The State Bank’s Zone 2 branch has issued a document to the Ho Chi Minh City Inspectorate, Ho Chi Minh City Police, Ho Chi Minh City Tax Department, and relevant units regarding gold market inspections and audits.
Speculation and Price Manipulation Not Ruled Out
The document highlights that since late August 2025, global gold prices and domestic gold bar prices have risen steadily, setting new records and breaking previous highs. As of October 17, global gold prices reached $4,359 per ounce, a 27.8% increase from late August.
The selling price of SJC gold bars at Saigon Jewelry Company (SJC) soared to 153 million VND per tael, an 18.3% increase from late August. The price difference between SJC gold bars and converted global gold prices stands at approximately 14.5 million VND per tael.
The primary reason for the continuous surge in gold prices is the strong upward trend in global gold prices. Low-interest rates and limited gold supply have fueled expectations of further price increases, prompting a rush to buy gold.
“It cannot be ruled out that some businesses and individuals may exploit market fluctuations for speculation and price manipulation, leading to abnormal market movements,” the State Bank’s Zone 2 branch stated in the document.
SJC gold bar prices have risen consecutively in recent times.
Sharp Increase in Free Market Prices
Given the continuous and strong fluctuations in global and domestic gold prices, the agency urges relevant units to ensure a positive market environment, avoid impacts on macroeconomic stability and economic growth, and implement new regulations. This includes coordinating market management, overseeing gold bar trading and jewelry production, conducting inspections, sharing information, and managing communications.
“Strengthen inspections and audits according to management functions to ensure market discipline, especially during volatile periods with potential risks of speculation, price inflation, and profiteering,” the State Bank’s Zone 2 branch emphasized.
As of 4:30 PM today, October 17, SJC gold bars were listed by SJC, DOJI, and PNJ at 151.5 million VND per tael for buying and 153 million VND per tael for selling, an increase of over 4 million VND per tael from the morning. Prices for 99.99% gold rings and jewelry were around 150 million VND per tael for buying and 152.2 million VND per tael for selling.
Notably, in the free market, SJC gold bar prices are fluctuating wildly, with some small shops raising prices to 172 million VND per tael for buying and 177 million VND per tael for selling.
Internationally, gold is trading at $4,335 per ounce, equivalent to approximately 137.8 million VND per tael.
Many small gold shops are pricing 24K gold at very high levels, far exceeding prices at licensed gold bar trading companies.
SJC gold bar prices this afternoon.
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Gold Surges Past $152 Million per Tael: Two-Day Purchase Limit Sparks Silver Rush
On the morning of October 17th, gold prices surged dramatically, surpassing 152 million VND per tael. Despite stores temporarily halting sales due to stock depletion, eager buyers continued to queue up early, undeterred by the shortage.
“No Reason to Sell Gold Right Now”
“Gold remains irreplaceable in today’s market, and we will continue to hold it steadfastly,” asserts John Merrill of Tanglewood Total Wealth Management.
