Vietnam’s Gold Prices Surge as SJC Gold Hits 149.6 Million VND per Tael

Vietnam’s domestic gold prices rose sharply on November 10, with SJC ring gold reaching 147.2 million VND per tael and gold bars hitting 149.6 million VND. The rally was fueled by safe-haven demand and the global market’s rebound as the U.S. dollar weakened.

1. Domestic Gold Prices Rally Across the Board

Vietnam’s gold market opened on November 10 with a sharp upward momentum, as major trading firms simultaneously raised prices by 1.2 to 1.4 million VND per tael compared with last weekend’s close.

At Saigon Jewelry Company (SJC), ring gold was quoted at 144.7 – 147.2 million VND per tael (buy – sell), up 1.4 million VND on both sides.
Meanwhile, DOJI Group listed its ring gold at 146 – 149 million VND per tael, up 1 million VND from the previous session.

For gold bars, both SJC and DOJI posted prices at 147.6 – 149.6 million VND per tael, an increase of 1.2 million VND, marking the highest level in three weeks. The surge reflects strong domestic buying pressure as global prices rebound after two consecutive weeks of decline.

Experts say this rally is driven not only by global market recovery but also by renewed local appetite for safe-haven assets amid ongoing financial and geopolitical uncertainties.

2. Global Gold Rebounds After Two Weeks of Decline

On the international market, spot gold closed on November 7 up 0.7% at $4,005.21 per ounce, while U.S. December 2025 gold futures rose 0.5% to $4,009.80 per ounce.
Though modest, the increase signals a turning point after two weeks of consecutive losses.

The primary catalyst came from a weaker U.S. dollar and heightened concerns over the prolonged U.S. government shutdown, which boosted demand for safe-haven assets.
Additionally, the Federal Reserve has indicated a pause in rate hikes, reducing the appeal of yield-bearing investments such as bonds, while making gold more attractive due to lower opportunity costs.

Since the beginning of 2025, global gold prices have surged more than 50%, putting the metal on track for its strongest annual gain since 1979, a period historically associated with runaway inflation and geopolitical turmoil.

3. Safe-Haven Demand and Local Buying Momentum Strengthen

According to financial analysts, the combination of domestic investor sentiment and global macroeconomic shifts has triggered a powerful rally in Vietnam’s gold market.

Firstly, global financial risks — from geopolitical tensions to the U.S. fiscal crisis — are prompting investors to shift toward safer assets.
Secondly, with low domestic deposit rates and a relatively stable Vietnamese dong, idle capital is flowing into gold as a preferred store of value.

Nguyen Minh Tuan, an independent financial analyst based in Ho Chi Minh City, commented:

“As deposit rates fall, gold becomes more appealing. Toward the year’s end, demand typically rises for both savings and investment purposes, especially if global gold stabilizes above the $4,000 mark.”

Data from major gold retailers indicates that SJC’s ring gold sales jumped over 30% month-on-month, driven mainly by individual buyers in Hanoi and Ho Chi Minh City seeking physical assets amid market volatility.

4. Gap Between Ring Gold and Gold Bars Narrows

A notable feature of this rally is the shrinking price gap between ring gold and gold bars, which typically ranges from 2–3 million VND per tael. Currently, it has narrowed to around 1.5–2 million VND, reflecting surging demand for ring gold — a product known for high liquidity and ease of trading.

Market observers note that in times of uncertain real estate and stock performance, ring gold has emerged as a flexible investment choice for retail investors.

Le Quoc Hung, Director of a gold trading company in Ho Chi Minh City, explained:

“Short-term investors who want both savings and risk protection are now favoring ring gold over gold bars. This shift has narrowed the price gap and accelerated the rise in ring gold prices.”

5. Outlook: Further Upside Possible, but Caution Advised

International research houses such as TD Securities and Kitco Metals forecast that global gold could stay above $4,000 per ounce through the end of 2025, supported by stable Fed policy and a weaker U.S. dollar.

However, short-term corrections remain possible.
If November inflation data in the U.S. comes in higher than expected, the Fed might revert to a more hawkish stance, potentially putting pressure on gold prices.
Domestically, the wide spread between buying and selling prices suggests investors should be cautious about short-term speculation.

Nguyen Duc Hoa, a representative of the Vietnam Gold Trading Association, said:

“If global prices hold between $4,000 and $4,100 per ounce, Vietnam’s SJC gold could surpass 150 million VND per tael in December. But this momentum depends heavily on USD performance and global economic confidence.”

Conclusion: Gold Shines Amid Global Uncertainty

The sharp rise in domestic gold prices on November 10 underscores the enduring role of gold as a hedge against uncertainty.
As global markets grapple with inflation, political instability, and weakening currencies, gold continues to serve as a safe-haven asset and a measure of investor confidence.

In the coming weeks, the Fed’s monetary stance and U.S. dollar movements will likely dictate the direction of the global gold market.
In Vietnam, the 150 million VND mark is emerging as a key psychological threshold, attracting heightened investor attention as year-end approaches.

FAQs:

1. Why did domestic gold prices rise sharply on November 10?
The rally was driven by both global price recovery and increased safe-haven demand amid political and financial uncertainty.

2. Why is ring gold rising faster than gold bars?
Ring gold’s higher liquidity and accessibility have made it a popular choice among retail investors, narrowing the price gap with gold bars.

3. What global factors are influencing gold prices?
A weaker U.S. dollar, steady Fed policy, and investor risk aversion due to geopolitical and economic instability are key drivers.

4. Could gold prices continue rising?
Analysts expect prices to remain strong if global gold stays above $4,000 per ounce and the Fed maintains its current policy stance.