Domestic gold prices surge sharply on global market trend

At 1p.m. SJC gold bar reached VND88 million/tael, an increase of VND500,000/tael compared to the Jan. 21 trading session. Meanwhile, SJC ring gold was listed at VND85.8 million/tael (buying) and VND87.5 million/tael (selling), also up by VND500,000/tael.

Phu Nhuan Jewelry JSC (PNJ), a leading gem stone, adjusted its gold prices to VND85.8 million/tael (buying) and VND87.5 million/tael (selling), marking increases of VND400,000/tael for buying and VND300,000/tael for selling compared to the previous trading session.

At Bao Tin Minh Chau Jewelry JSC, another leading gem stone, notable increases were recorded in plain round gold, listed at VND86 million/tael (buying) and VND87.95 million/tael (selling), rising by VND500,000/tael.

On January 21, global gold prices hit their highest level in over two months, as investors flocked to safe-haven assets amidst uncertainties surrounding US tariff plans.

As of 2:36a.m. (Vietnam time) on January 22, spot gold prices increased by 1.3% to US$2,742.48 per ounce, the highest level since November 6, 2024, and approaching the record high of US$2,790.15 per ounce set last October.

Experts attributed gold’s upward trajectory largely to the US tariff threats following Donald Trump’s inauguration. Although the US President has yet to announce specific details about broad tariffs or additional fees on major trade partners, he has hinted at the possibility of imposing tariffs on goods from China, Canada, and Mexico starting February 1.

Gold is viewed as a safe investment during times of economic and geopolitical instability. However, policies proposed by President Trump are expected to fuel inflation, potentially forcing the US Federal Reserve (Fed) to maintain higher interest rates for an extended period to curb price pressures.