On April 18, 2025, the domestic gold market witnessed significant fluctuations, reflecting ongoing trends in global gold pricing. At 13:59 local time, the price of SJC gold and gold rings at Bao Tin Minh Chau Company was recorded at 116.5-119.5 million VND per tael for buying and selling. This price indicates a notable increase in gold prices, which has been a persistent trend in recent days.
As of 13:44:55 on the same day, the spot gold price on Kitco was noted at 3,315.13 USD per ounce, down 0.93 USD, representing a decrease of 0.03% within the last 24 hours. When converted to the current exchange rate at Vietcombank, this global gold price is equivalent to approximately 102.88 million VND per tael, excluding taxes and fees.
In the domestic market, several companies have adjusted their gold prices upward. For instance, SJC gold bars were listed by DOJI Group at 117-120 million VND per tael, marking an increase of 1.5 million VND on the buying side and 2 million VND on the selling side compared to the previous day. Similarly, the Saigon Jewelry Company (SJC) also listed its gold bars at the same price range, reflecting the same upward trend.
At Mi Hong Jewelry Company, the price for SJC gold was set at 119.5-122.5 million VND per tael for buying and selling, which also showed an increase of 1.5 million VND on both sides compared to yesterday. Meanwhile, Phu Quy Company traded SJC gold at 116-119 million VND per tael, with a rise of 1.5 million VND on the buying side and 2 million VND on the selling side from the previous day.
The gold rings were not left behind in this upward trend. Bao Tin Minh Chau Company reported the price for gold rings at 116.5-119.5 million VND per tael, which also increased by 1.5 million VND on both buying and selling sides compared to the previous day. Additionally, the 9999 Hung Thinh Vuong round gold rings at DOJI were listed at 115-118.5 million VND per tael, reflecting a 500,000 VND increase on the buying side and a 1 million VND increase on the selling side.
Market analysts attribute the rise in gold prices to various factors, including a recent surge in demand and speculative trading. Independent analyst Ross Norman noted that the recent price movements were partly due to profit-taking activities in the market. Meanwhile, Tai Wong, an independent metals trader, suggested that gold prices might face short-term declines due to the significant increases observed this week and the upcoming weekend.
He warned that a potential trade agreement could be announced soon, possibly with Japan, which could impact gold prices. However, the overall trajectory of gold remains positive due to ongoing uncertainties and deep concerns in the asset market. “We remain optimistic about gold. However, the possibility of a short-term correction is likely as strategic players take profits or experience margin calls due to another stock liquidation,” said a spokesperson from Metals Focus.
In the domestic context, the gold price has increased sharply by 2.5 million VND per tael on both sides, now listed at 115.5-118 million VND per tael. Notably, Phu Quy is selling at 1 million VND lower than other brands, indicating a competitive pricing strategy.
In addition to the global market influences, local supply-demand discrepancies and crowd psychology have contributed to the soaring gold prices. Financial expert Nguyễn Trí Hiếu explained that this phenomenon is rooted in the long-standing investment habits and mindset of the Vietnamese people, who often view gold as a symbol of financial safety. He noted that when gold prices rise sharply, many individuals tend to invest more, believing that prices will continue to climb and that gold is the most effective way to preserve asset value.
Đinh Nho Bảng, President of the Vietnam Gold Association, emphasized that the habit of accumulating gold is not new, having been passed down through generations. Gold has long been considered a safe means of payment, accumulation, and investment, especially during economically volatile periods.
Nguyễn Quang Huy, Executive Director of the Banking Finance Department at Nguyễn Trãi University, pointed out the difficulty in predicting when gold prices might fall. He stressed that the gold market does not follow a straight path; in other words, gold prices cannot simply continue to rise indefinitely. While prices may surge significantly in the short term, they are also susceptible to corrections when market sentiment shifts, regulatory policies intervene to stabilize prices, or profit-taking increases from international financial institutions.
Consequently, gold prices could reverse sharply at any moment. As gold continues to reach historical peaks, it is crucial for the public to remain cautious and not let emotions and crowd mentality dictate their financial decisions. Investing should be based on knowledge and strong conviction, rather than short-term psychology or expectations of “prices never falling.” While gold serves as a safe haven, it should not be the sole investment channel. Individuals are encouraged to stay calm, closely monitor market developments, and avoid chasing trends driven by crowd psychology.
