Gold buyers in Vietnam queue up for 3 hours at jewellers as prices keep rising

Jewelry shops around the country were packed with customers Thursday, with some waiting for up to three hours to buy gold, whose prices continue to rise inexorably. Over 630 queue tokens were distributed at a Bao Tin Minh Chau jewelry store in Hanoi’s Cau Giay District by 11 a.m., and a long line of customers stood on the street outside as the shop ran out of space. But only 170 had been served by lunch break, prompting many customers with high token numbers to leave with plans to return in the afternoon.

The jump in demand for the safe-haven metal came as bullion prices hit VND118 million (US$4,559.51) for a tael of 37.5 grams amid the lingering global trade uncertainties. Gold has proved to be the most profitable asset in Vietnam so far this year, with a 40% gain as of Thursday. But the price rise caused more people to buy than sell. The Bao Tin Minh Chau store in Cau Giay had few sellers and had to limit each buyer to five maces of gold at most. Anyone buying more has to wait at least a few days for delivery, with employees unable to promise when fresh stocks will arriveaa