On January 30, the gold market on Tran Nhan Tong Street in Hanoi’s Hai Ba Trung District was bustling from early morning. At major gold outlets, long queues of customers stretched down the sidewalks, many having arrived as early as 3 a.m.

At Bao Tin Minh Chau, hundreds lined up along the pavement awaiting their turn. By 10 a.m., the shop listed plain round gold rings at $7,240 per tael for buying and $7,360 for selling.

The store imposed a limit of one tael per customer, with immediate pickup available for purchases under 0.5 tael. Due to surging demand, those who had already purchased the day before were barred from buying again.

At Phu Quy, signs posted outside read “Out of stock” and announced that gold transactions would be suspended throughout the morning. Here, plain round 999.9 gold was listed at $7,180 per tael for buying and $7,300 for selling.

However, the store continued silver transactions. By late morning, hundreds of customers were still waiting outside to buy and sell silver. With silver prices climbing, many investors rushed to cash in.

Not far away, the Bao Tin Manh Hai gold shop saw no such crowding. At the time of observation, their Kim Gia Bao 24K (999.9) gold was listed at $7,240 per tael buying and $7,360 selling. Although there were no restrictions on purchase amounts, customers were required to wait 60 days to receive their gold via appointment slips.

As gold prices remained volatile, many buyers were visibly anxious. Mrs. Bao from Dong Da District said she queued since 5 a.m. to purchase a tael of gold using her savings. Compared to yesterday’s prices, she believed she had saved nearly $400.

In contrast, some buyers expressed concern about potential losses. Ms. Huong, an investor from Cau Giay, admitted she was deeply worried. She had purchased gold the day before at a price of $7,700 per tael. With prices now sharply lower, she feared that continued declines could result in significant losses on her investment.

According to Nguyen Manh Cuong, a financial consultant, the rush to buy gold at its peak carries substantial risks. He warned that investors who "chase the top" could face heavy losses if the market undergoes correction. Cuong advised buyers to act cautiously, avoid herd mentality, and refrain from using financial leverage when entering the gold market.

Duy Anh