On the morning of April 14, while gold prices soared to new record highs, Bao Tin Minh Chau’s store on Tran Nhan Tong Street, Hanoi, became a bustling hotspot as crowds gathered from early hours to secure their purchase.

The store announced a strict sales cap - only one gold chi ring and one tael (37.5 grams) of SJC gold bar per person - but even with these limits, customers often had to wait until the afternoon to receive their gold.

According to this morning’s listed prices, Bao Tin Minh Chau adjusted its rates to 102.1 million VND (USD 4,180) per tael for buying and 105.6 million VND (USD 4,320) per tael for selling. Despite the record-high prices, local demand for gold remained intense.

By 8 a.m., hundreds had already queued outside the store. Among them was Nguyen Van Trong, a resident of Hai Ba Trung District, a regular who shows up early every day to secure his place.

“For nearly a week now, I’ve been lining up every morning. Even though it’s only one chi per purchase, I think buying little by little still helps me accumulate. Even on cold, rainy days, I didn’t skip. Gold is the safest investment right now,” Trong shared.

Similarly, Le Thi Hien from Thanh Xuan District said: “I’m very worried about keeping cash, even in the bank. Interest rates are low, and prices keep rising. Only gold holds its value. Whenever I have spare money, I go buy gold - even if it’s just one chi.”

Interestingly, many customers preferred small gold rings - specifically plain 9999 gold rings - over SJC gold bars.

Pham Duy Khanh, a freelance worker, explained: “I choose smaller gold pieces because they’re easier to divide and more flexible. If I need quick cash, I can sell one or two chi easily. SJC bars have high value, and you must sell the whole bar or cut it, which isn’t practical for people like me. Gold rings are also easier to resell with smaller price spreads.”

Nguyen Hong Nhung, who runs an online cosmetics store, added: “Since I run an online business, I need flexible cash flow. I used to keep money in my account, but now, whenever I have extra, I buy gold - even just one chi.”

Globally, gold prices remain on a strong upward trend due to fears of economic recession and rising geopolitical tensions.

Ngo Minh Dung, an individual investor with over 10 years of experience, noted: “I started investing in gold when it was about 85 million VND (USD 3,480) per tael, and I’ve made a decent profit. Even though prices are high now, I think there’s still room for gold to rise. With the current global situation, the U.S. Federal Reserve might cut interest rates, weakening the USD - which would further drive gold prices up.”

Financial expert Phan Dung Khanh observed that gold typically goes through cycles of increases, decreases, and sideways movements.

“When gold prices rise sharply, it usually lasts for two to three years with annual gains of around 20-30%. Then, prices either decline or move sideways - it doesn’t rise nonstop for a decade. Over the past year alone, gold has jumped more than 50%, which is extremely rare in history,” he said.

Khanh added that gold’s cycles are longer than those of the economy or the stock market. While economic cycles typically last around 10 years, gold cycles span 20 to 40 years.

He cautioned that as gold continues to set new records, buyers risk entering the market at peak levels - an inherently risky move.

Ngoc Cuong