On April 21, 2025, the gold market in Vietnam experienced a dramatic shift as prices surged to record levels while supply dwindled, leaving many customers frustrated. Major gold enterprises listed SJC gold prices at 115-117 million VND per tael (buy-sell), reflecting an increase of 3 million VND compared to the previous week. The prices for plain gold rings also rose to 112-115 million VND per tael, with increases of 1.5 million VND on the buying side and 2.5 million VND on the selling side.
Just a week prior, gold shops in Hanoi were bustling with activity, with customers lining up to make transactions. The excitement peaked when gold prices hit a staggering 120 million VND per tael, prompting a rush to stores. Some shops reported over 600 customers in a single morning, with certain stores even running out of gold bars and limiting purchases to one tael per customer. However, the scene was starkly different on April 21, as many major gold shops in Hanoi found themselves deserted, having completely run out of both gold bars and plain gold rings.
An employee at a gold shop on Cau Giay Street confirmed that they had sold out of gold bars and rings and were only left with jewelry. "Today, we are only accepting customers who want to sell gold, not buy," he stated. This left many potential buyers disappointed. One customer, Nguyen Van Tuan from Cau Giay District, expressed his frustration after attempting to purchase gold twice the previous week without success. "I thought it would be different today since the store was quiet, but they still had no gold for sale," he lamented.
Meanwhile, other private gold shops like DOJI and PNJ also confirmed they had no SJC gold bars available for sale. Despite the rising prices, many customers in Ho Chi Minh City continued to queue at gold shops, eager to make purchases. At the Saigon Jewelry Company (SJC) in District 3, the demand for gold remained high, with employees noting that most customers were looking to buy. Each customer was permitted to buy a maximum of two plain gold rings, while the minimum purchase for SJC gold bars was set at one tael. However, the company warned that their remaining stock of gold bars was running low.
One customer, Thanh from District 11, shared her experience of visiting three different shops in Districts 5 and 11, only to be met with the same disappointing news: "Out of gold bars and plain gold rings." Another customer, Le Minh from District 10, recounted waiting over 30 minutes at a large store in District 3 before finally purchasing two gold rings. "Gold rings are still available, but the quantity is very limited. If you want to buy more, they told me to come back tomorrow," he said.
In a related note, SJC issued a warning about the emergence of fake fan pages claiming to represent the company. These pages, complete with blue verification ticks, had been misleading customers by offering to book appointments for gold purchases. SJC clarified that they do not conduct any transactions online and that all dealings must take place at their official points of sale. Customers were advised to be cautious and not to share personal or banking information with unofficial sites.
As of April 21, the gap between domestic and international gold prices stood at approximately 10-11 million VND per tael. This difference had previously peaked at 13-14 million VND when gold prices reached their highest point of 120 million VND per tael. The public's continued interest in purchasing gold, despite high prices, indicates a strong sentiment for speculation and accumulation.
On the international front, the world gold price exceeded 3,393 USD per ounce on the same day, marking a new record high. The weakening of the US dollar, alongside investor concerns regarding President Donald Trump's tariff policies and tensions with the US Federal Reserve, has contributed to the surge in gold prices. Analysts noted that worries about the global economic outlook have driven investors towards safe-haven assets like gold.
Additionally, with several markets closed for Easter, trading activity remained subdued as investors awaited significant economic data expected to be released later in the week. The stock market displayed mixed results on April 21, with Japan's Nikkei 225 index dropping 1.3% to 34,279.92 points due to the yen's appreciation. Conversely, China's Shanghai Composite index saw a slight increase of 0.5%, closing at 3,291.43 points.
The US dollar continued to weaken against major currencies, with the exchange rate falling to 140.85 yen per dollar from the previous rate of 142.33 yen. Concerns about declining demand amid an unpredictable global economy also led to a decrease in world crude oil prices.
Since the beginning of the year, gold prices have consistently reached new heights, with gold exchange-traded funds (ETFs) reporting 12 consecutive weeks of price increases—the longest streak since 2022. As the market continues to evolve, experts anticipate further adjustments in gold prices, particularly as regulatory bodies like the State Bank of Vietnam may intervene to stabilize the market.
