Gold prices have been making headlines lately, with significant fluctuations observed across Vietnam's market. After weeks of upward movement, gold has entered a correction phase.
On February 21, the Saigon Jewelry Company (SJC) and DOJI listed their prices at 89.7 - 92 million VND per tael, reflecting a decrease of 300,000 VND since the previous trading session. Phú Quý SJC also adjusted its prices down by the same amount, trading within the same range. Meanwhile, PNJ's prices saw a more modest decrease of 200,000 VND, setting their rates at 90.2 - 92 million VND. Notably, Bảo Tín Minh Châu chose to maintain its pricing at 90.1 - 92.3 million VND.
Despite this dip, prices remain higher than the previous week by approximately 1.6 million VND, with continued large price spreads of over 2 million VND between buying and selling prices. Not just gold bars, but gold rings also followed suit on February 22, adjusting downward. For example, DOJI displayed the 9999 gold ring at 90 - 91.7 million VND, dipping by 500,000 VND. Conversely, Bảo Tín Minh Châu held their buying price steady but decreased the selling price by 500,000 VND, to 90.1 - 91.8 million VND.
Globally, by February 22, the gold benchmark on Kitco registered at 2,935 USD per ounce, marking a decrease of 4 USD compared to earlier evaluations. This decline followed the recent peak of 2,953 USD set just two days prior. Despite the fluctuations, gold prices have risen for eight consecutive weeks, spurred largely by increased safe-haven demand amid global uncertainties and aggressive buying from central banks.
On February 23, the State Bank of Vietnam reported the central exchange rate at 24,638 VND/USD, unchanged from prior assessments. Commercial banks reported USD rates of around 25,290 VND for buying and 25,680 VND for selling. Falling gold prices coupled with the local currency conversion suggested gold's global price matched around 91.8 million VND per tael (including taxes and fees), slightly lower by 100,000 VND than domestic gold prices.
Focusing on the international scene, Kitco noted gold prices close the week at 2,935 USD/ounce, down 0.15% from previous data. Meanwhile, April 2025 futures on the New York Comex market were trading at 2,942 USD/ounce. Interestingly, during the previous week, gold had reached record highs within the framework of rising global instability and substantial central bank buying activity.
Expert opinions vary as to the future path of gold prices. Chandler anticipates potential declines, predicting, "From the start of the year, gold prices have increased by over 13%. The rapid rise might slow investor buying. Technical charts indicate bearish indicators. Initial support could be around $2,875-$2,880/ounce." He opined this could be pivotal, as prices seem to be reaching peak levels.
Adding to the commentary, analysts at Saxo Bank noted, "The gold market is heading toward the next psychological level of $3,000/ounce." Similarly, Citigroup analysts suggested gold could reach $3,000 within three months due to geopolitical tensions and trade wars instigated by the U.S. That sentiment reflects on how investors view gold as increasingly valuable amid turbulent market conditions.
Overall, Vietnamese gold prices and their fluctuations amid global trends paint a complex picture filled with opportunities and caution for investors. With various factors influencing prices, the coming weeks will be watched closely as traders navigate the uncertain waters of international finance.