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Vietnam is experiencing a gold rush as prices approach the 100 million VND per tael ($4,000 per ounce) milestone, with crowds forming outside Hanoi’s gold retailers on March 19.
At Bao Tin Minh Chau, one of Vietnam’s leading gold shops, prices increased by 500,000 VND in a single morning, forcing the retailer to limit purchases to just 1.88 grams per customer.
While many buyers like 60-year-old Nguyen Van Hung are convinced prices will continue rising, others remain hesitant to sell existing holdings despite potential profits.
Financial analysts attribute the surge to global factors including Middle East tensions and a weakening US dollar, but warn investors about potential volatility and price corrections.
