Gold prices surge past 152 million VND per tael, stores temporarily halt sales.
At 9 a.m. on October 17, the price of SJC gold bars was listed at 149.4 – 150.9 million VND per tael (buy – sell), up 1.8 million VND per tael from earlier that morning. However, just two hours later, the price continued to rise to 150.7 – 152.2 million VND per tael.
Meanwhile, the price of SJC gold rings was listed at 149.3 – 151.5 million VND per tael (buy – sell). Notably, the price of plain gold rings at Bao Tin Minh Chau was even higher at 154.5 – 157.5 million VND per tael.
Despite the unprecedented high and relentless surge in gold prices, long queues of buyers were observed at Bao Tin Minh Chau (Tran Nhan Tong Street, Hanoi) as early as dawn, even though the store had posted a “temporarily out of stock” sign.
Today, the store also announced a temporary policy via loudspeaker, limiting each customer to one gold purchase every two days from their last transaction. Staff explained that the recent surge in buyers outpacing sellers has led to a gold shortage in stores.
Unable to purchase gold bars or rings, customers shifted to buying gold jewelry and silver. Some even resorted to buying gold from the “black market” at prices 2-5 million VND per tael higher than listed prices.
Crowds queuing to buy gold on the morning of October 17.
Mr. Nguyen Van Hoang (Kien Hung Ward) shared that he had been waiting since 7:30 a.m. for a transaction number, but by noon, the store had not yet issued numbers. Upon inquiry, he learned that sales had been temporarily halted. “Having waited this long, I’ll just stay and switch to buying other products,” said Mr. Hoang.
Mr. Hoang recalled purchasing gold at just over 60 million VND per tael but sold too early. This time, he plans to hold long-term rather than “swing trading” due to the current high prices, only profiting if prices rise further.
Despite the “out of stock” sign, many remain hopeful of purchasing gold.
Exhausted in the crowd, Ms. Tran Minh Tam (Ba Dinh Ward) shared that she and a friend waited from morning to afternoon yesterday without success. Ms. Tam began accumulating gold in late 2024, buying 1-2 taels monthly for the past 10 months. With recent price spikes, she increased her purchases, anticipating further rises.
“Everyone around me is talking about gold, so I’m anxious too. I don’t know stocks or real estate, and bank interest rates are low, so I see gold as a long-term asset,” explained Ms. Tam.
Unable to buy gold bars or rings, many turned to gold jewelry and silver.
Warning against “chasing” gold prices, Mr. Nguyen Quang Huy, CEO of the Department of Finance and Banking at Nguyen Trai University, advised the public to remain calm and avoid hasty actions. “Gold remains a crucial safe-haven asset, but at current prices, correction and reversal risks are real. Existing gold holders can maintain a reasonable allocation, but new buyers should exercise caution and avoid herd mentality,” said Mr. Huy.
Regarding the recent silver frenzy, Dr. Chau Dinh Linh of HCMC Banking University warned investors to be cautious, especially with “swing trading,” due to silver’s low liquidity and Vietnam’s small, illiquid silver market.
Rapid price increases often come with sharp decline risks, and bid-ask spreads pose additional risks for “swing traders.”
“Silver remains a high-risk investment, prone to sudden price drops. Investors should allocate capital carefully, monitor global economic and political news, and set clear profit-taking or stop-loss targets. Avoid following the crowd without a solid strategy, and never put all your money in one place to prevent total loss during market volatility,” advised Dr. Linh.
“No Reason to Sell Gold Right Now”
“Gold remains irreplaceable in today’s market, and we will continue to hold it steadfastly,” asserts John Merrill of Tanglewood Total Wealth Management.
Black Market Gold Prices Skyrocket to 170 Million VND per Tael
This morning (October 17th), SJC gold bars and gold rings surged to new record highs. Astonishingly, in the “black market,” gold prices were quoted by some as high as 170 million VND per tael.
Avoid Falling into the “Silver Fever” Trap
By the end of October 14th, the domestic silver market remained red-hot, with prices holding steady at record highs and investors flocking to buy in anticipation of significant returns.
Bizarre Scene Unfolds at Hanoi’s Hottest Gold Shop Today
Gold prices in Vietnam soared to a record high of 152 million VND per tael for SJC gold bars on the morning of October 17th. This surge led to long lines of eager buyers in Hanoi, many of whom waited for 3-4 days in the sun, only to face limited supply and difficulty making purchases.
Gold Ring Prices Surge to 159 Million VND per Tael as of October 17th Afternoon Update
By this afternoon, a prominent enterprise has adjusted the price of gold rings to a range of 156 to 159 million VND per tael, marking an increase of over 4 million VND per tael compared to this morning’s rates.
