Masses of people nationwide have been flocking to jewellery shops in order to sell the precious metal to cash in on the increasing trend of gold prices reaching an all-time high of VND62 million per tael.
The opening trading session on August 6 witnessed gold prices reach new highs at over VND62 million per tael.
Several gold shops on Tran Nhan Tong street in Hanoi witness the arrival of large numbers of customers coming to sell gold for profit.
The majority of sellers have to endure a long wait due to the long queues at the shop.
Each client is required to have their body temperature checked, with hand sanitiser provided at the entrance.
Customers are also provided with face masks upon entering the premises.
When moving about the shop, sellers are required to stand at least one metre away from each other.
According to a shop owner, the recent increase in the price of domestic gold has led to a rise in the number of people looking to sell gold for profit.
In addition to selling gold bars, people are also keen to sell their jewelry.
A representative of gold firm Phu Quy Group believes that gold is likely to climb to US$2,200 per ounce globally in a couple of months, and therefore domestic gold could also rise to between VND64 million and VND65 million per tael.
The experts also outlines how fluctuations in gold prices is largely dependent on a variety of factors, thereby making it difficult to predict future trends.
Many believe that if the negative impact of the COVID-19 epidemic is prolonged, then the price of gold will continue to increase.
Prices of the yellow metal soared a new record reaching VND62million(US$2,681) per tatel or 1.2 ounce in Vietnam on Thursday after the State Bank of Viet Nam (SBV) confirmed to have solutions and sufficient resources to stabilise the market.