After much deliberation over whether to sell the gold he had been holding since early 2020, Nguyen Thanh Chung, a resident of Dong Da District in Hanoi, finally sold all of it at 115.5 million VND ($4,540) per tael on the morning of April 17.

Chung shared that at the end of 2019, he had plans to buy an apartment. At the time, he had saved 1.5 billion VND ($59,000) and intended to take out a loan for the remaining amount. But when the COVID-19 pandemic struck in early 2020, his job and income were impacted, forcing him to postpone the purchase. Instead, he used his 1.5 billion VND to buy 31 taels of SJC gold.

After the pandemic, his work stabilized again - but apartment prices had skyrocketed. That meant taking out an even larger loan if he wanted to proceed. The plan was again put on hold, and the gold remained untouched in his safe.

Recently, with gold prices soaring and real estate showing no signs of cooling, he decided to sell the gold and combine it with his savings to finally buy a home.

"By selling all 31 taels of gold, I earned 3.58 billion VND ($141,000). That’s over 2 billion VND ($78,500) in profit compared to when I bought it," Chung said.

In contrast, Bui Thi Thu Ha and her husband found themselves scrambling to buy gold to repay a long-standing debt.

“Exactly nine years ago, I borrowed eight taels of gold to buy a house. I sold it then for about 37 million VND ($1,455) per tael,” she recalled. At the time, her family simply said, “Return it whenever they ask.”

In late 2019, her father gave her money to buy five taels of SJC gold as wedding gifts for his future grandchildren. Seeing that gold prices were relatively stable, she invested the money in her business instead.

But in mid-February this year, when her first niece got married, her father asked about the gold. She and her husband panicked and rushed to buy it back at 90 million VND ($3,540) per tael. After days of queuing, they managed to purchase five taels for about 400 million VND ($15,700) - much more than the original price of around 48 million VND ($1,890) per tael.

“After buying those five taels, we told each other we’d wait for prices to drop before buying the remaining eight taels to repay the debt,” Ha said. However, the more they waited, the higher prices soared. Anxious, they took time off work and queued again, this time paying 118 million VND ($4,640) per tael.

So, how has gold fluctuated over the past decade, from 2016 to 2025?

After a gold fever during 2009-2011, prices plunged and hit a low of 32.45 million VND ($1,275) per tael in late 2015.

By April 11, 2016, gold sold by Saigon Jewelry Company (SJC) had risen to 33.3 million VND ($1,310) per tael - an increase of 850,000 VND ($33) from the previous year’s close, but still down 1.91 million VND ($75) from April 17, 2015.

On April 17, 2017, SJC’s gold price jumped to 37.25 million VND ($1,470) per tael - up 3.95 million VND ($156) from the same day in 2016.

But during the same period in 2018 and 2019, prices dipped to 37.07 million VND ($1,462) and 36.39 million VND ($1,435) per tael, respectively.

Shortly thereafter, gold entered a period of extreme volatility, breaking record after record.

From 2021 to 2022, gold maintained a steady upward trend. On April 17, 2021, the price stood at 55.47 million VND ($2,180) per tael. One year later, on April 17, 2022, it surged to 69.87 million VND ($2,740).

On April 17, 2023, the price dipped by 2.65 million VND ($105) from the previous year to 67.22 million VND ($2,640).

Yet, within just one more year, by April 17, 2024, gold skyrocketed again to 84.1 million VND ($3,310) per tael - an increase of 16.88 million VND ($665).

Over the past year, gold has been on a wild ride, with sharp spikes followed by steep drops, sometimes losing several million VND per tael in a single trading session.

Supply has grown scarce. People and investors routinely line up at gold shops to make purchases. Major brands have struggled to keep up, often imposing strict limits on the amount each customer can buy.

On online marketplaces and sidewalks, gold trading remains brisk, with prices often 1 to 3 million VND ($40 to $120) higher per tael than those listed by official dealers.

At the close of trading on April 17, gold reached a new all-time high. SJC listed prices at 115.5 million VND ($4,540) to buy and 118 million VND ($4,640) to sell - up 2.5 million VND ($98) from the previous day.

Compared to April 11, 2016, gold has jumped 84.7 million VND ($3,340) per tael. In just one year, from April 17, 2023 to 2024, it has risen by 33.9 million VND ($1,335).

Anyone who bought gold on April 11, 2016 and sold it on April 17, 2025 would have earned 82.2 million VND ($3,240) per tael. Those who bought it just one year ago would have gained 31.4 million VND ($1,240) per tael.

Tam An