On the morning of September 21, 2025, Vietnam's domestic gold market opened to a rare calm after a week of price turbulence. The Saigon Jewelry Company (SJC) maintained its gold prices at 131.0 million VND per tael for buyers and 133.0 million VND per tael for sellers, showing no change from the previous day’s close, according to data reported by domestic financial outlets. Similarly, the Rong Thang Long brand operated by Bao Tin Minh Chau also held steady, with prices at 127.0 million VND for buying and 130.0 million VND for selling. This stability stood in stark contrast to the previous day’s dramatic surge when SJC gold jumped 700,000 VND per tael on the buying side and a full 1 million VND per tael on the selling side.
Looking back over the week from September 3 to September 7, SJC gold prices had already climbed by 2.9 million VND per tael in both directions, rising from 128.1 – 131.1 million VND per tael the week prior. Meanwhile, gold jewelry and other gold products saw no such volatility, remaining at 127.0 – 130.0 million VND per tael, suggesting that the feverish activity was largely confined to SJC-branded bullion.
Globally, the gold market was anything but quiet. On September 20, 2025, spot gold prices in the United States closed up 40.8 USD, a 1.12% jump to 3,685 USD per ounce, as reported by Kitco News. Gold futures for December 2025 delivery on the Comex New York exchange also saw a notable increase, rising 38.70 USD, or 1.05%, to settle at 3,719.40 USD per ounce. These gains came at the end of a week marked by significant volatility, with precious metals markets reacting strongly to a series of interest rate decisions from central banks around the world.
Market sentiment, however, is showing signs of shifting. According to the latest Kitco News weekly gold survey, Wall Street’s outlook has grown more neutral following the Federal Reserve’s recent interest rate cut. Main Street investors, too, are tempering their optimism. “The more hawkish the Fed, the more challenging it becomes, and the downside is minimal. There are a lot of buyers waiting for any dip,” said Adam Button, Chief Currency Strategist at Forexlive.com, as quoted by Kitco News. James Stanley, Senior Market Strategist at Forex.com, echoed this cautious tone: “The Fed just cut rates with inflation at about 3% by most measures. While it doesn’t seem as dovish as markets might have hoped, especially for next year and beyond, I don’t think this is a particularly hawkish central bank. I see further gold dips as an opportunity for bulls.”
Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, added, “Gold has had a strong run recently and seems due for a rest. We’re nearing the end of the quarter, and with the Fed decision now behind us, news flow should slow for a few weeks, allowing for some consolidation.” Not everyone is convinced the rally will continue. Sean Lusk, Co-Head of Commercial Hedging at Walsh Trading, warned that the market may have already priced in the Fed’s actions, and he sees potential for gold to move in either direction going forward. “The biggest volatility I’m watching is the progress of trade deals, which could dampen gold’s momentum. But gold has defied historical trends and overbought signals for some time. If there’s no significant progress on trade and inflation keeps rising, gold could go even higher. There might be another push here, sending silver up 5% this year to the mid-40-dollar range and gold to 4,000 USD per ounce. But I’d take profits at that point,” Lusk told Kitco News.
The mixed outlook is reflected in the numbers. In the Kitco News survey, 15 analysts participated: 40% predicted gold prices would rise in the coming week, 20% expected a decrease, and 40% anticipated prices would hold steady. Among retail investors polled online by Kitco, 285 votes were cast. Of these, 58% expected gold to rise, 24% predicted a fall, and 18% foresaw stability. This diversity of opinion underscores the uncertainty gripping the market as investors weigh the impact of shifting monetary policy, inflation, and global trade developments.
One striking detail is the widening gap between global and domestic gold prices. With gold currently at about 3,685 USD per ounce, the equivalent price in Vietnamese dong (after taxes and processing fees) is roughly 118.7 million VND per tael. That’s a staggering difference of about 14.3 million VND per tael compared to SJC’s domestic price. Such a spread is often attributed to local market dynamics, supply constraints, or regulatory measures, but it’s a figure that’s sure to catch the attention of both investors and policymakers.
Meanwhile, in the world of digital assets, Hedera (HBAR) is facing its own set of challenges. As of September 21, 2025, HBAR has been unable to break free from a two-month downtrend. Despite brief attempts at price recovery, the cryptocurrency has failed to sustain any upward momentum, leaving investors increasingly wary and less optimistic. The squeeze release momentum indicator, which previously signaled a short-lived price surge for HBAR, is now weakening. Analysts note that without an influx of new capital, HBAR may continue to languish in the short term.
Technical indicators paint a bleak picture. The Relative Strength Index (RSI) for HBAR is hovering near the neutral 50.0 mark, suggesting that buyers are losing control. Should the RSI slip below this threshold, it would confirm bearish conditions and likely trigger further selling pressure. At present, HBAR is trading around 0.237 USD, with the risk of dropping to 0.230 USD if current weaknesses persist. Resistance looms at 0.248 USD, and unless HBAR can break above this level, it’s likely to remain capped below 0.242 USD, reinforcing a narrow range dominated by downside risk.
However, all is not lost for HBAR. If the broader crypto market improves, and if HBAR can turn 0.242 USD into a support level, there’s potential for a rally toward 0.248 USD or even higher. Such a development would invalidate the current bearish outlook and open the door for a more robust recovery. But for now, most observers remain cautious, watching for signs of renewed momentum or further declines.
In both the gold and digital asset markets, uncertainty and caution are the watchwords. Investors are balancing hopes for further gains against the risks posed by shifting economic conditions, policy decisions, and technical signals. Whether it’s the allure of gold or the volatility of cryptocurrencies like HBAR, the coming weeks promise to test the nerves—and strategies—of market participants across the spectrum.
