On the morning of January 29, Saigon Jewelry Company (SJC) quoted gold bars at VND187.2 million to VND190.2 million per tael, marking sharp increases from the previous day. Other gold brands posted similar adjustments. Since the start of the year, gold bar prices have increased by more than 24%.

The domestic market has moved in line with international trends. Spot gold prices jumped by more than US$112 an ounce to above US$5,500. Converted at Vietcombank’s selling exchange rate, global gold prices are equivalent to around VND175 million per tael, about VND16 million lower than domestic levels.

Market analysts said the price rise has been supported by sustained buying from central banks and investment funds, alongside strong demand for safe-haven assets. The US Federal Reserve’s decision to keep interest rates unchanged, in line with market expectations, together with recent remarks by Fed Chair Jerome Powell, has reinforced expectations of further gains in gold prices.

Heightened geopolitical tensions in several regions, along with a broader trend toward reserve diversification and reduced reliance on the US dollar, have also continued to underpin demand for gold.

The State Bank of Vietnam said domestic gold prices have risen mainly in response to global market developments and a tendency among holders to limit selling amid expectations of further price increases.

The central bank noted that gold is not classified as an essential commodity and does not fall under price stabilization regulations, adding that intervention would only be considered if price fluctuations were to adversely affect the foreign exchange market, exchange rates or monetary policy.

Vietnam bans negative gold positions at credit institutions from February 12, 2026

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