People queue to buy gold at a store in Hanoi on April 18.
From early Thursday morning, the domestic price of SJC gold bullion surged to new record highs, reaching VND117 million per tael (buying) and VND120 million per tael (selling), an increase of VND2 million compared to the previous day's close, even as global gold prices edged downward.
According to Bao Tin Minh Chau, one of Vietnam's largest gold trading companies, the customer ratio at its outlets on the morning of April 18 was approximately 70 percent buyers and 30 percent sellers.
By noon, gold shops along Tran Nhan Tong Street, known for its concentration of jewellery stores, were packed with customers waiting in line. The crowd continued to grow through the lunch hour.
Employees at one store announced that gold rings were completely sold out. Still, more people continued to queue in hopes of securing a purchase.
Several other stores displayed signs stating they had run out of bullion to inform customers before they entered.
Given unpredictable fluctuations in domestic and international gold markets, gold trading companies have advised investors and the public to remain cautious and monitor price movements through official channels before making transactions.
