Unbelievable Scene on Tran Nhan Tong Street: Why Are Hanoi Residents Patiently Queuing for Hours?

Over the past few days, gold prices have soared to unprecedented heights, capturing widespread attention. As of the morning of January 29th, Saigon Jewelry Company (SJC) listed the price of gold bars at 187.2 – 190.2 million VND per tael, marking the highest value ever recorded for this precious metal. At this rate, gold bars saw an increase of 5.5 million VND in the buying price and 6 million VND in the selling price compared to the previous day.

The continuous rise in domestic gold prices has sparked a bustling atmosphere at many gold shops since early morning. Despite the significant surge in SJC gold prices and the wide bid-ask spread, dozens of people patiently queued for hours outside gold stores, anxiously awaiting their turn to trade while cautiously monitoring the market’s unpredictable fluctuations. Some even arrived as early as 3-4 a.m. to secure their spot in line.

Our observations on Tran Nhan Tong Street (Hanoi) at noon on January 29th revealed a crowded scene of people waiting in line despite the gold shop’s sign indicating sold-out stock. The store’s security staff worked tirelessly to maintain order and remind customers to stay on the sidewalk.

Mr. Phong (Hanoi) shared that he had been waiting in line for hours to make a purchase. According to him, the store only sold gold directly for quantities under 4 taels; for larger amounts, customers received a reservation slip and had to return later. Despite the day’s high gold prices, he remained determined to buy gold as a meaningful wedding gift for his soon-to-be-married sister, valuing its sentiment over its material worth.

Another woman in line mentioned that she had been waiting since morning to buy gold as a wedding gift for her daughter. “Many people arrived early, some as early as 6-7 a.m. I’m not sure if I’ll be able to buy gold today, but I’ll patiently wait. If I can purchase it, great; if not, I’ll return tomorrow.”