Gold prices in the domestic market surged again this afternoon. During the trading session, gold bar prices at many businesses such as SJC, PNJ, and Bao Tin Minh Chau soared to 127.8 – 129.3 million VND per tael, equivalent to an increase of about 400,000 VND per tael compared to the morning session.
Gold ring prices were also adjusted accordingly. Specifically, Bao Tin Minh Chau listed the price at 121.2 – 124.2 million VND per tael, an increase of 400,000 VND. With the same increase, SJC raised the gold ring price to 121 – 123.5 million VND per tael.
Meanwhile, PNJ maintained its gold bar price at 120.7 – 123.6 million VND per tael, unchanged from this morning.
In just one week, gold bar and ring prices have been on a relentless upward trajectory, with an average increase of nearly 4 million VND per tael.
Gold bar price movement over the past week. (Source: Cafef)
According to Dr. Nguyen Tri Hieu, a banking and finance expert, from now until the end of 2025, global and domestic gold prices are likely to continue surging due to four main reasons.
First, the US dollar is weakening as the USD Index remains low, causing the greenback to depreciate against other major currencies, which provides support for gold.
Second, trade tensions and the US tariff policies are pushing many countries into crisis and becoming a global hotspot of instability.
Third, geopolitical risks in Ukraine and the Middle East remain complex, further reinforcing gold’s safe-haven appeal.
Fourth, the US economy is wobbly as the Federal Reserve (Fed) has not been able to cut interest rates due to concerns that tariffs could fuel inflation, making the economic outlook even more uncertain.
Mr. Hieu forecasts: “All these factors push gold prices higher globally. Although gold prices may dip occasionally due to profit-taking, the overall trend remains upward. Gold prices could reach $3,700 per ounce by the end of the year.”
Mr. Hieu further analyzed that in the Vietnamese market, gold prices are influenced not only by global prices but also face significant challenges from the domestic supply-demand dynamics. While gold supply remains limited, demand continues to surge, especially as people tend to turn to gold as a safe haven asset. He predicted that domestic gold prices could surpass the threshold of 130 million VND per tael.
The Golden Market’s Inevitable Cooldown
The regulatory body must promptly issue import criteria and gold import quotas for each entity to expedite the introduction of new supply to the market.
The Golden Opportunity: Unraveling the ‘Strange Move’ of the Gold Enterprise
“The SJC gold bar price surged to a new record high of VND 128 million per tael today, August 27. In a surprising turn of events, gold enterprises drastically slashed their buying prices and even refrained from purchasing gold bars after the exclusivity on gold bar trading was lifted. This unusual move comes as a contrast to their previous aggressive gold-buying spree.”
Is It a Defensive Move or a Slow Dance?
The LDR ratio decline across banks indicates a defensive signal. As trade deals become clearer in the latter half of the year, capital demands for production, import-export activities, and inventory restocking are expected to surge, presenting an opportunity for the LDR ratio to rebound.
The Central Bank Pumps Over 18 Trillion VND into the Open Market
Between August 18 and 25, 2025, the State Bank of Vietnam (SBV) ramped up new issuances in the forward purchase channel to meet maturity volumes.
The Dangers of Buying and Selling SJC Gold Bullion on the Black Market
Illegal gold bar businesses will face hefty fines ranging from 300 to 400 million VND.
