It's not God of Wealth's day, why are people still lining up to sell gold?

Unprecedented phenomenon in the "golden city"

In recent days, in Hanoi , especially in Tran Nhan Tong street - known as the "gold street", although it is not the day of the God of Wealth, people have been lining up to sell gold. This phenomenon is said to have never happened before.

According to the reporter of Cong Thuong Newspaper, from early morning, hundreds of people were present in front of large gold stores such as Bao Tin Minh Chau, DOJI , Phu Quy to wait for their turn to trade. Many people said they came from 5 am to ensure they could sell gold at a time when prices were rising.

Ms. Nguyen Thi Mui (Hai Ba Trung district), who was there early in the morning, shared: "I didn't intend to buy gold, but seeing the price increase so quickly, I'm afraid it will increase even more in the next few days. My family has a few taels that we've saved for a long time, now I'm taking the opportunity to sell them."

Customers lined up at Bao Tin Minh Chau gold store on Tran Nhan Tong street.

Mrs. Mui’s story is typical of the wave of “dumping” gold hoarded due to concerns that prices will suddenly reverse. Unlike the God of Wealth festival – when people mainly buy gold for luck, this time, the people appearing on the gold street are mainly sellers.

Similarly, Mr. Nguyen Thanh Lam (Phuc Tho, Hanoi) shared: "The high price of SJC gold is already a pretty good profit. Because in 2021, I bought it for only 56 million VND/tael, now selling it has made at least double the profit."

Besides, many people also come to buy because they are afraid that the price of gold will increase even more in the coming days.

Ms. Nguyen Thi Mai (Hai Ba Trung District, Hanoi) - who just bought 2 taels of gold - shared: "It's still not too late to buy now, because in a few days the price might go up to 95 million VND/tael and then I'll regret it. I don't intend to invest in 'surfing', I just want to keep gold for when something big happens."

The “buy now before it’s too late” mentality has kept gold demand from decreasing, and even increased alongside the wave of profit-taking sales. This has created a market paradox: gold is heating up not only because of limited supply but also because both buyers and sellers are… afraid of losing.

At 4pm on April 20, many gold shops were not only crowded with customers but also had to issue queue numbers. Waiting for 1-2 hours was normal.

The staff had to give out numbers because there were too many customers.

Ms. Pham Hong Loan, a saleswoman at a DOJI branch, said: "I have never seen such a crowded weekday, just a little less than the God of Wealth's Day. Yesterday, the staff had to work until 9pm to finish the customers."

Sell ​​quickly because of fear of reversal?

The domestic gold rush in recent days is not simply a result of the sharp increase in world gold prices, but also a clear manifestation of the fear of reversal - a factor that has caused many people to rush to take profits before the "wave calms down".

Looking back at the years 2020 - 2022, when the gold price exceeded 74 million VND/tael and then suddenly plummeted after only a few sessions, many people are now "smarter". Instead of holding on for a long time, they sell as soon as the price reaches its peak, even though the price may continue to rise.

Mr. Le Quang Tri (Cau Giay district), who just sold 5 taels of gold, shared: “I have been following the price for several days. It increases by a few hundred thousand every day, now it exceeds 90 million VND/tael, so there is no reason to keep it anymore. If you make a profit, then withdraw it, if you leave it there and then turn back, it is a waste of time to accumulate. ”

The mentality of “buying is selling”, “slowing is losing”, “late is taking a loss” is clearly present in the crowds lining up in front of gold shops in recent days. They no longer expect to hold gold to double their assets but simply see this as an opportunity to make quick profits – a type of short-term investment in times of instability.

According to data updated on the afternoon of April 20, 2025, the domestic gold market recorded slight fluctuations in some major brands. As of 3:43 p.m., the price of SJC gold bars continued to remain stable at VND 112 million/tael (buying price) and VND 114 million/tael (selling price), unchanged from yesterday.

The same situation was recorded at the DOJI system in Hanoi, as well as Bao Tin Minh Chau - these businesses all maintained the same gold bar price level as SJC.

However, the highlight of the day was the price increase at the Phu Quy SJC brand. Specifically, the buying price of Phu Quy gold bars increased by VND1 million/tael, from VND110.5 million/tael to VND111.5 million/tael. Meanwhile, the selling price remained unchanged at VND114 million/tael.

Customers are afraid of losing money so they sell gold.

This adjustment makes the current buying-selling gap at Phu Quy SJC only 2.5 million VND/tael, lower than 3 million VND/tael at other businesses.

Meanwhile, PNJ – one of the largest retail brands in the gold and gemstone sector – still maintains its buying price at VND109.5 million/tael and selling price at VND113.5 million/tael in both Ho Chi Minh City and Hanoi. This reflects PNJ’s price stabilization policy in the context of the market not having any new boost.

In general, domestic gold bar prices are showing signs of slowing down after a sharp increase last week. This may be the reason why people are afraid of losing profits when gold prices reverse.

Ms. Tran Thi Hang (Ha Dong), who sold 3 taels on the afternoon of April 20, confided: “This price is too high for me. I don’t dare to keep it any longer, because if it increases today but decreases tomorrow, it would be a pity. I’m not a professional investor, so I don’t know when to stop!”

Ms. Hang’s story is a common thought of many people: the faster gold increases, the more worried people become, because they fear that behind today’s peak price is tomorrow’s price decline. This confusion makes the gold market hot not only because of demand, but also because of psychology.

Any financial market that overheats carries the risk of a sharp correction. Experts warn that this is the case with gold – especially since the current uptrend is not based on actual consumer demand, but on psychological factors and short-term expectations.

Le Minh

Source: https://congthuong.vn/khong-phai-ngay-via-than-tai-vi-sao-nguoi-dan-van-xep-hang-ban-vang-384008.html