Domestic Gold Prices Hit New Record, Expected to Climb Further

Vietnam’s gold market has reached a historic peak, surpassing the record set in April, as both analysts and investors believe the upward momentum is far from over.

On August 10, SJC gold bullion was quoted at VND 123.2 million per tael (buying) and VND 124.4 million per tael (selling), marking a sharp increase of VND 900,000 per tael compared to last weekend. This is the highest price ever recorded, breaking the previous milestone of VND 124 million set four months ago.

Notably, 24K gold rings and jewelry also surged to VND 117.3 million per tael (buying) and VND 119.8 million per tael (selling), up about VND 1 million from last week. The domestic gold price is now rising at a faster pace than the global market, widening the price gap.

Global Gold Prices Rise, But Still Below April’s Peak

On the international market, gold closed the week at USD 3,399 per ounce, up USD 35 from the previous week and marking the second consecutive weekly gain. However, the precious metal remains below its all-time high of USD 3,500 per ounce recorded in April.

According to a Kitco survey, 60% of Wall Street analysts and 69% of retail investors expect gold prices to continue rising in the coming week, while only a minority forecast a decline or sideways movement.

Key Drivers Behind the Rally

One of the major catalysts for the recent rally was news that the U.S. may impose import tariffs on gold, particularly from countries such as India and Japan. This announcement triggered a sharp jump in international gold prices late last week.

Nevertheless, there are still risks of a pullback. Marc Chandler, Managing Director at Bannockburn Global Forex, predicted that gold could retreat after testing the USD 3,410/ounce level, as U.S. interest rates and the dollar may strengthen ahead of the upcoming CPI data release. Furthermore, any clarification from the U.S. administration on gold import tariffs could add downward pressure.

Domestic–Global Price Gap Remains Wide

Based on the current exchange rate, global gold prices are equivalent to roughly VND 108 million per tael, which is VND 16 million lower than SJC bullion prices in Vietnam. This persistent gap continues to be closely watched by domestic investors as the strong upward trend unfolds.