On April 16, 2025, the world gold price experienced a significant surge, reaching a new record high of $3,261 per ounce within just one hour of trading. This increase followed a previous rise of $20 to $3,229 on April 15, driven largely by investor demand for gold as a safe haven amid ongoing uncertainties in global markets.
The price of gold has been buoyed by a confluence of factors, including the volatile U.S. import tax policies under President Donald Trump. As the dollar continues to weaken, gold becomes more appealing to investors, particularly those outside the United States. Jim Wyckoff, a senior analyst at Kitco Metals, noted, "Investors are waiting for the next big event to boost the gold market. According to technical charts, the trend remains upward. The demand for safe havens is still strong."
As of 5:09 AM on April 16, the spot gold price on Kitco stood at $3,229.94 per ounce, reflecting an increase of 0.64% or $20.58 in the past 24 hours. When converted to Vietnamese dong, the gold price is approximately 99.886 million VND per tael, excluding taxes and fees. On the free market, with an exchange rate of 26,063 VND/USD, the price rises to about 101.2 million VND per tael.
In Vietnam, local gold prices have mirrored these global trends. By 5:30 AM on April 16, the price for SJC gold was reported at 105.5 million VND per tael for buying and 108 million VND for selling. Notably, Phu Quy SJC was trading at a lower price of 700,000 VND compared to other brands. This puts SJC gold at 6.8 million VND higher than the international gold price.
In a further adjustment, the price of SJC 9999 gold rings increased by 1 million VND for both buying and selling, now standing at 103 million VND and 106 million VND, respectively. DOJI also raised its prices, with gold rings increasing by 1.2 million VND on the buying side and 1.5 million VND on the selling side, reaching 103.2 million VND and 106.5 million VND.
As the day progressed, the upward momentum continued. By 9:45 AM, SJC gold had risen a total of 3 million VND per tael on the selling side compared to the previous day's closing, now priced at 108.50 - 111.00 million VND per tael. Round rings from various brands also saw increases of 3 to 4 million VND per tael, with Bao Tin Minh Chau's round ring reaching prices of 108.30 - 111.00 million VND per tael.
The surge in gold prices this year has been remarkable, with an increase of nearly 25% attributed to the demand for safe havens amid financial and political instability. Analysts believe that the ongoing geopolitical tensions, particularly related to U.S. tariffs and military conflicts, have contributed significantly to this trend. The U.S. Department of Commerce is currently investigating imported semiconductor products and pharmaceuticals, which could lead to new tariffs.
On April 13, President Trump announced that new taxes on semiconductor products would be revealed soon, further contributing to market uncertainty. The weakening dollar, now at a three-year low against major currencies, has made gold less expensive for international buyers, enhancing its appeal as an investment.
Market observers, including analysts at Commerzbank, have noted that the current economic climate indicates that gold is increasingly viewed as a viable alternative to the dollar. They suggest that the declining value of the dollar reflects a weakening position as a safe asset.
In the context of rising tensions, the situation between Russia and Ukraine has also played a role in the gold price increase. Reports indicate that on April 15, Ukraine conducted 53 UAV raids targeting residential areas in Bryansk, Russia, leading to significant property damage. Meanwhile, Russian officials have warned that they are prepared to take proactive measures in response to NATO's military activities near their borders.
The Russian Ministry of Defense confirmed the use of Iskander missiles to target a meeting of Ukrainian military officials in Sumy, which resulted in numerous casualties. As tensions escalate, the potential for conflict continues to weigh heavily on market sentiment, driving investors toward gold.
As the gold market navigates through these turbulent times, Mike McGlone, a strategist at Bloomberg Intelligence, has expressed optimism about the future of gold prices. He believes that the recent surge beyond the $3,200 mark is just the beginning of a new price increase cycle, with the potential for gold to reach $4,000 per ounce. McGlone argues that the current price movements reflect a shift in global cash flow, with more investors seeking safety in gold amid increasing public debt and inflationary pressures.
As of April 16, 2025, the ongoing fluctuations in the gold market serve as a reminder of the broader economic challenges and uncertainties facing investors worldwide. Those looking for stability may find that gold remains a key asset in their portfolios, especially as geopolitical tensions and economic policies continue to evolve.
