Observations in Hanoi and Ho Chi Minh City on Jan. 31 showed buying demand overwhelmingly outpacing selling, despite a sudden pullback in precious metal prices. Over the past two days, domestic gold prices have fallen by around VND20 million (US$771) per tael, roughly 10% from their recent peak. Silver prices have dropped even more sharply, down about 30% in the same period, equivalent to a decline of VND35 million per kilogram.
In Hanoi, long queues formed early outside major gold shops. At Phu Quy’s branch on Tran Nhan Tong Street, the retailer stopped accepting customers and announced it had run out of both gold rings and silver bars by 9:30 a.m., just over an hour after opening.
“Please come back tomorrow,” a store employee told customers still waiting in line, many of whom left empty-handed.
Nearby, Bao Tin Minh Chau had already issued more than 100 queue numbers by 9:20 a.m. Staff said each customer was limited to buying one tael of plain gold rings, while buyers continued to far outnumber sellers. Similar scenes were reported at Bao Tin Manh Hai.
Hoang, a 38-year-old freelancer, said he arrived at a gold shop at 7 a.m. after seeing global gold prices tumble in the previous trading session. He said he had bought gold just days earlier at more than VND170 million per tael and decided to buy more as prices fell.
“I’m worried prices could rebound and I won’t be able to buy,” he said. “So I’m taking the opportunity to add more, and I’m also buying on behalf of a few friends.”
Not everyone was buying. Some took advantage of the correction to sell. Nga, nearly 60, said she began accumulating gold after retiring in mid-2025 and had built up several mace.
“This morning my son told me prices had dropped by nearly VND10 million,” she said. “I felt uneasy and decided to sell and use the money for something else.”
In Ho Chi Minh City, Mi Hong’s store on Bui Huu Nghia Street also saw lines forming from early morning. A security guard said dozens of people were waiting when the shop opened at 7 a.m. Within three hours, it had sold out of plain gold rings and tightened purchase limits to one mace per person.
At Phu Quy store in the southern metropolis, customers repeatedly came to ask about buying silver bars and ingots, but staff said purchases were only being registered on weekdays. Saigon Jewelry Company outlets in the city were closed on Saturday morning.
Market expert Huynh Trung Khanh said the scenes point to a shift in investor psychology. Instead of panicking and selling during sharp pullbacks, many people are continuing to accumulate gold and silver.
He said the recent correction is a normal development after a rapid rally. Since the start of the year, silver prices have surged by as much as 70%, while gold had risen around 25% before retreating. Toward the end of January, large investors and funds often lock in profits.
Khanh warned that individual investors should view gold as a defensive asset for long-term wealth protection rather than a short-term speculative tool, suggesting it should make up no more than 15-20% of a portfolio.
Vietnam’s central bank has previously said soaring domestic gold prices are driven in part by speculative and hoarding behavior, as other investment channels such as corporate bonds remain weak, property prices stay high, and deposit interest rates are low. Regulators continue to urge caution, warning that gold is a volatile asset and advising the public to trade only through licensed dealers, especially during periods of sharp price swings.
