Over the weekend, major gold traders set the price of SJC gold at VND94.3 million (US$3,772) per tael for buying and VND95.8 million (US$3,832) per tael for selling.

Gold rings also followed the upward trend with SJC gold rings priced at VND94.2 million (US$3,768) per tael for buying and VND95.4 million (US$3,816) per tael for selling; PNJ pushed prices even higher at VND96.2 million (US$3,848) per tael while Bao Tin Minh Chau posted a record VND96.6 million (US$3,864) per tael, higher than SJC gold bars.

VND100 million (US$4,000)/tael price expected

Gold's rapid rise triggered a trading frenzy. Some rushed to sell to lock in profits while others waited in line for hours, eager to buy gold rings, even at VND96 million (US$3,840) per tael.

"I was going to wait for the price to go down, but gold kept going up, so I decided to buy now," said Kim Huyen, a customer at Bao Tin Minh Chau gold firm in Hanoi.

People rush to trade gold when prices hit record highs. Photo: kinhtedothi.vn

Nguyen Minh from Dong Da District waited for almost an hour. She had no choice but to buy gold to pay off a gold debt. In Thanh Xuan, Ngoc Quang withdrew VND300 million (US$11,758) from his savings to invest in gold. Many buyers in line believed that prices would soon reach VND100 million (US$4,000) per tael.

Due to the overwhelming demand, many shops limited sales per customer. SJC suspended online sales and capped in-person purchases. Bao Tin Minh Chau allowed only one gold ring per buyer, and Phu Quy imposed similar restrictions.

The gold sold out quickly at major stores in Hanoi. Customers lined up outside, stretching along the sidewalks.

Gold prices soared worldwide. On March 14, gold hit $3,000 an ounce for the first time in history, driven by US-China trade tensions and fears of a global recession.

The World Gold Council (WGC) reported that central banks bought 18 tons of gold in January, with China's central bank (PBOC) making its third consecutive monthly purchase. 

Analysts predict that gold could reach $3,200 per ounce if global uncertainties persist.

Gold expert Phan Dung Khanh believes domestic prices will keep rising if global trends continue. However, he warned of sharp fluctuations, with prices dropping US$50-70 per ounce in short periods. Those buying at peak prices face serious risks.

Currently, domestic gold is VND3.5 - 4 million (US$137 - 157) per tael higher than global prices (excluding taxes and fees).

Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, said the supply shortage has pushed local prices up faster than international levels.

"If this trend continues, gold could soon reach VND100 million (US$4,000) per tael," he said. However, he warned buyers. "Gold is at record highs. Buying now comes with big risks."

Gold prices may continue to rise but experts caution against sharp corrections. Instead, they advise diversifying investments, monitoring market trends, and planning exit strategies to mitigate the risks.