People queue to buy gold at a Bao Tin Minh Chau shop in Hanoi on September 4.
At the opening of the morning session around 9 am, major retailers raised prices by about VND 1 million (USD 39.5) per tael compared with the previous day, with plain gold rings selling at up to VND 129.5 million (USD 5,112) per tael.
At Bao Tin Minh Chau on Cau Giay Street, many customers reported arriving as early as 7 am and queuing for hours, yet they were still uncertain whether they could make a purchase. Thu Phuong from Dong Anh Ward, Hanoi, said she left home at 6 am and had already waited more than two hours without success.
Despite the surge, demand has remained strong. On the morning of September 4, the price of plain gold rings reached their highest level on record, yet many buyers continued to purchase. Bao Tin Minh Chau restricted sales to one mace per person and announced that stocks had sold out within half an hour of opening.
Other gold shops, including Doij in Cau Giay, reported a lack of customers as they had run out of plain rings and did not sell bullion.
Silver has also become scarce, with prices approaching VND 43 million (USD 1,699) per kilogram, the highest ever recorded.
Phu Quy representatives said customers now need to place advance orders for both gold and silver.
