Gold prices surged to an all-time high of $3,261 per ounce within the first hour of trading on April 16, 2025. This sharp increase follows a previous rise of $20 to $3,229 on April 15, driven by growing investor demand for gold as a safe haven amidst escalating global uncertainties.
The surge is attributed to a combination of factors, including volatile U.S. import tax policies under President Donald Trump, which have contributed to a weakening dollar. As the dollar continues to decline, gold becomes an attractive investment, especially for non-U.S. buyers. Jim Wyckoff, senior analyst at Kitco Metals, stated, “Investors are awaiting the next major event to further fuel the gold market. The technical charts suggest the upward trend remains intact, and demand for safe havens remains strong.”
At 5:09 AM on April 16, the spot price of gold on Kitco stood at $3,229.94 per ounce, marking an increase of 0.64% ($20.58) in the past 24 hours. When converted into Vietnamese dong, the price of gold stands at approximately 99.886 million VND per tael, excluding taxes and fees. On the free market, with the exchange rate at 26,063 VND/USD, the price rises to around 101.2 million VND per tael.
In Vietnam, local gold prices followed the global trend. By 5:30 AM on April 16, SJC gold was priced at 105.5 million VND per tael for buying and 108 million VND for selling. Phu Quy SJC was trading at 700,000 VND lower than other brands, resulting in a difference of 6.8 million VND compared to the international price.
Gold prices for SJC 9999 rings also saw a rise, with prices for both buying and selling increasing by 1 million VND, now standing at 103 million VND and 106 million VND, respectively. DOJI followed suit, raising its prices for gold rings by 1.2 million VND on the buying side and 1.5 million VND on the selling side, bringing the price to 103.2 million VND and 106.5 million VND.
By 9:45 AM, SJC gold had risen an additional 3 million VND per tael on the selling side compared to the previous day’s close, reaching prices of 108.50 – 111.00 million VND per tael. Round rings from various brands saw similar increases, with Bao Tin Minh Chau’s round ring reaching 108.30 – 111.00 million VND per tael.
This year, gold prices have increased by nearly 25%, driven by growing demand for safe havens amid political and financial instability. Analysts point to ongoing geopolitical tensions, particularly those involving U.S. tariffs and military conflicts, as key factors behind the surge. The U.S. Department of Commerce is investigating the import of semiconductor products and pharmaceuticals, which could potentially lead to new tariffs.
On April 13, President Trump announced plans to impose new taxes on semiconductor products, adding to the uncertainty in global markets. Meanwhile, the dollar continues to weaken, now at a three-year low against major currencies, making gold more affordable for international buyers and boosting its appeal as an investment.
Market observers, including analysts at Commerzbank, suggest that gold is increasingly viewed as a viable alternative to the dollar in the current economic climate. The declining value of the dollar is seen as reflecting its weakening position as a safe asset.
The ongoing tensions between Russia and Ukraine have also influenced gold prices. On April 15, Ukraine launched 53 UAV raids targeting residential areas in Bryansk, Russia, resulting in significant damage. Russian officials, in turn, have warned that they are prepared to take further action in response to NATO’s military activities near their borders. The Russian Ministry of Defense confirmed the use of Iskander missiles to target a meeting of Ukrainian military officials in Sumy, causing multiple casualties. As these tensions continue to escalate, the uncertainty surrounding the conflict has prompted more investors to turn to gold.
Looking ahead, Mike McGlone, strategist at Bloomberg Intelligence, expressed optimism about the future of gold prices. He believes the recent surge beyond the $3,200 mark is just the beginning of a new price cycle, with gold potentially reaching $4,000 per ounce. McGlone suggests that these price movements reflect a shift in global cash flow, with investors increasingly seeking the safety of gold amid rising public debt and inflationary pressures.
As of April 16, 2025, the fluctuations in gold prices serve as a reminder of the broader economic challenges and uncertainties confronting investors worldwide. In this volatile environment, gold remains a key asset for those seeking stability, especially as geopolitical tensions and economic policies continue to evolve.
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