On the morning of April 17, at two Bao Tin Minh Chau gold stores on Tran Nhan Tong Street (Hanoi), there was an unprecedented scene: hundreds of people crowded and patiently lined up from early morning to buy gold.

Despite the gold price being listed at a record high - 115 million VND/tael (buy) and 118 million VND/tael (sell) - people still flocked to buy.

According to VietNamNet reporters , the line of people stretched from inside the store to the sidewalk, creating an unprecedentedly bustling scene on the "golden street" Tran Nhan Tong.

Bao Tin Minh Chau staff said that today each customer can buy a maximum of 5 taels of gold. If they want to buy a large quantity, from several taels or more, they will have to wait until Saturday this week to receive the gold.

Therefore, some people have mobilized family members to buy as much gold as possible.

Ms. Ngoc, a vendor at Dong Xuan market, shared: “A few days ago, I lined up three times, each time only being able to buy 1 tael. Today, when I heard that I could buy 5 taels, I called my daughter and son-in-law to take the morning off to go with me. The three of us were able to buy 1 and a half trees, which is great compared to the previous days.”

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People jostling to buy gold caused traffic congestion on Tran Nhan Tong street. Photo: Ngoc Cuong

Sharing the same thought as Ms. Ngoc, Mr. Lam - an individual investor in Hoan Kiem (Hanoi), also dragged his wife and younger brother to line up from 7 am. Mr. Lam shared that the staff here gave very practical suggestions: "One person can buy 5 taels, two people can buy one tree. Therefore, I feel that if I don't hurry, I will lose out."

Ms. Hoa (70 years old), from Gia Lam, traveled to Tran Nhan Tong street from 7 am with her grandson, said: "I saved nearly 200 million VND, kept the cash and didn't know what to buy, so today I went with my grandson, each person bought 5 taels to save for the grandchildren later."

However, not everyone who came to the gold street this morning was ready to "pay". In the jostling crowd, Ms. Tran Thi Dung - an office worker - stood alone in a corner, her eyes still pensive.

She commented: “The price of gold has increased terribly, in less than a week it has increased by several million per tael. I planned to buy 2 taels to accumulate, but thinking about it, I am afraid that after buying it, the price will drop, which would be a loss. Now, gold is increasing regardless of the reason, which also brings with it risks.”

In the same mood, Mr. Hoi, a construction engineer - after 30 minutes of consideration, also decided to "turn around" and go home. "I have been following gold since January. This time the price has increased too much, I don't have much capital, investing at this time when gold is at an unprecedented high is no different from gambling", Mr. Hoi explained.

In contrast to the jostling scene at Bao Tin Minh Chau gold shop, many SJC gold shops on Tran Nhan Tong, Giang Van Minh and Thai Thinh streets were out of stock. According to observations, these shops all hung signs saying “buy only - no sale”, causing many customers to sadly return home.

Mr. Nguyen Van Mien (Dong Da district) said that because he trusted the SJC gold brand, he went to three stores this morning to buy gold, but none of them had any gold for sale. The staff told him to wait a few more days. "If we wait now, the price might go up again," he worried.

The current gold rush shows that the psychology of holding safe assets in the context of global economic instability is still very strong. Although domestic gold prices have climbed to an all-time high, many people are still rushing to buy despite the risk of price collapse.

Gold price increases by 7-8 million, but can decrease by 10 million/tael in just one session "If the world gold price turns around, many people rush to sell, the price will immediately decrease. Gold price can increase by 7-8 million VND/tael, but can also decrease by 10 million VND/tael in one session - that is completely normal", experts commented.

Source: https://vietnamnet.vn/gia-vang-bung-no-pho-vang-tran-nhan-tong-gap-canh-tuong-chua-tung-thay-2392143.html