Gold prices in Vietnam soared to unprecedented heights on August 28, 2025, as a perfect storm of domestic and international factors drove both investor anxiety and market enthusiasm. In Hanoi, SJC gold bars hit a new record of 128.5 million VND per tael, reflecting a surge that’s left many observers wondering just how long this golden rally can last.
The numbers tell a striking story. According to multiple Vietnamese outlets, the buying price for SJC gold bars jumped by 1 million VND per tael compared to the previous session, while the selling price rose by 500,000 VND. DOJI Group followed suit, listing gold at 127.0 million VND (buying) and 128.5 million VND (selling), mirroring the SJC increase. Mi Hong, another prominent dealer, recorded prices at 127.2 million VND (buying) and 128.2 million VND (selling), with the buying price up 700,000 VND and selling up 200,000 VND from the previous session. PNJ Group and Bao Tin Minh Chau both echoed these gains, each posting a buying price of 127.0 million VND and a selling price of 128.5 million VND, with Bao Tin Minh Chau’s buying price leaping by 1.2 million VND. Phu Quy Group, meanwhile, listed gold at 125.7 million VND (buying) and 128.2 million VND (selling), notching increases of 300,000 VND and 200,000 VND respectively.
Even Vietinbank Gold joined the upward trend, posting a selling price of 128.5 million VND—up 500,000 VND from the previous session. The competition among these major gold retailers has been fierce, with each adjusting prices rapidly to keep pace with market sentiment.
Gold jewelry, too, saw a notable uptick. At 3:30 PM on August 28, DOJI’s 9999 round gold was priced at 120.2 million VND (buying) and 123.2 million VND (selling), up 400,000 VND on both sides from the previous day. Bao Tin Minh Chau held its 9999 round gold at 120.3 million VND (buying) and 123.3 million VND (selling), up 300,000 VND on both sides since the morning. Phu Quy listed similar gains, with prices up 500,000 VND on both sides compared to the previous day. The spread for these jewelry products hovered around 3 million VND, reflecting robust demand and tight supply.
But the story doesn’t end at Vietnam’s borders. The global spot gold price at 12:50 PM (Vietnam time) on August 28 stood at 3,398.7 USD per ounce, up 3.2 USD from the previous day. When converted using the Vietcombank exchange rate of 26,531 VND/USD, this equated to about 113.01 million VND per tael—still a staggering 15.19 million VND lower than the domestic SJC price. This gap, which has persisted for months, highlights the unique pressures and premiums in Vietnam’s gold market, often driven by local demand, currency considerations, and regulatory factors.
Internationally, gold’s momentum has been fueled by a cocktail of economic and political uncertainty. According to Reuters, the global price held near a two-week high, supported by a weakening US dollar and speculation that the US Federal Reserve (Fed) would cut interest rates at its September 2025 meeting. The dollar index (.DXY) slipped 0.1% against other major currencies, making gold more attractive to foreign investors. As Kyle Rodda, market analyst at Capital.com, put it: “Gold is attracting significant attention due to concerns about confidence in financial institutions and risks to the Fed’s independence.”
Indeed, political drama in Washington has added another layer to the gold rush. On August 25, US President Donald Trump announced via Truth Social that he had dismissed Lisa Cook from the Fed’s Board of Governors, citing allegations of mortgage fraud. The move, combined with Trump’s sharp criticism of Fed Chairman Jerome Powell, has stoked fears about the central bank’s autonomy. Powell, for his part, has signaled the possibility of an interest rate cut at the September policy meeting—a message that investors have seized on eagerly.
Gold, as a non-interest-bearing asset, tends to thrive when interest rates are low or expected to fall. In such an environment, the opportunity cost of holding gold diminishes, making it an appealing hedge against inflation and political turbulence. The market is now laser-focused on the US Personal Consumption Expenditures (PCE) inflation report, due for release on August 29. This report, the Fed’s preferred inflation gauge, is expected to show a 2.6% increase for July, matching June’s rise. Many analysts believe the PCE data will be pivotal in determining whether the Fed pulls the trigger on a rate cut next month.
According to the CME FedWatch tool, there is now over an 88% probability that the Fed will reduce interest rates by 25 basis points in September. New York Fed President John Williams added to the speculation, stating that while rates could come down in the future, any decision would depend on incoming economic data. This uncertainty has only heightened gold’s appeal as a safe haven.
Other precious metals have joined gold in the rally. On August 28, silver climbed 0.6% to 38.86 USD per ounce, platinum edged up 0.3% to 1,351.63 USD per ounce, and palladium rose 0.6% to 1,097.95 USD per ounce. The synchronized uptick across these metals suggests a broad-based investor search for safety amid swirling global risks.
Some market watchers see these dynamics as part of a larger shift. Jim Luke, Head of Metals Investment at Schroders, noted in his latest report that gold’s resilience around the 3,300 USD per ounce mark is “impressive,” especially given the headwinds of the second quarter. He pointed out that while the US economy initially seemed to adapt to higher taxes and a shifting labor market—partly due to tighter immigration controls—sentiment soured after disappointing July jobs data and downward revisions for May and June.
In Vietnam, the persistent premium of domestic gold over international prices continues to puzzle and frustrate many. While some attribute the gap to high local demand and regulatory controls, others see it as evidence of deeper structural issues in the Vietnamese gold market. Still, for ordinary investors and jewelry buyers, the message is clear: gold remains a prized asset, both as a store of value and a hedge against uncertainty.
As the world awaits the crucial US inflation data and the Fed’s next move, all eyes remain on the gold market. With political tensions simmering in Washington and economic signals flashing mixed messages, gold’s status as a safe-haven asset appears as solid as ever—at least for now.
