Gold prices hit an all-time high in Vietnam late last week, and Vietnamese jewelry stores were crowded with buyers, VNExpress reported.

The price of Saigon Jewelry Company (SJC) gold bars rose 2.6% on Friday to hit a new all-time high of 91.8 million dong ($3609.6) per tael (about 37.8 grams) after falling on Thursday had reached a record high of 89.5 million dong (US$3,516). Last Thursday, despite the rain, people lined up in front of jewelry stores in Hanoi.

People waited patiently for their turn. Hoa, 62, said she has withdrawn all her savings to buy gold jewelry as prices for it are rising and interest rates on deposits are low. “Given that the State Bank of Vietnam is auctioning gold at a reserve price of more than 86 million dong (US$3,378.51), I and many others believe that prices will continue to rise.”

Many stores reported that stocks were running low, and leading suppliers such as Vietnamese jewelry company PNJ reported that stocks of bars and gold jewelry were completely sold out in some cases. Due to high demand, SJC had to limit procurement to three taels per person per day.

According to VNExpress, a man who had just bought gold rings said that the precious metal was a good investment as savings and other asset classes are now less attractive.