As of the morning of March 8, Saigon Jewelry Company (SJC) listed gold bar prices at around VND182–185 million per tael (buying – selling). Prices remained unchanged compared with the previous day as the domestic market was closed for weekend trading.

Other major gold traders in Vietnam, including Phu Nhuan Jewelry JSC (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai and Mi Hong Company, also ended the week with gold bar prices at levels similar to those quoted by SJC.

Compared with the record high of VND190.9 million per tael recorded earlier in the week on March 2, domestic gold bar prices have fallen by nearly VND6 million per tael. After factoring in the gap between buying and selling prices, investors who purchased gold at that peak are currently facing losses of nearly VND9 million per tael, equivalent to around 5%.

However, compared with the level recorded at the end of last week, the decline is narrower, at roughly VND2 million per tael. Including the buy–sell spread, investors who bought gold late last week are still estimated to be losing about VND5 million per tael.

Similar declines were also recorded in the gold ring segment. Over the past week, gold ring prices fell by about VND5–6 million per tael.

SJC currently lists 99.99% gold rings weighing between one and five chi at around VND181.7 million per tael for buying and VND184.7 million per tael for selling.

Other gold traders such as Phu Quy Group, PNJ, DOJI, Mi Hong, Bao Tin Minh Chau and Bao Tin Manh Hai also ended the week with gold ring prices ranging between VND182-185 million per tael, roughly equivalent to the price level of SJC gold bars.

With the weekly decline of VND5–6 million per tael and the current buy–sell spread of around VND3 million per tael, investors who purchased gold rings at more than VND190 million per tael on March 2 are now facing losses of approximately VND8–9 million per tael.

Meanwhile, the gap between domestic gold prices and global gold prices converted at the exchange rate of March 6 has widened to around VND21 million per tael.

In its latest report, the World Gold Council (WGC) said that a potential weakening trend of the US Dollar Index could become an important supportive factor for gold prices in the medium term.

Rising geopolitical tensions are also reinforcing gold’s role as a safe-haven asset. According to historical data from the WGC, gold prices have responded positively in roughly two-thirds of cases when geopolitical tensions escalate significantly.

Despite the generally positive outlook, the WGC also warned of potential risks for the gold market. The current high price level may make some investors more cautious.

In addition, if financial flows continue to drive strong economic growth in regions such as Europe, Japan and other major economies, gold could become less attractive in those markets as investors shift toward equities amid stable growth prospects.

Mini gold sees surging demand ahead of God of Wealth Day

As God of Wealth Day (the 10th day of the first lunar month, February 26 this year) approaches, the gold market has entered its most vibrant peak season. Despite prices hovering at record highs, people are flocking to buy gold for good luck, while businesses have proactively prepared ample supplies and service plans.