On April 1, 2025, the gold market in Vietnam witnessed significant fluctuations, with the Saigon Jewelry Company (SJC) listing gold bar prices at 100.3 to 102.3 million VND per tael. This marked an increase of 500,000 VND in both buying and selling prices compared to the previous day. Other brands followed suit, raising their gold bar prices correspondingly. Notably, plain rings at SJC also saw a rise of 400,000 VND per tael, reaching a record high of 99.4 to 101.6 million VND per tael. Some brands reported plain ring prices exceeding 102 million VND per tael, with PNJ listing them at 99.7 to 102.1 million VND per tael and Bao Tin Minh Chau at 99.9 to 102.2 million VND per tael.
The current price difference between buying and selling is around 2 million VND per tael. Experts estimate that investors who purchased gold at the beginning of the year could see profits nearing 20% if they sell now. The surge in domestic gold prices follows a record-setting increase in global gold prices, which exceeded 3,100 USD per ounce. As of April 1, 2025, the global price of gold was trading at 3,138 USD per ounce, equating to approximately 97.4 million VND per tael when converted at the Vietcombank exchange rate. This means domestic gold prices are still nearly 5 million VND per tael higher than global prices.
Financial experts attribute the rise in gold prices to several factors, including increased demand for safe-haven assets amid concerns regarding impending tariffs from U.S. President Donald Trump. Additionally, strong demand from central banks and geopolitical instability in the Middle East and Europe have contributed to this upward trend. Furthermore, there are expectations that the U.S. Federal Reserve will ease interest rates later this year, providing further support for gold prices.
However, experts caution potential buyers to closely monitor the market before making purchases, as the current high price spread poses risks for gold buyers. The rising demand for gold, coupled with limited supply, has led to instances of fraud where counterfeit gold is sold to unsuspecting buyers.
In terms of currency exchange rates, the central exchange rate at the State Bank is currently set at 24,835 VND per USD, down 2 VND from the previous session. Major commercial banks are selling USD at rates that are generally equal to or exceed this, with the highest rate reaching 25,857 VND per USD. For instance, Vietcombank lists USD at 25,380 to 25,770 VND, reflecting an increase of 30 VND in both directions compared to the prior session. BIDV quotes USD at 25,410 to 25,770 VND, also higher than the previous session by 25 VND. Techcombank's rates remain unchanged at 25,323 to 25,857 VND, while Eximbank has adjusted its rates to 23,940 to 25,780 VND, increasing by 10 VND for buying and 20 VND for selling since the last session. ACB's rates are consistent with yesterday's announcement at 25,370 to 25,750 VND.
On the free market, the USD/VND exchange rate on April 1, 2025, is trading around 25,860 to 25,960 VND per USD, maintaining the same level as the previous session.
In a broader context, gold prices have reached an all-time high and are on track to record their strongest quarterly increase in nearly 40 years. Since the beginning of the year, gold has risen by more than 18%, with domestic gold prices hitting new heights around 99.5 million VND per tael for buying and 101.8 million VND per tael for selling, reflecting an increase of 1.1 million VND per tael compared to the end of last week.
As of 4:00 AM on April 1, 2025, spot gold prices were recorded at 3,120.77 USD per ounce, remaining stable compared to the previous day. Converted at the free market USD exchange rate of 25,843 VND per USD, the world gold price stands at around 97.2 million VND per tael, excluding taxes and fees. This indicates that SJC gold bars are priced approximately 4.6 million VND per tael higher than international gold prices.
The factors driving this surge in gold prices include concerns about the impact of new tariffs from the U.S., strong demand from central banks, and geopolitical uncertainties. Gold is poised to record its strongest quarterly price increase since September 1986 and has set 19 all-time highs in 2025, including multiple instances exceeding the 3,000 USD mark.
In parallel, oil prices have shown mixed trends, with WTI crude oil slightly decreasing by 10 cents to 71.48 USD per barrel, while Brent crude oil remains stable at 74.74 USD per barrel, marking its highest level since February 24, 2025. The price difference between Brent and WTI has narrowed to 3.02 USD per barrel, the lowest since July 2024.
Market analysts note that if the price difference between Brent and WTI falls below 4 USD per barrel, it may no longer be economically viable for energy companies to transport U.S. crude oil overseas, potentially leading to a decrease in U.S. oil exports. Recent comments from President Trump about imposing tariffs on Russian oil buyers have raised concerns about future supply disruptions.
In the domestic market, retail prices for fuel on April 1 are set as follows: E5 RON 92 at a maximum of 20,032 VND per liter, RON 95-III at 20,424 VND per liter, diesel oil at 18,217 VND per liter, kerosene at 18,524 VND per liter, and mazut at 16,902 VND per kilogram. These prices will be adjusted by the Ministry of Finance and Industry at the next pricing session on April 3.
Overall, the current movements in both gold and oil markets reflect a complex interplay of global economic factors, geopolitical tensions, and domestic market dynamics, making it an intriguing time for investors and consumers alike.
