In the early hours of October 18, 2025, Hanoi’s Tran Nhan Tong Street—famously dubbed the city’s “gold street”—became the scene of a spectacle that few could have anticipated just days prior. By 5 a.m., lines of determined buyers, some clutching thermoses and breakfast snacks, snaked around the block, all hoping for a coveted spot in the queue to purchase gold. The reason? A wild swing in global and domestic gold prices sent shockwaves through Vietnam’s markets, creating a frenzy that drew hundreds into the chilly dawn.
According to VnExpress, Ms. Hong, a resident of Van Mieu Quoc Tu Giam ward, was among the first to join the crowd. She recounted, “Yesterday, I arrived at 6:30 a.m. and got number 160. Today, I got here earlier, but the number had already reached 400 by 6 a.m.” The shop in question, one of the largest on Tran Nhan Tong, only issues 250 purchase numbers daily, leaving many hopeful buyers out in the cold—literally and figuratively—if they arrived after sunrise.
The scene was nothing short of chaotic. By 6 a.m., an estimated 400-500 people had gathered, their ranks spilling onto the street and causing traffic congestion for hours. The phenomenon wasn’t limited to one store. Across the street, Bao Tin Minh Chau—a well-known gold retailer—faced similarly overwhelming crowds, with lines stretching past neighboring porridge shops and blocking storefronts. Even the staff struggled to maintain order, sometimes halting the distribution of numbers to avoid jostling and scuffles.
As the morning wore on, the crowd swelled. Some, like Ms. Kim Anh, arrived as early as 5 a.m., proudly displaying their low queue numbers. Others, less fortunate, were turned away, told to try their luck another day. “They only give out 250 numbers, but the list people wrote themselves already has more than 400 names,” Ms. Kim Anh explained to Dan Tri, urging latecomers to return the following day at 4 a.m. if they hoped to stand a chance.
The surge in demand was fueled by a series of dramatic price changes. On October 18, domestic gold prices for both bars and jewelry soared to record highs. Tuoi Tre reported that Bao Tin Minh Chau gold bars were listed at 156.5–159.5 million VND per tael (buy-sell), a staggering increase of 5.5 million VND per tael compared to the previous morning. SJC gold bars weren’t far behind, rising to 150–152.2 million VND per tael (up 4.1 million VND), while DOJI and PNJ gold bars saw jumps of 3–5 million VND per tael across the board.
But the market’s volatility didn’t end there. As the day progressed, a sharp reversal occurred. By noon, SJC gold prices had dropped by 2 million VND per tael from the previous day, trading at 149.5–151 million VND per tael. Even gold rings, often seen as a more accessible investment, were not immune. SJC gold rings opened at 148–150.2 million VND per tael, down 2 million VND on both buy and sell sides compared to the previous session’s close. Meanwhile, Bao Tin Minh Chau kept its gold ring prices steady at 156.5–159.5 million VND per tael, maintaining a hefty premium of 8.5 million VND over SJC gold and a jaw-dropping 24.5 million VND above the global gold price.
What caused this rollercoaster? The answer can be traced to the global markets. According to the Saigon Times, the world gold price hit a historic high of 4,380 USD/ounce on October 17, only to tumble overnight to as low as 4,215 USD/ounce, before settling at 4,250 USD/ounce by the week’s close. When converted using the Vietcombank exchange rate, this equates to roughly 135 million VND per tael—a figure that underscores the enormous gap between Vietnamese and international gold prices, with local prices outpacing global rates by 18–24.5 million VND per tael.
Market analysts pointed to a combination of profit-taking by investors and signs of easing geopolitical tensions as the direct triggers for the global price drop. Yet, the underlying forces remain complex. As Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, told Tuoi Tre: “With expectations of rate cuts, geopolitical risks, and ongoing concerns about the banking sector, the environment remains very favorable for gold.” He cautioned, however, that the market might experience short-term corrections due to overbought conditions.
Indeed, the relative strength index (RSI) for gold was measured at 88, indicating that the metal was significantly overbought. But the longer-term picture looks different. Over the past three years, central banks have doubled their gold purchases compared to the previous decade, with Russia and China leading the charge. According to bdor.fr, 76% of central banks plan to increase their gold reserves within five years, while 75% aim to reduce their holdings of US dollar assets. This trend, experts say, is a clear signal that gold is once again becoming a cornerstone of global reserve management.
The reasons for this renewed interest in gold are not hard to find. The world remains beset by uncertainty—trade tensions between Beijing and Washington, political gridlock in the US Congress, and the ever-present risk of financial instability. Notably, recent threats by former President Donald Trump to slap 100% tariffs on Chinese imports, coupled with reciprocal port taxes targeting each country’s merchant fleets, have stoked fears of an open trade war. In such an environment, it’s little wonder that both institutional and individual investors are flocking to the perceived safety of gold.
Back on the streets of Hanoi, the human drama unfolded in tandem with these global machinations. Some gold shops, seeking to manage the crush, resorted to unpredictable sales tactics—opening and closing at irregular hours, or selling in small batches without warning. This left many buyers, like Ms. Thanh, camped outside for hours, clutching snacks and water, determined not to miss their chance. “Today is my tenth day queuing for gold, but I’ve only managed to buy one tael,” she told Dan Tri. “Yesterday, I waited all morning and they didn’t sell. I went home, and at 2 p.m. they started selling again. By the time I got back, it was over.”
Others, unable to buy at official shops, turned to the black market, where prices fluctuated wildly—sometimes 15–30 million VND per tael higher than retail rates. Sellers, too, faced tough choices. “Yesterday, I sold two taels of SJC gold for 151.5 million VND each. Today, I’m selling the rest to buy a house for my child,” said Ms. Tho. Despite the prospect of higher prices from street dealers, many preferred to transact with official shops, wary of scams.
By midday, many would-be buyers were still waiting, chatting in small groups or scrolling through their phones, hoping for a signal that sales would resume. The air was thick with anticipation, frustration, and—perhaps most of all—a sense of being caught up in forces far beyond their control.
The gold rush of October 2025 offered a vivid snapshot of Vietnam’s economic anxieties and aspirations, set against a backdrop of global uncertainty. For now, at least, the crowds on Tran Nhan Tong Street remain undeterred, braving long lines and unpredictable markets in pursuit of a glimmering sense of security.
