On March 18, 2025, domestic gold prices skyrocketed, with reports indicating they are nearing the formidable threshold of 100 million VND per tael. According to the latest updates, the price of gold is experiencing relentless increases as the markets react to global conditions.
By 3:00 PM on the same day, the Saigon Jewelry Company (SJC) announced gold prices had reached 96.4 million VND for buying and 97.9 million VND for selling. This marks an increase of 1.6 million VND for buying and 1.8 million VND for selling since the previous trading session. DOJI's gold offerings matched SJC's prices, demonstrating the upward trend across the market.
Mi Hong's gold was slightly higher at 96.9 million VND for buying and the same selling price of 97.9 million VND, reflecting their own rise of 1.2 million VND (buying) and 300,000 VND (selling) from the day before. Meanwhile, Bao Tin Minh Chau joined the ranks with prices of 96.5 million VND (buying) and 97.9 million VND (selling), which was up by 1.7 million for buying and 1.8 million VND for selling.
These remarkable changes come during a period when international gold prices are also setting new records. The world gold price today surged to over 3,016.69 USD per ounce, increasing by 28.7 USD compared to the previous session. This dramatic rise is primarily attributed to growing global instability, particularly heightened trade tensions, which have sent investors scrambling for safe-haven assets like gold.
Gold futures contracts have experienced similar gains, rising by 0.7% to reach 3,027 USD per ounce. Since January, gold prices have shown remarkable resilience, increasing by more than 14% over the course of 2024. Notably, prices have surged to historical highs approximately 15 times since President Donald Trump took office, reflecting mounting concerns over economic policy and the effects of recent tariffs on steel and aluminum.
Market analysts from the World Gold Council (WGC) suggest there may be short-term adjustments due to the rapid pace of price increases, yet they maintain a bullish outlook on gold prices. Political instability and inflation potential are believed to contribute to this sustained demand from investors and central banks.
Despite this bullish sentiment, some experts have cautioned about potential profit-taking by large investors, which could push prices down to around 2,980 USD per ounce shortly. Kyle Rodda, from Capital.com, noted, “We may see some volatile reactions due to geopolitical pressures, particularly following escalation over the Middle East by recent military actions.”
Looking to the future, ANZ Bank has raised its forecast for gold prices to 3,100 USD per ounce over the next three months and to 3,200 USD over the subsequent six months, crediting factors such as heightened geopolitical risks and favorable monetary policies for the optimistic outlook.
Gold jewelry, for example, has also seen significant price changes. By late afternoon, sellers scheduled the price of 9999 gold rings at 96.95-98.5 million VND per tael at Bao Tin Minh Chau, reflecting parallel jumps along with gold bars.
At SJC, the retail prices for gold rings had reached 96.6-98.1 million VND, with steady increases noted throughout the trading day. DOJI increased its pricing for 9999 gold to 96.4-97.9 million VND per tael, matching the upward pressure seen at other leading firms.
Interestingly, the difference between domestic and international gold prices continues to expand, currently sitting at around 4 million VND. The spot price of gold on the international markets stands at significant values, prompting domestic consumers to turn to both local and online purchasing avenues.
With the continuous rises and the parallel tracking of gold prices worldwide, the investment climate remains charged with volatility but also potential. Many potential buyers are eager yet cautious, as the market cannot remain on this escalatory path indefinitely. How these trends will continue to evolve against the backdrop of economic and political uncertainty is yet to be seen, making it pivotal for stakeholders to monitor the dynamics closely.
It's evident, as these market movements and predictions show, the demand for gold remains strong, underpinning its status as a safe haven amid chaos. The scenario certainly leads one to ponder whether this gold rush will sustain itself or if market corrections are on the horizon.
