According to VietNamNet reporters, people began lining up outside Mi Hong Company in Gia Dinh Ward, HCMC at 5:30am on January 20. However, compared to previous days, the early crowd was thinner - possibly due to gold prices hovering near all-time highs.

As of January 19, SJC gold bullion closed at 163–165 million VND per tael (buy-sell), while 1–5 chi SJC gold rings were quoted at 159.7–162.2 million VND per tael. This marked an increase of around 2–2.5 million VND per tael across the board.

A race for gold rings before opening hours

While the Mi Hong store saw lighter traffic, over 100 people were already lined up by 6am outside SJC’s headquarters in Ban Co Ward. Customers used everything from helmets and plastic stools to bricks and stones to reserve their places in line.

Some took the opportunity to exercise while waiting, and one early-arriving customer even slept on his motorbike.

A security staff member at SJC said that on January 20, the store would release 120 chi of gold rings, with a maximum purchase of 1 chi per customer.

To speed up the process once doors opened at 8:30am, buyers were split into two lines - one for cash, one for bank transfers.

At present, the Nguyen Thi Minh Khai SJC location is the only branch offering gold ring sales. In addition to weekday operations, the store now opens Saturday mornings (8:30am–11:30am) for transactions.

For those wishing to buy SJC gold bars, online registration remains mandatory. Only confirmed registrants are permitted inside to complete the purchase.

A 10km trip and a secret gold buy

Arriving at 6:15am, Mrs. P. from Tan Phu District said she had traveled more than 10km by early bus due to her age and the distance. Her family has been investing in gold since 2024 using income from rental properties and her pension.

“We don’t keep much cash at home - just enough for monthly expenses and emergencies. I believe gold can still rise further, so it’s not too late to buy,” she said, adding with a chuckle: “I didn’t tell my husband I was lining up this early.”

Another customer noted that even if she missed out on gold rings, she would still buy other items like Zodiac or God of Wealth gold pieces. These come with a processing fee of around 150,000 VND per item but still hold investment potential.

Gold price hits historic peak: Should you jump in now?

Speaking to VietNamNet, Dr. Dao Le Trang Anh, senior finance lecturer at RMIT Vietnam, noted that gold prices had surged dramatically in late 2025 and early 2026 - reaching nearly $4,700 per ounce on January 20, 2026.

That’s a 79% increase compared to early 2025. The rally has been largely fueled by escalating geopolitical risks and renewed trade tensions, driving demand for safe-haven assets like gold.

Notably, tensions rose after U.S. President Donald Trump threatened new tariffs on eight European nations over disputes concerning control of Greenland, sparking fears of a broad transatlantic trade war.

Simultaneously, ongoing instability in the Middle East - particularly involving Iran - and continued uncertainty around the Russia–Ukraine conflict have added to global risk aversion.

Central banks have also continued large-scale gold purchases as part of de-dollarization strategies. Additional support for gold prices comes from concerns about U.S. fiscal sustainability, rising public debt, and questions around the independence of the Federal Reserve.

“Overall, high geopolitical risk, trade tensions, and strong global demand are expected to support gold in the short term,” Dr. Trang Anh concluded.

Experts caution against chasing the peak

Offering advice to investors, Dr. Irfan Haider Shakri, also a finance lecturer at RMIT Vietnam, emphasized the importance of avoiding the fear-of-missing-out mindset.

While the rally has been buoyed by central bank buying and global tensions - including in Venezuela - entering the market at historic highs still carries the significant risk of a sharp correction, he warned.

Rather than chasing the trend, a more prudent approach is to maintain a balanced portfolio, where gold serves as a hedging tool rather than a speculative asset. Allocating 5–10% to gold can help guard against inflation and policy uncertainty without adding excessive risk.

Dr. Shakri added that for investors wishing to accumulate gold, dollar-cost averaging over time is a more effective strategy than making large lump-sum purchases at peak prices. This disciplined method allows gold to play its long-term stabilizing role in the portfolio - supporting diversification without creating short-term tactical pressure.

Tran Chung