On April 14, 2025, the domestic price of SJC gold reached a new peak of 107.5 million VND per tael, marking a significant increase in the gold market. This surge in gold prices comes as the global gold market continues to experience volatility, with the spot price recorded at 3,221.5 USD per ounce, a decrease of 14.3 USD from earlier in the day.
Notably, the buying price for gold bars increased by 2 million VND, narrowing the gap with the selling price. As of the afternoon of April 14, SJC's 9999 gold was trading at 105-107.5 million VND per tael, reflecting a 500,000 VND increase in both buying and selling prices compared to the morning session.
The gold ring prices also saw adjustments, with SJC listing the buying price for 1-5 tael gold rings at 102-105 million VND per tael, which is an increase of 500,000 VND in both buying and selling prices. Meanwhile, Doji's prices for 9999 gold rings rose to 102-105 million VND per tael, with an increase of 800,000 VND in the buying direction and 200,000 VND in the selling direction.
On the same day, the State Bank of Vietnam announced that the central exchange rate was set at 24,886 VND per USD, down 37 VND from the previous trading session. The USD was commonly listed at commercial banks at 25,530 VND per USD for buying and 25,920 VND for selling.
In the early hours of April 14, the spot gold price was recorded at 3,235.8 USD per ounce, showing minor fluctuations compared to the previous week's close. The futures price for June 2025 on the Comex New York exchange was noted at 3,253.4 USD per ounce.
When converted to the bank's USD price, the world gold price was equivalent to more than 102.1 million VND per tael, which is approximately 4.9 million VND lower than the domestic gold price.
Market analysts remain optimistic about the gold price trend. According to a survey by Kitco News, 94% of respondents expect gold prices to rise, while only 6% believe they will remain stable. Additionally, 69% of participants in an online poll predicted higher gold prices, with 18% forecasting a decline and 13% expecting stability.
Adam Button, a currency strategy director at Forexlive, commented on the current economic climate, suggesting that the U.S. is placing itself in a nearly impossible position. He noted that investors are increasingly seeking safe havens, with gold proving to be an effective refuge amid rising inflation, slowing growth, and declining productivity.
Button elaborated, "This could be skyrocketing inflation, stagnating growth, or declining productivity—perhaps even all these factors occurring simultaneously. In such an environment, planning becomes exceedingly challenging. Even stagflation could quickly alter the entire calculus." He also mentioned the implications of a Supreme Court ruling allowing President Trump to dismiss commissioners at independent agencies, which could lead to the executive branch gaining control over the central bank.
Market volatility and a weakening USD have offset high-interest rates, pushing gold prices to record levels. Marc Chandler, CEO of Bannockburn Global Forex, stated that while it is difficult to predict resistance levels, the next targets for gold could be 3,300 USD per ounce and 3,500 USD per ounce in the long term.
As the gold market continues to evolve, the domestic gold prices have consistently set new record highs over the past week. On April 11, 2025, domestic gold prices surged to a record high of 106.4 million VND per tael.
Despite the high prices, the difference between buying and selling prices remains substantial, approximately 3 million VND per tael. Since the beginning of the year, the price of SJC gold bars has increased by 22 million VND per tael, while the price of SJC gold rings has risen nearly 21 million VND per tael.
As of the end of the session on April 12, 2025, the price of SJC gold bars closed at 103-106.5 million VND per tael. The price of SJC 1-5 tael gold rings was listed at 101.4-104.9 million VND per tael, and the price of 9999 gold rings at Doji closed at 101.2-104.8 million VND per tael.
Looking ahead, the market will focus on economic indicators, including remarks from Fed Chair Jerome Powell regarding future prospects, as well as monetary policy decisions from the Bank of Canada and the European Central Bank, which is expected to cut key interest rates to support the region's economy.
In summary, the gold market is experiencing a significant upward trend, with prices reaching historical highs. Analysts predict that this trend may continue, driven by economic uncertainties and investor behavior favoring gold as a safe haven.
