Gold price hits record VNĐ118 million, Hà Nội shops overwhelmed

Gold price hits record VNĐ118 million, Hà Nội shops overwhelmed

Due to the high demand from customers, gold became scarce as many people rushed to buy the commodity.

The crowd rushed to buy gold, causing traffic congestion on Trần Nhân Tông Street. — Photo vietnamnet.vn

Domestic gold prices surged to an all-time high of VNĐ118 million (US$4,627) per tael on April 17, causing chaos at major gold stores in Hà Nội.

Many shops reported receiving over 400 customers in a single morning and had to stop accepting any more due to overwhelming demand.

SJC gold bars were listed at VNĐ115.5 million and VNĐ118 million per tael for buying and selling, respectively, up VNĐ7 million from the previous day. Gold ring prices also rose to VNĐ114–117 million.

Due to the high demand from customers, gold became scarce as many in the capital rushed to buy the commodity.

Bảo Tín Minh Châu limited purchases to 0.5 tael per customer, with one tael being 1.2 ounces.

Buyers wanting larger quantities must wait until Saturday for delivery. To maximise purchases, some customers brought family members to help buy more gold.

Experts attribute the surge to rising global tensions and strong international gold prices, which recently surpassed $3,300 per ounce.

Economist Nguyễn Trí Hiếu said gold prices may keep rising if geopolitical and trade tensions persist. However, he cautioned that any easing in US-China relations could cool the rally, despite the current favourable conditions.

In Việt Nam, the gold supply shortage and rising demand are pushing prices higher. The weakening US dollar and expectations of interest rate cuts from the US Federal Reserve are also supporting gold’s rise.

However, experts warned that gold prices could fluctuate sharply. Prices may jump VNĐ7–8 million or drop VNĐ10 million in a single session if global markets shift. 

Bizhub