On April 17, 2025, the global gold market experienced a significant surge, with spot gold prices reaching $3,350.20 per ounce at 5:30 AM Vietnam time, equivalent to approximately 106.140 million VND per tael. This rise marks a notable increase driven by a combination of market factors, including a weakening US dollar, escalating trade tensions, and investor concerns about a potential global economic recession.
Lukman Otunuga, a senior research analyst at FXTM, commented on the situation, stating, "Gold remains strongly supported by a weaker dollar overall, uncertainty surrounding tariff announcements, and concerns about a global economic recession." He elaborated that surpassing the $3,300 mark is tied to psychological levels for gold prices, with upward targets potentially reaching $3,400 and $3,500. However, he cautioned that a wave of profit-taking or positive developments in US-China trade relations could lead to a sell-off.
The recent escalation in trade tensions between the United States and China has further dampened market sentiment, pushing investors toward safe-haven assets like gold. President Donald Trump has ordered an investigation into potential tariffs on all critical mineral imports, marking another step in his administration's aggressive trade policy. This move is seen as an effort to pressure China, a leading country in the production of many essential minerals.
As a result of these tensions, the US dollar fell against its competitors, hitting a three-year low last week. This depreciation has made gold more attractive to investors holding other currencies. Gold prices have surged nearly $700 this year alone, bolstered by tariff disputes, expectations of interest rate cuts, and robust buying activity from central banks.
Ole Hansen, the head of commodity strategy at Saxo Bank, noted that the price increase has become somewhat uncontrollable, suggesting that gold is now vulnerable to correction. However, he pointed out that previous corrections have been shallow, with underlying bids waiting for any pullbacks.
In addition to gold, other precious metals also saw price movements. As of 5:12 AM on the same day, the spot silver price increased by 2.2% to $33.01, while platinum rose by 0.5% to $963.76. Conversely, palladium experienced a slight decline of 0.4%, settling at $968.04.
Turning to the domestic market in Vietnam, gold prices remained stable at the closing rates from the previous trading day. As of 5:30 AM on April 17, domestic gold was bought at 113 million VND per tael and sold at 115.5 million VND per tael. Notably, Bao Tin Minh Chau was purchasing gold at 500,000 VND lower than other brands, while Phu Quy SJC was buying at 1.5 million VND lower.
Domestic gold prices are currently about 1.2 million VND per tael higher than global prices. The price of SJC 9999 gold rings increased by 7.5 million VND for both buying and selling prices, reaching 110.5 million VND per tael and 113.5 million VND per tael, respectively. DOJI, a prominent gold trader in Hanoi and Ho Chi Minh City, also adjusted its gold ring prices upward by 7.3 million VND on the buying side and 7 million VND on the selling side, bringing them to the same levels as SJC.
PNJ gold rings are listed at 110.5 million VND per tael for buying and 113.6 million VND for selling, reflecting increases of 7.7 million VND and 7.6 million VND, respectively. Bao Tin Minh Chau's round gold rings are priced at 112 million VND for buying and 115 million VND for selling, marking increases of 7.9 million VND and 8 million VND compared to the previous morning. Meanwhile, Phu Quy SJC is buying gold rings at 110.2 million VND and selling them at 113.2 million VND, up by 6.8 million VND and 6.5 million VND, respectively.
Market analysts, including Tim Waterer from KCM Trade, have highlighted the depreciation of the USD and investor caution as significant factors benefiting gold. The USD index has decreased by 0.7% against other major currencies, further enhancing gold's appeal to international investors.
As the global economic landscape continues to evolve amid trade disputes and fluctuating currencies, gold remains a focal point for investors seeking stability and security. With the recent developments, it is clear that precious metals will continue to play a crucial role in the financial markets.
