On the morning of April 17, hundreds of people flocked to Tran Nhan Tong Street in Hanoi - famous for its gold shops - to buy gold as prices soared to a record 118 million VND per tael (approx. 4,650 USD). The sudden surge created an unprecedented scene of crowds and chaos.

At two Bao Tin Minh Chau outlets on Tran Nhan Tong Street, hundreds of customers queued up from early morning despite the sky-high gold prices. Gold was listed at 115 million VND (buying) and 118 million VND (selling) per tael, yet the overwhelming demand showed no signs of slowing down.

Reporters from VietNamNet witnessed queues stretching from inside the stores out onto the sidewalks, forming an extraordinary scene in Hanoi’s iconic "gold street."

A staff member from Bảo Tín Minh Châu said each customer was limited to a maximum purchase of 0.5 taels (5 chỉ). Those looking to buy larger quantities - one or more taels - would need to wait until Saturday to receive their orders.

As a result, many buyers brought along family members to maximize their purchase quota.

Ms. Ngoc, a vendor at Dong Xuan Market, shared: “I tried three times in recent days and only managed to buy one chỉ each time. Today, I heard the limit was increased to five chỉ, so I asked my daughter and son-in-law to take the morning off work and come with me. Together, we bought 1.5 taels, which is much better than before.”

Mr. Lam, a private investor from Hoan Kiem District, echoed the same strategy. He arrived at 7 a.m. with his wife and younger brother. “Staff here gave a practical tip: one person can buy five chỉ, two people can get a full tael. If you’re not quick, you miss out,” he said.

Mrs. Hoa, 70, traveled from Gia Lam with her grandson. “I’ve saved nearly 200 million VND. I didn’t know what to do with the cash, so we came here - each of us bought five chỉ to keep for the future,” she explained.

However, not everyone was ready to buy. Among the jostling crowd, office worker Tran Thi Dung stood back from the line, visibly hesitant. “Gold has surged so fast - just in the past week, it’s up by several million per tael. I was planning to buy two chỉ to save, but now I’m afraid it might drop again. This kind of spike is risky,” she said.

Similarly, engineer Mr. Hoi, after 30 minutes of deliberation, decided to walk away. “I’ve been tracking gold since January. This surge is too steep. I don’t have a large budget, and buying gold now feels like gambling,” he said.

In stark contrast to the chaotic scenes at Bảo Tín Minh Châu, multiple SJC gold shops on Tran Nhan Tong, Giang Van Minh, and Thai Thinh streets displayed signs reading "Buy Only - No Sales." Customers arriving at these stores had no choice but to leave empty-handed.

Mr. Nguyen Van Mien from Dong Da District shared his frustration: “I trust the SJC brand, so I went to three shops this morning, but none were selling. Staff told me to wait a few more days. But by then, who knows - prices might climb even higher,” he worried.

The current gold frenzy highlights the public’s strong desire for safe-haven assets amid ongoing global economic uncertainty. Even as gold hits historic highs, many people are rushing to buy - willing to face the risk of a price drop to secure their assets.

Ngoc Cuong