On the morning of October 21, VietNamNet observed long queues at major gold shops in Ho Chi Minh City. At Mi Hong Jewelry in Gia Dinh Ward, hundreds of customers lined up patiently, only to be told by security staff that gold rings were sold out and they would need to return early the next morning to get a ticket.

“I haven’t been able to buy even a tenth of a tael of gold at any reputable store for days,” said Thu Dung, a resident of Duc Nhuan Ward, expressing concerns over the unreliable quality of gold sold by private dealers.

After the gold rings were sold out, 98% gold jewelry was the next to disappear from store shelves, selling out within hours.

“We don’t know when we’ll restock 98% gold,” a Mi Hong staff member confirmed.

Gold 980 is made up of 98% pure gold and 2% alloy metals. Commonly sold as plain rings or chains, it is more affordable than SJC or 9999 gold.

At the SJC store on Ban Co Street in Ho Chi Minh City, a “No more gold ring transactions” sign was displayed early in the day.

Meanwhile, attempts to register online to buy SJC gold bars were met with constant errors and messages that all transaction slots were fully booked.

On the Saigon Gold Forum, with over 106,000 members, one user shared that even after trying under eight or nine family members' names, they still couldn’t secure a spot. Many said online registration was ineffective.

Amid this chaos, black-market gold trading is booming, with massive price discrepancies between listed and actual sale prices.

At 1 PM on October 21, a Facebook user named Nguyen Lan Anh offered three SJC gold bars at $7,100 per tael, while the official rate at that time was only $6,200–$6,240.

Another seller, Dang Thai, listed SJC gold rings at $6,815 per tael, compared to the listed $6,100–$6,200 range.

Lan Nguyen offered Dragon Thang Long gold rings for $6,855 per tael, whereas the store’s listed price was $6,400–$6,440.

A Bảo Tín Minh Châu round ring was offered at $7,140 per tael, despite the official price being $6,380–$6,510, with full documentation and local pickup in Hanoi.

On average, black-market prices exceeded official store listings by $400–$800 per tael, depending on the product.

Amid the turmoil, the State Bank of Vietnam’s Region 2 Branch, covering Ho Chi Minh City and Dong Nai, issued a notice to inspection and law enforcement agencies, including the police and tax departments, calling for market inspections in response to price instability.

The document attributed recent gold price surges to global economic instability, including rising global gold prices, U.S. tax policies, trade tensions, and a weakening U.S. dollar.

Authorities also pointed to investor expectations of further price increases, fueled by low interest rates and restricted gold supply, prompting panic buying.

Additionally, the State Bank warned that some businesses and individuals might be manipulating prices, taking advantage of volatility to speculate and create artificial scarcity.

Tran Chung