Global and domestic gold markets witnessed a strong rally on August 3, driven by falling USD value and renewed concerns over global trade tensions. Experts now overwhelmingly forecast continued gains for gold in the coming week.
By the end of Saturday (August 3), SJC gold was quoted at VND 121.5 million per tael (buying) and VND 123.5 million per tael (selling), marking a sharp increase of VND 2.4 million from the previous week. This surge ends a two-week decline and brings gold closer to its historical peak of VND 124 million per tael, recorded in April 2025.
Similarly, 99.99% pure gold jewelry and rings also saw a strong uptick, trading at VND 116.5 million (buying) and VND 117 million (selling) – a rise of VND 2 million per tael week-on-week.
On the global stage, gold closed the week at USD 3,363 per ounce, up nearly USD 30 from the prior weekend. During the week, gold had dipped as low as USD 3,267 before staging a dramatic USD 70 rebound in the final trading session.
According to Kitco’s weekly survey, 94% of Wall Street analysts believe gold prices will rise further next week – one of the most bullish outlooks recorded recently. No analysts predicted a decline, and only 6% expect sideways movement.
The shift is largely attributed to a sharp drop in the U.S. Dollar Index (DXY), which fell from above 100 points to 98.6 – a 1.28% decline in just one day.
Gold also gained favor as a safe-haven asset amid renewed trade tensions. President Donald Trump, now serving his second term, recently introduced a new wave of import tariffs targeting several countries.
While the U.S. has reached agreements with Japan and the EU (with 15% import tariffs), other nations face stiffer penalties: 35% for Canadian goods, 25% for Indian imports, and 20% for products from Taiwan (China) – all set to take effect in August.
“Higher tariffs reduce global reliance on the U.S. dollar in trade, which increases the appeal of alternative stores of value like gold,” said Chris Vecchio, Head of Futures & FX Strategy at Tastylive.com.
At the current Vietcombank exchange rate, global gold prices are equivalent to around VND 107 million per tael – approximately VND 16.5 million lower than SJC gold. This persistent price gap raises concerns over market distortions and the need for more effective gold market management in Vietnam.
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