On March 18, 2025, domestic gold prices saw a dramatic surge, with reports indicating that they are nearing the significant threshold of 100 million VND per tael. By 3:00 PM, the Saigon Jewelry Company (SJC) reported a buying price of 96.4 million VND and a selling price of 97.9 million VND, reflecting an increase of 1.6 million VND for buying and 1.8 million VND for selling compared to the previous trading session. Similarly, DOJI’s gold prices mirrored SJC’s, further indicating the widespread upward movement in the market.
Other local dealers also experienced notable price hikes. Mi Hong’s gold reached 96.9 million VND for buying and 97.9 million VND for selling, marking an increase of 1.2 million VND (buying) and 300,000 VND (selling). Bao Tin Minh Chau’s prices climbed to 96.5 million VND for buying and 97.9 million VND for selling, reflecting an increase of 1.7 million VND for buying and 1.8 million VND for selling.
The surge in domestic gold prices coincides with international gold prices reaching new highs. The global price of gold climbed to over 3,016.69 USD per ounce, marking a rise of 28.7 USD from the previous session. This increase is largely driven by escalating global tensions, particularly in trade, prompting investors to seek refuge in gold as a safe-haven asset.
Gold futures contracts also saw gains, rising by 0.7% to reach 3,027 USD per ounce. Gold’s impressive performance in 2024, which saw prices rise by more than 14% since January, continues to reflect market anxiety, with prices hitting historical highs around 15 times since President Donald Trump took office. This price movement is largely attributed to concerns surrounding economic policies and the impact of recent tariffs on steel and aluminum.
Analysts from the World Gold Council (WGC) predict that while short-term adjustments may occur due to the rapid rise in prices, the overall outlook for gold remains positive. They cite political instability and potential inflation as key drivers of sustained demand from investors and central banks. However, some experts warn that large investors may take profits, potentially pushing prices down to around 2,980 USD per ounce in the near future. Capital.com’s Kyle Rodda noted that geopolitical pressures, particularly in the Middle East, could lead to volatility in gold prices.
Looking ahead, ANZ Bank has raised its gold price forecast to 3,100 USD per ounce over the next three months and 3,200 USD within the next six months, driven by continued geopolitical risks and favorable monetary policies.
Gold jewelry prices have also risen in tandem. By late afternoon, Bao Tin Minh Chau priced its 9999 gold rings at 96.95-98.5 million VND per tael, while SJC retail prices for gold rings reached 96.6-98.1 million VND. DOJI increased its prices for 9999 gold to 96.4-97.9 million VND per tael, following the broader market trend.
The price gap between domestic and international gold prices continues to widen, with a current discrepancy of approximately 4 million VND. The spot price of gold on international markets remains high, prompting domestic consumers to seek both local and online purchasing options.
As gold prices continue to rise, the market remains volatile but full of potential for investors. While demand for gold remains robust, questions linger about the sustainability of this surge and whether market corrections are on the horizon. The dynamics of global economic and political uncertainties will likely play a significant role in shaping gold’s future trajectory.
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