Some buyers even placed sandals or motorcycle helmets on the pavement to hold their spots in line while waiting for their turn to trade.

Large purchases receive appointment slips

On Tran Nhan Tong Street in Hai Ba Trung District, Hanoi - widely known as the city’s “gold street” - many jewelry stores reported large crowds gathering from early morning.

The rush came after international gold prices declined during overnight trading. Many buyers expected domestic prices to follow the downward trend and took the opportunity to purchase.

By early morning, long queues had already formed outside several major gold brands along the street.

One customer said she arrived very early to secure a place in line. She explained that whenever prices dip, she tries to buy gold as a long-term investment.

Several shops reported that customer traffic had surged compared with previous days. Store security staff were frequently required to guide customers and maintain order to prevent crowds from spilling onto the roadway.

Hai, a resident of Linh Dam in Hanoi, said the drop in global gold prices overnight encouraged many investors to buy, hoping prices might rise again soon.

He added that after following the market and seeing the international adjustment, he decided to purchase some gold for savings.

Nguyen Van Hung, a resident of Hai Ba Trung District, said he had hesitated earlier when gold prices surged to VND190 million per tael (approximately US$7,800).

“Prices were too high in the past few days, so I held back,” Hung said. “Now that prices have fallen a bit, I came early this morning to buy some gold as savings.”

At 9 am, Bao Tin Manh Hai listed its Kim Gia Bao 24K (999.9) pressed gold ring at VND180.2 million per tael (US$7,400) for buying and VND183.2 million per tael (US$7,520) for selling.

Phu Quy’s 999.9 gold rings were priced at VND181.2 million per tael (US$7,440) for buying and VND184.2 million per tael (US$7,560) for selling.

Meanwhile, Bao Tin Minh Chau quoted its plain 24K (999.9) gold rings at around VND182 million per tael (US$7,470) for buying and VND185 million per tael (US$7,590) for selling.

Compared with the previous day, these brands had reduced prices by around VND2–3 million per tael.

Earlier, during the March 2 trading session, domestic gold prices had surged by nearly VND4 million per tael, with SJC gold closing at VND187.9 million per tael (US$7,710) for buying and VND190.9 million per tael (US$7,830) for selling.

Gold rings from various brands were also trading around similar levels.

At Bao Tin Minh Chau, customers were allowed to buy up to five taels of gold, though most transactions resulted in appointment slips rather than immediate delivery. Smaller purchases from 0.1 tael could be received immediately at the counter.

Phu Quy continued selling gold but suspended silver transactions early in the morning, while Bao Tin Manh Hai only opened sales for 0.1-tael gold products.

Financial experts say recent fluctuations in Vietnam’s gold market remain heavily influenced by global developments, particularly interest rates, geopolitical tensions and investor demand for safe-haven assets.

Amid ongoing volatility, analysts advise individual investors to monitor market movements closely and carefully consider large transactions rather than making decisions based on crowd behavior.

Queues appear in Ho Chi Minh City as well

Similar scenes were recorded in Ho Chi Minh City on March 4, where many people lined up early to buy gold.

At a Mi Hong gold store in Gia Dinh Ward, dozens of customers were already waiting at around 6 am, hoping to complete transactions when the shop opened.

The store’s official business hours begin at 8 am, meaning these customers had to wait at least two hours before entering.

A similar situation was observed at the Saigon Jewelry Company (SJC) store on Nguyen Thi Minh Khai Street in Ban Co Ward.

Customers lined up on the pavement and were separated into two queues depending on payment method: cash or bank transfer.

Because many arrived early, some had not yet eaten breakfast. When stepping away to buy food, they marked their positions in line by placing sandals or motorcycle helmets on the ground.

Some customers even ate breakfast on the sidewalk to avoid losing their place.

One buyer said SJC allows purchases of only one chi (3.75 grams) of gold rings per person per day. Around 120 chi are sold daily, meaning only about 120 customers are able to buy gold rings each day.

For SJC gold bars, buyers must register online and each person is limited to purchasing one tael.

Tran Thu Van, a resident of An Khanh Ward, said she uses her pension and rental income to buy gold for savings.

On average, she purchases about two chi of gold rings each month and has maintained this habit for more than two years.

“Gold prices are falling, so I’m taking the chance to buy,” said Nguyen Phuong from Xuan Hoa Ward. “For me, gold is a long-term asset for my children and grandchildren, not something to buy today and sell tomorrow.”

She added that queuing to buy gold for savings should not be viewed negatively.

“If bank deposit interest rates rise and become more attractive, people will naturally move their money there to increase the value of their assets,” she said.

Duy Anh