Observations in Hanoi and TP HCM on the morning of 31/1 indicated overwhelming buying demand from residents, despite gold and silver prices experiencing a sharp correction. Over the past two days, domestic gold prices fell by 20 million VND per tael, a 10% decrease from their peak. Silver prices also saw a deep 30% correction in just two days, dropping by 35 million VND per kilogram.

In Hanoi, people continued to form long queues outside major gold shops. At the Phu Quy branch on Tran Nhan Tong street, the brand stopped admitting customers and announced that both gold rings and silver bars were sold out by 9h30, just one hour after opening.

"Please come back tomorrow," a shop employee announced. Many customers who came to inquire about buying gold and silver left disappointed after hearing the news.

A few hundred meters away, Bao Tin Minh Chau had distributed over 100 queue numbers to customers waiting to buy by 9h20. According to an employee, each customer was allowed to buy a maximum of one tael of plain gold rings, while the number of buyers still far exceeded the available supply. A similar situation was observed at Bao Tin Manh Hai.

Residents queue to buy gold at a store on Tran Nhan Tong street, Hanoi, on the morning of 31/1. *Photo: Trong Hieu*

Hoang, 38, a freelance worker, said he arrived at the gold shop at 7h after noticing global gold prices plummet in the previous session. He mentioned that he had bought gold for over 170 million VND per tael a few days prior, and with the current deep price drop, he decided to buy more. "I'm afraid if the price goes up again, I won't be able to buy, so I'm taking advantage of this to buy more and on behalf of a few friends," Hoang shared.

Conversely, some people took the opportunity to sell during the price correction. Nga, nearing 60, stated that she began accumulating gold in mid-2025 after retiring, having collected a few chi. "This morning, my son told me gold had dropped by nearly ten million VND, so I was a bit confused and decided to sell it to do something else," she said.

In TP HCM, the Mi Hong store on Bui Huu Nghia street (Gia Dinh ward) also saw queues for purchases from early morning. A security guard reported that dozens of people waited outside the shop from its 7h opening time. Within three hours, the store ran out of plain gold rings and continued to limit purchases to a maximum of one chi per person.

Meanwhile, at Phu Quy in TP HCM, many residents repeatedly inquired about buying silver bars and ingots, but the company stated it only accepted purchase registrations on weekdays. Saigon Jewelry Company (SJC), located in TP HCM, did not open this morning.

A Phu Quy employee at the TP HCM branch guided buyers to join a Zalo group as many residents continuously inquired about buying silver bars on the morning of 31/1, with the store not accepting purchase registrations on weekends. *Photo: Quynh Trang*

Speaking to VnExpress on the morning of 31/1, Huynh Trung Khanh suggested that this development reflects a shift in public sentiment. According to him, instead of panic selling during sharp price corrections, many people are maintaining a trend of accumulating gold and silver.

Khanh noted that the recent two-session correction in gold and silver prices is a normal development after a period of rapid increases. Since the beginning of the year, silver prices had risen by up to 70%, while gold also increased by up to 25% (before the correction). At the end of January, investment funds and large investors typically engage in profit-taking to realize gains.

The expert advised that if buying gold, individual investors should do so for defensive purposes, to protect long-term assets, rather than for short-term speculation. He suggested that the proportion of gold in a portfolio should be limited to 15-20% of total assets.

Quynh Trang - Trong Hieu