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

The unprecedented price of VND100 million per tael is displayed on a screen.

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.

At 3 p.m. long queues could still be seen outside the stores.

In HCMC Mi Hong store in Binh Thanh District was filled with customers at 2 p.m.

Most customers waited to buy gold rings and bullion.

The store limits buyers to one tael of gold bullion or two maces of ring.

Huynh Nhu (in the middle), 25, and her husband wait to buy gold rings.

“I was surprised to learn that prices have exceeded VND100 million per tael.”

Nguyet also came to buy gold rings, having bought one tael at VND75 million last year.

“I have spare cash and do not know what to do with it.”

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.