On the evening of July 8, 2025, Vietnam's domestic gold market witnessed a notable uptick, with prices for key brands such as SJC and DOJI stabilizing at a high point unseen in recent weeks. Both brands held firm at 119 million VND per tael for buying and 121 million VND per tael for selling in Hanoi and Ho Chi Minh City, reflecting a 500,000 VND increase compared to the previous session. This price level marks the highest in several weeks, mirroring the positive momentum observed on the global stage.
Similarly, Bao Tin Minh Chau (BTMC), a prominent gold brand, adjusted its SJC gold bar prices upward by the same margin, trading equally with SJC and DOJI at 119 million VND (buy) and 121 million VND (sell). Other brands showed varied movements; for instance, SJC gold at the Phu Quy system was priced at 118.3 million VND (buy) and 121 million VND (sell), while PNJ gold bars in Hanoi and Ho Chi Minh City traded at 114.7 million VND (buy) and 117.3 million VND (sell), marking increases of 500,000 VND and 400,000 VND respectively.
The trend extended into the realm of 99.99% purity ring gold, which followed the upward trajectory of gold bars. SJC ring gold of 1, 2, and 5 chi sizes in Ho Chi Minh City rose by 500,000 VND across both buying and selling prices, now trading near 114.4 million VND (buy) and 116.9 million VND (sell). Smaller denominations, such as 0.3 and 0.5 chi, commanded a slight premium of around 100,000 VND on the selling side, priced between 114.3 and 117 million VND. BTMC's plain ring gold also maintained strong gains, listed at 115.7 million VND (buy) and 118.7 million VND (sell), up 500,000 VND from the day before.
Turning to the international market, Kitco data indicated that global gold prices hovered around 3,326.29 USD per ounce (buy) and 3,328.29 USD per ounce (sell) on July 8. The last four hours saw minimal fluctuations, but over the past month, prices have climbed by 18.62 USD per ounce, a 0.56% increase. Experts attribute this rebound to a recovery from a previous dip below 3,300 USD per ounce, spurred by U.S. President Donald Trump's announcement of imposing high tariffs on goods from 14 countries. This move stirred concerns among investors, pushing precious metal prices upward as a safe haven amid trade tensions.
However, the global gold market's dynamics are complex. Earlier on July 8, in the Asian trading session, spot gold prices slightly retreated by 3 USD to 3,333.4 USD per ounce, and futures for August 2025 on Comex New York dipped marginally to 3,342.8 USD per ounce. This mild selling pressure on safe-haven metals coincided with improved risk appetite among investors, which lifted major U.S. stock indices to record highs. Meanwhile, the U.S. Dollar Index (DXY) opened at 97.54 points, reflecting a stronger dollar that typically weighs on gold prices.
Adding to the market tension, the BRICS summit commenced in Rio de Janeiro with Brazil hosting, spotlighting the geopolitical and economic implications of this influential bloc. President Trump warned that countries aligned with BRICS and their 'anti-American' policies might face additional tariffs, a statement that investors are closely monitoring for its potential impact on trade and markets.
Domestically, after a slight 200,000 VND per tael drop on July 7, the Saigon Jewelry Company's SJC gold prices reversed course on the morning of July 8, climbing back by 500,000 VND to 119-121 million VND per tael. Bao Tin Minh Chau's Thang Long Dragon brand followed suit, rising to 115.7-118.7 million VND per tael. Despite the volatile global backdrop, domestic gold prices remain elevated, trading approximately 14.17 million VND higher per tael than global prices when converted at current exchange rates and factoring in taxes and processing fees.
The foreign exchange market also plays a pivotal role in shaping gold's local price. On July 8, the State Bank of Vietnam set the central exchange rate at 25,121 VND/USD, an increase of 8 VND from the previous day, with a trading band of 23,865 to 26,377 VND/USD. Major commercial banks quoted USD rates between 25,915 and 26,305 VND, while the free market in Hanoi saw rates around 26,420 VND (buy) and 26,500 VND (sell). A stronger dollar typically exerts downward pressure on gold prices, but the current environment shows gold holding firm above 3,300 USD per ounce, underscoring its role as a hedge against economic uncertainties.
Market participants remain cautious ahead of the Federal Open Market Committee's (FOMC) meeting minutes release, seeking clues on the U.S. Federal Reserve's stance on monetary tightening. The central bank's policies will be crucial in determining gold's trajectory, especially as bond yields hover around 4.358% for the 10-year U.S. Treasury note, influencing investor demand for non-yielding assets like gold.
Central banks worldwide have demonstrated continued confidence in gold, with a remarkable accumulation of 20 tons in May 2025 alone. This underscores gold's enduring appeal as a safeguard against economic turmoil, inflation, and geopolitical risks. As trade tensions simmer and inflation concerns persist, gold's dual role as a safe haven and inflation hedge remains at the forefront of investors' minds.
In summary, the gold market on July 8, 2025, in Vietnam and globally, reflects a delicate balance of factors: trade tensions, currency fluctuations, central bank policies, and investor sentiment. While domestic prices have surged to multi-week highs, buoyed by global trends and local demand, uncertainties linger. Investors and analysts alike are watching closely, navigating a landscape where gold's glitter shines brightest amid economic and geopolitical shadows.
