Vietnam is witnessing a surge in demand for gold as prices edge toward the milestone of 100 million VND per tael (roughly $4,000 per ounce). Crowds gathered outside gold shops in Hanoi on March 19 as buyers rushed to purchase or check the value of their holdings.
At Bao Tin Minh Chau, a leading Vietnamese jeweler, prices rose by 500,000 VND in a single morning. The rapid increase prompted the store to limit customer purchases to 1.88 grams each, a measure aimed at managing supply and preventing hoarding during the spike.
Many individual buyers are confident the rally will continue. Sixty-year-old Nguyen Van Hung, for example, expressed strong belief that prices will keep climbing and said he preferred to hold onto his gold rather than sell immediately. Others, however, are more cautious: some investors are reluctant to part with existing assets despite attractive short-term gains, worried that the market could swing quickly.
Analysts point to a mix of international and domestic influences behind the jump in gold prices. Geopolitical tensions in the Middle East and pressure on the US dollar have historically driven safe-haven demand for gold, lifting prices globally. At the same time, local buying behavior and limited immediate supply in crowded retail outlets have amplified the move in Vietnam.
Despite the optimism, financial experts urge caution. Rapid rallies can be followed by sharp corrections, and gold markets are known for volatility. Investors are advised to consider their time horizon and risk tolerance before making large purchases, and to be aware that sudden price swings may create both opportunities and losses.
For now, Hanoi’s gold shops continue to see heavy foot traffic as consumers reassess their portfolios in response to recent price action. Whether the market sustains this momentum will depend on further developments in global economic and geopolitical conditions, along with domestic demand and supply dynamics.