Gold prices in Vietnam have continued their bullish run, reaching new all-time highs, as domestic and global factors converge to drive the precious metal’s value upward. On April 15, major gold traders in Vietnam, including SJC and DOJI, posted gold prices in the range of $4,208–4,308 per tael (VND 105.2–107.7 million for buying and selling respectively). This marked a notable increase of $8 (VND 200,000) on the selling side compared to the previous session.
Similarly, PNJ listed gold at $4,200–4,300 per tael (VND 105–107.5 million), reflecting the consistent upward momentum in prices. This surge comes on the back of a significant jump in gold prices on April 14, when the buy-sell spread for gold narrowed to just $100 per tael, the smallest in recent months, highlighting the unprecedented price level for gold in the domestic market.
Global Factors Driving Gold’s Rise
The continued rise in gold prices in Vietnam is largely influenced by the volatility in global financial markets, driven by trade tensions, currency movements, and uncertainty surrounding U.S. economic policies. Economist Nguyen Tri Hieu observed that predicting when the current gold rally might end is difficult. While he believes gold could eventually reach $3,500 per ounce, he stated that supportive global factors might keep gold prices climbing in the near future. He also pointed to the possibility of domestic gold prices hitting VND 110 million per tael by the end of the year.
The surge in global gold prices has been primarily driven by rising uncertainty over U.S. trade policies under President Donald Trump. Initially, concerns over Trump’s tariff plans pushed gold prices higher, with a temporary pullback occurring during a wave of profit-taking and a collapse in global stock markets. However, Trump’s unexpected decision to delay tariffs on Chinese goods allowed gold prices to rebound quickly.
Additionally, a sharp depreciation in the U.S. dollar against other major currencies has further boosted gold’s appeal. As gold is priced in U.S. dollars, a weaker dollar makes the metal more attractive to international investors, contributing to gold’s recent surge.
Interest Rate Cuts and Global Economic Concerns
Growing concerns about the potential impacts of the ongoing trade tensions between the U.S. and China have also led markets to anticipate further interest rate cuts by the U.S. Federal Reserve. This expectation puts additional pressure on the dollar and reduces the attractiveness of U.S. Treasuries, which have traditionally been considered a safe haven for investors. As a result, gold is increasingly seen as a more secure store of value.
Vietnam’s Market Influence and Limited Supply
In Vietnam, gold prices are directly influenced by global price movements, as the country does not produce gold domestically and relies heavily on imports. Economist Le Xuan Nghia noted that limited supply of bullion and jewelry, combined with strong demand for wealth preservation, has contributed to the ongoing price surge. He emphasized that, despite the current rally, gold prices will not rise indefinitely, and unexpected corrections are possible.
“For long-term accumulation and savings, investors can buy at any time. But gold is no longer a suitable instrument for short-term speculation,” said Nghia, urging caution amid the price volatility.
Global Outlook and Future Targets for Gold
On the international front, spot gold prices experienced a minor correction on April 15, following three consecutive days of gains that pushed prices up by more than 8%. Despite this pullback, which saw gold trading around $3,219 per ounce (down $17 from the previous session’s peak), the overall upward momentum in the gold market remains strong.
Since February 4, gold prices have risen by nearly $350 per ounce, including a $323 gain since the U.S. first announced new tariffs on Chinese goods. Financial professionals are more bullish on gold than ever, with a growing consensus that gold’s strong performance will continue amid market uncertainty. Marc Chandler, managing director at Bannockburn Global Forex, noted that gold is benefitting from capital fleeing the U.S. dollar amid its weakness, and he sees potential targets for gold reaching $3,300 to $3,500 per ounce in the medium term.
Conclusion
As of April 15, 2025, gold prices in Vietnam and globally continue their upward trajectory, supported by international trade tensions, currency fluctuations, and domestic market dynamics. While domestic investors in Vietnam are benefiting from the increasing value of gold, experts caution that the rally is unlikely to last indefinitely. For long-term investors, gold remains a reliable asset, but for those seeking short-term gains, volatility may pose significant risks. As global uncertainties continue to evolve, gold’s role as a safe haven will likely remain crucial for investors navigating a turbulent economic landscape.
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