At 8:30 a.m. hundreds of people were waiting to enter the Saigon Jewelry Company store on Nguyen Thi Minh Khai Street in Ho Chi Minh City as bullion prices soared to a record VND134.4 million per tael of 37.5 grams or 1.2 ounces.
With the queue stretching over 100 meters long, the SJC only allowed each person to buy one tael of bullion and 0.05 taels of 24K gold rings.
Oanh of the city’s erstwhile District 1 said she had to wait for hours at the store since most other shops claimed to have run out of gold. “I feel anxious seeing prices rise every day, so I decided to buy now.”
Most of those queuing for gold rings were middle-aged or elderly people, while younger buyers were mainly waiting to buy gold bars. Many in the long queue had even brought food and drinks.
Tan Loi, a sophomore, said he was hired for VND800,000 a day to queue up and buy gold bars, and it took him more than an hour to step inside the store.
An employee at the SJC store confirmed that many people were “lining up to buy gold on behalf of others” or queuing up early and selling their spot for a few hundred thousand dong. “We find it difficult to control this situation because they claim to be a regular buyer.”
Posts hiring people to buy gold have recently popped up on social media, offering VND400,000 or more a day for the task.
Applicants need to be over 18 and have an email address, registered SIM card and valid ID. People also crowded Mi Hong jewelry outlets on Bui Huu Nghia Street, prompting staff to call in only six customers at a time and limit each to 0.1 taels of gold bars.
A middle-aged customer said: “I came with several family members and had to wait for over an hour just to buy the amount I wanted.”
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Customers wait to buy gold at a Bao Tin Minh Chau jewelry store on Tran Nhan Tong Street, Hanoi. Photo by VnExpress/Trong Hieu |
Long queues were also seen in Hanoi. Two Bao Tin Minh Chau jewelry stores on Tran Nhan Tong Street sold out by 10 a.m. despite limiting each customer to just 0.1 tael of gold rings.
At the Phu Quy shop on the same street, customers could buy as many gold rings as they wanted but got only 0.2 taels upfront, with the rest to be delivered later. A nearby SJC outlet has been out of bullion for the last few days.
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Customers buying gold bars after a long wait at a Bao Tin Minh Chau jewelry store on Tran Nhan Tong Street, Hanoi. Photo by VnExpress/Trong Hieu |
The rush to buy gold has been ramping up recently after prices rose for 11 consecutive days. Global spot gold prices have also been climbing but are still VND20.9 million per tael lower than local rates.
A security guard at the Nguyen Thi Minh Khai SJC outlet said the queue on Friday morning was slightly longer than two days ago, but some also came to sell their gold.
One such seller, Manh of the erstwhile District 5, came with his wife to sell two taels.
He said they decided to sell as prices have risen sharply and they need money. “I think gold has risen too much and may soon plummet, and so selling now gives us peace of mind.”
Hoa, an office worker in Hanoi who has the habit of setting aside part of her monthly salary to buy gold, said the metal offers better returns than bank deposits and is highly liquid.
“Gold is still very profitable,” Hoa said. “Even if it falls, I am not too worried since I only buy small quantities like 0.1 or 0.2 taels at a time.”
