People queue up for hours to buy gold as prices surpass $3,900 per tael for the first time

VNExpress-Mar 19

Jewelry stores in Hanoi and HCMC were crowded Wednesday as people scrambled to buy gold, whose prices topped VND100 million (US$3,915) per tael (37.5 grams) for the first time. Bao Tin Minh Chau gold and jewelry store in downtown Hanoi was packed with customers at noon, many of whom had been waiting since morning. All three of its stores were crowded as it was among the few brands to have large inventories of gold rings. By early afternoon a Bao Tin Minh Chau store in Cau Giay District had issued almost 800 queue tokens.

But people coming to sell rather than buy gold hardly had to wait since there were few of them. The stores limit each customer to half a tael, down from one a few days earlier. A customer had to wait for two hours on average to purchase.

Most customers waited to buy gold rings and bullion. The store limits buyers to one tael of gold bullion or two taels of ring. At another Mi Hong store in the city customers had to wait for 20 minutes in line. In District 3 a Saigon Jewelry Company store had many customers waiting to buy gold rings, limited to one per person. Gold prices fell slightly in the afternoon to VND99.5-99.9 million.

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