SJC gold bars surged by VND500,000 per tael, pushing the selling price to an unprecedented VND134.4 million per tael, the highest ever recorded.

According to market data, SJC's gold bar buying price also climbed, reaching VND132.9 million per tael. Meanwhile, the price of 9999 gold rings produced by SJC and Doji rose by VND200,000 per tael from the previous session, now selling at VND129.5 million, with the buying price at VND126.5 million.

In contrast, global gold prices saw a downturn. As of 6 a.m., gold traded on Kitco stood at US$3,539 per ounce, down US$20 from its all-time high earlier in the week. Despite the dip, international gold remains at elevated levels.

Nguyen Tri Hieu, an independent specialist on banking and finance, attributed the sharp rise in Vietnam’s gold prices to both global influences and domestic supply-demand imbalances. He pointed out that limited supply in the local market is a major factor behind the price surge, with demand outpacing availability.

Hieu explained that the State Bank of Vietnam has been releasing SJC gold bars through stabilisation sales to ease market tension. However, this is only a short-term solution. With prices rising, people are holding onto their gold rather than selling, further tightening supply. The expert suggested that regulatory bodies shift from direct intervention to a supervisory role, allowing businesses to import gold to increase market liquidity.

He also noted that domestic gold prices tend to be less responsive to global price drops, often remaining stable or falling at a slower rate.

The financial expert expected gold prices, both domestically and globally, to rise sharply through the end of 2025, citing weakening US dollar, US tariff policies, geopolitical conflicts and US economic concerns as the key reasons.

In this context of rising geopolitical and economic uncertainty, gold is increasingly seen as a safe-haven asset, pushing prices up both at home and abroad.

State monopoly on gold production eliminated

Vietnam has officially removed the state monopoly on gold bullion production, marking a significant shift in the country’s gold market dynamics.