoi, spoke of her habit of regular gold purchases. “I set aside part of my salary for gold; it’s a better return than most bank deposits,” she noted, reflecting the pervasive belief that gold remains a profitable investment, even in less favorable market conditions.
What is causing the surge in gold prices in Vietnam?
Increasing demand and a steady rise in prices over 11 consecutive days have contributed to the surge in gold prices, which reached a record high this week.
How are people adapting to the gold buying frenzy?
Some individuals are taking advantage of the situation by offering to queue for others, with social media postings advertising paid opportunities to buy gold.
What do buyers perceive as the benefits of purchasing gold now?
Many buyers view gold as a safer investment compared to bank deposits, expecting better returns, and are anxious to buy before prices potentially drop.
