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Tiếng Việt
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Gold Prices Surge Toward VND 190 Million per Tael; Silver Reverses LowerVietnam’s precious metals market recorded divergent movements on the morning of March 2, as gold prices soared sharply while silver prices reversed lower after earlier gains. The rally in gold was largely driven by strong momentum in the global market, amid escalating geopolitical tensions in the Middle East.
As of 9:00 a.m., SJC gold prices had risen by VND 1.6 million per tael compared to the early morning session, moving closer to the psychological threshold of VND 190 million per tael.
At 9:00 a.m., Saigon Jewelry Company (SJC) listed its gold bar prices at VND 185.6 – 188.6 million per tael (buying – selling), up VND 1.6 million per tael from earlier in the morning.
Other major gold traders also adjusted SJC gold bar prices upward to VND 188.6 million per tael on the selling side. Before the market officially opened, firms such as DOJI Group, Phu Quy Group, and Bao Tin Minh Chau had quoted SJC gold at VND 184 – 187 million per tael.
The strong upward adjustment after 9:00 a.m. reflects accelerating domestic demand, as investors seek safe-haven assets amid global uncertainties.
Gold ring prices also surged in tandem with gold bars.
Phu Quy gold rings were listed at VND 185.5 – 188.5 million per tael, up VND 1.5 million per tael.
Bao Tin Minh Chau gold rings were quoted at VND 185.6 – 188.6 million per tael.
Prior to market opening, gold ring prices hovered around VND 184 – 187 million per tael. The new pricing level indicates a significant increase within just a few trading hours.
Analysts note that gold rings often respond more swiftly to global price movements due to their flexibility and strong retail investment demand.
In contrast to gold, domestic silver prices declined sharply on the same morning.
Specifically:
Phu Quy silver bars were listed at VND 3.4 – 3.5 million per tael, equivalent to approximately VND 95 million per kilogram, down VND 1 million per kilogram compared to earlier levels.
Ancarat silver was quoted at VND 94 million per kilogram.
Earlier in the session, Phu Quy silver bars had traded at VND 3.5 – 3.6 million per tael (around VND 96 million per kilogram). The pullback suggests short-term profit-taking after a recent rally.
The primary driver behind the domestic gold surge remains the international market.
At 6:15 a.m., global gold prices stood at USD 5,350 per ounce, up USD 71 compared to the previous morning. Since the close of trading on Saturday, gold has climbed nearly USD 200 per ounce.
The sharp increase comes amid escalating conflict in the Middle East, prompting global investors to flock to safe-haven assets such as gold.
Global silver prices also remained elevated, trading between USD 93 – 95 per ounce, reflecting broader strength across the precious metals complex despite domestic adjustments.
With global gold maintaining strong upward momentum, market observers believe domestic prices could soon touch VND 190 million per tael, potentially as early as today.
If international gains persist, gold could surpass its previous record of VND 192 million per tael later this week.
Intensifying geopolitical tensions.
Rising demand for safe-haven assets.
Increased volatility across global financial markets.
However, the current wide bid-ask spread in the domestic market indicates heightened risk of technical corrections should global prices retreat.
In the currency market, the State Bank of Vietnam set the central exchange rate at VND 25,044 per USD this morning.
A relatively stable exchange rate helps mitigate additional upward pressure on domestic gold prices. Nonetheless, significant fluctuations in the U.S. dollar in the coming sessions could create dual impacts on Vietnam’s gold market, both from international price movements and currency adjustments.
Amid the current surge, investors should remain cautious:
Global gold prices are highly sensitive to geopolitical developments, increasing the risk of sudden corrections.
A large gap between buying and selling prices raises short-term trading risks.
Periods of strong bullish sentiment can lead to impulsive buying at elevated levels, exposing investors to potential pullbacks.
On March 2, Vietnam’s precious metals market saw gold prices surge toward VND 190 million per tael, while silver prices reversed lower by VND 1 million per kilogram. The gold rally is being fueled by strong global momentum amid geopolitical instability.
In the short term, gold maintains an upward bias. However, as volatility intensifies, investors should adopt prudent strategies and avoid chasing prices at sensitive highs.
