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But the debt must be repaid in gold.

Family members loaned Thang four glittering one-luong bars -- a standard Vietnamese unit equivalent to 1.2 troy ounces -- to break ground on his house in 2022.

At the time, they were worth around $10,000 on the local market. Prices have nearly tripled since then and he now owes the equivalent of more than $29,000.

"I truly don't know when and how I can settle the debts," said the 44-year-old, who earns less than $700 a month from his job in pharmaceutical marketing.

"This crazy high cost for gold worries me sick," Thang said.

The extraordinary run-up in gold prices -- which topped $5,000 an ounce for the first time on Sunday -- has brought unexpected windfalls to millions of Vietnamese holding hallmarked bars and rings seen as symbols of luck.

But it has also touched off a wave of speculation, made traditional wedding gifts unaffordable for many, and all but ended the informal gold mortgage system.

"There probably aren't many people left in this country who would borrow gold these days," said Thang.

"I have a good house, but also a huge debt on my shoulders. It wasn't worth it."

- 'Suddenly rich' -

Despite a recent boom in real estate and cryptocurrency investment, many Vietnamese families still see physical gold as the safest place to park their savings.

Gold bars, rings and necklaces can be handed down to the next generation as wedding gifts or inheritance bequests. They also offer a hedge against inflation.

Vietnamese savers have socked away around 400 tonnes of the precious metal at home, according to government auditors.

Among them is 74-year-old Tran Thi Lan, who has amassed a treasure trove of gold rings, bracelets and bars over decades.

She has given much of it away to her children and grandchildren, but keeps the rest hidden away in her wardrobes "for future needs".

"I have suddenly become very rich. I am a billionaire now," said the retired shop owner, counting in Vietnamese dong.

"My kids always made fun of me for my obsession with gold. But now they admit that my traditional saving style was efficient."

- 'Queuing for gold' –

Vietnam does not have a national gold exchange, and domestic banks do not offer individuals access to online trading platforms for precious metals.

Bars and rings trade at a premium to the world price at gold and jewellery shops across the country, where bullion emblazoned with dragons is sold alongside ornate goldware inlaid with pearls and rubies.

Demand has soared along with the market price, and eager buyers queue up every day for the chance to buy what they hope will be an appreciating asset.

Many jewellers in the Vietnamese capital say they regularly run out of stock, and some buyers are willing to pay cash now for gold that will not be delivered for weeks.

For the last year, office worker Huong has taken half a day off every month to stand in line to buy gold on Hanoi's Tran Nhan Tong street.

"My efforts have paid off," she said, adding she would "earn quite an amount" if she sold her holdings now.

Still, she wishes she had heeded earlier the advice of her mother and grandmother who "always reminded me that gold is the safest haven".

But for the many not looking to cash in on the gold rally, the run-up has turned traditional rites such as weddings into financial hardships.

When her best friend got married seven years ago, Tran Tu Linh gave her a gold ring weighing just over 0.1 ounces.

But the 29-year-old would not expect her friend to return the favour if she were to marry now, saying the cost would be a "burden".

She added: "Life will be easier without being obsessed with the gold price."

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