Despite heavy rain and soaring gold prices, hundreds of people lined up early on August 19 at Tran Nhan Tong Street in Hanoi to buy gold, even though each customer was limited to just one chi (3.75 grams).

By 9:45 AM, Bao Tin Minh Chau listed its Rong Thang Long gold at 117.2–120.2 million VND per tael (approximately $4,615–$4,736 USD). SJC gold was selling at 124–125 million VND per tael (around $4,885–$4,924 USD). Due to supply constraints, stores limited each customer to buying only one chi.

Although financial experts continued to warn about the risks of investing at peak prices, the market heat showed no signs of cooling.

According to observations, most people were buying gold, with few selling. Crowds formed mainly at major brand outlets, while smaller shops remained largely empty.

Mrs. Van, a Hanoi resident from Hai Ba Trung Ward, said she arrived early to buy gold after withdrawing over 100 million VND (about $3,938 USD) from her savings the previous day. However, since stores only allowed one chi per person, she brought along family members to secure more tickets.

“I thought fewer people would come because of the rain, but even early in the morning, there was already a queue. I wish I had bought earlier - it would’ve saved me some money,” she said with regret.

Mai, an experienced investor, shared that she frequently lines up to buy gold for accumulation. Though she only purchases 1–2 chi per trip, her consistent buying has helped her build a sizable reserve. On busy days, she often enlists 3–4 relatives to queue with her.

“I’m concerned about high prices, but I believe gold will go even higher,” Mai said, predicting continued price increases through the end of the year. Compared to savings, gold remains a more attractive investment channel for her.

Office worker Tran Van Nam said he’s been monitoring gold prices for months. Despite current record levels, he believes global economic trends continue to make gold a promising asset.

While many citizens rush to buy gold despite the risks, experts are warning that emotionally driven investments can result in major losses if the market turns.

Dr. Nguyen Tri Hieu, a banking and finance expert, noted that Vietnam’s domestic gold market is not closely tied to international markets, and limited supply is driving prices up locally even when global prices fluctuate or decline.

Nguyen Tuan Anh, Chairman of FinPeace, cautioned that investing simply based on upward trends is dangerous. “If you buy at a peak, prices could drop to 100 million VND ($3,938 USD) or rise to 150 million VND ($5,907 USD). Investing without a long-term strategy exposes individual investors to high risk,” he said.

Amid unpredictable price swings, Dr. Hieu advised caution: “When gold prices spike, many will sell to take profit, leading to sudden drops. Those buying at peak levels could find themselves at a disadvantage. Now is a risky time to invest in gold - people need to think carefully,” he warned.

Duy Anh