Concerns over skyrocketing gold prices following the outbreak of hostilities in the Middle East drove residents to gather in lines to buy gold from early Monday morning.

From the crack of dawn, people were already queuing to wait for gold purchases at reputable stores in HCMC.

At the Mi Hong gold store (Gia Dinh ward), from 5:30 AM, about 50 people sat in three rows waiting for their turn to buy gold, even though this store does not open for business and transactions until 8:00 AM.

Leaving home to buy gold at 5:00 AM, Bich Phuong, 53, from Binh Trung ward, predicted that gold prices could increase sharply following military attacks between the US, Israel, and Iran over the past weekend. 

“I am buying gold to accumulate assets, not for speculation. However, I came early to avoid having to buy gold when prices spike abruptly,” she added.

At the Saigon Jewelry Company Limited – SJC (Ban Co ward, HCMC), similar images appeared. Many people waited to buy gold outside SJC from early on.

Nguyen Thi Cam M. (Vuon Lai ward) said she asked her company for permission to arrive late because she feared she would not be able to buy gold before work. "SJC opens for sale at 8:30 AM, the same time as my company. Meanwhile, I still have to wait for my turn, not to mention the time for payment and receiving the goods," she shared.

According to some people waiting to buy gold, major gold businesses in HCMC have resumed the policy of limiting sales to 0.1 tael of gold rings per person per day. This policy has been maintained for many months.

Prior to that, on the Day of the God of Wealth (the 10th day of the first lunar month, February 26), SJC and Mi Hong "loosened" the supply, allowing people to buy gold in larger quantities. For example, SJC allowed a maximum purchase of 3 taels of 1-tael gold bars; 2 mace of gold rings (if paying via bank transfer). Mi Hong allowed residents to buy a maximum of 5 mace of gold rings per day.

According to images shared on Facebook forums for gold trading, last Sunday many residents went to gold shops to carry out buying transactions after information emerged about the US and Israel attacking Iran. The general sentiment was that gold, a safe-haven asset, would rise sharply amid geopolitical instability.

Domestically, at the close of trading on February 28, SJC gold bars were listed at VND184–187 million per tael (buy–sell), up VND3 million per tael from the previous session’s close.

SJC gold rings (1–5 mace per ring) were listed at VND183.8–186.8 million per tael, also up VND3 million per tael compared with the previous close.

On the international market, according to Trading Economics, on Monday gold prices reached their highest level in more than a month as demand for safe-haven assets increased following joint attacks by the US and Israel on Iran over the weekend. These attacks reportedly led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, escalating regional tensions and disrupting maritime traffic in the oil-rich region.

Iran responded with retaliatory attacks on US assets in neighboring countries, including the UAE, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.

Gold recorded its seventh consecutive monthly gain in February, the longest streak since 1973, driven by rising geopolitical tensions and the restructuring of international relations under US President Trump. The price increase was also supported by strong buying from central banks and a trend of investors moving away from government bonds and currencies.

In the latest news, at 2.24 pm March 2, 2026, Saigon Jewelry Company (SJC) further adjusted its gold bar prices upward, listing them at VND187.9–190.9 million per tael (buy–sell). 

SJC gold rings were traded at VND186.4–189.4 million per tael (buy–sell), up VND2.6 million per tael on both buying and selling sides compared with the close of last week.

Following the same trend, gold ring prices at DOJI increased by VND3.1 million per tael on both the buying and selling sides compared with last week’s close, trading at VND186.9–189.9 million per tael (buy–sell).

Meanwhile, plain gold rings at Bao Tin Minh Chau were adjusted up by VND2.9 million per tael on both the buying and selling sides compared with the end of last week, trading at VND186.9–189.9 million per tael (buy in – sell out).

Manh Ha