Fluctuations driven by the global gold price increases
As recorded on March 20, SJC-branded gold bars were traded at VND98.5 million (US$3,854) per tael for buying and VND100.5 million (US$3,933) per tael for selling. Meanwhile, 9999 gold rings were priced at VND99.25 million (US$3,881) per tael for buying and VND100.9 million (US$3,948) per tael for selling.
Compared to the beginning of 2025, domestic gold prices have increased by approximately 17 percent to 18 percent.
On the global gold market, the gold price also set a new record at US$3,051.4 per ounce on the afternoon of March 20 (Vietnam time) as the U.S. Federal Reserve (FED) decided to hold rates steady following its monetary policy meeting on March 19.
Compared to the beginning of the year, global gold prices have risen by approximately 15 percent.
Currently, global gold prices are approximately VND5.9 million (US$231) per tael lower than SJC gold bars and VND6.4 million (US$250) per tael lower than 9999 gold rings after conversion.
Mr. Shaokai Fan, Regional Director for Asia-Pacific (excluding China), and Head of Central Banks at the World Gold Council, stated that global gold prices in the early months of 2025 have reached an all-time high owing to macroeconomic factors, including concerns about inflation and the direction of monetary policy.
According to him, the gold prices in Vietnam have kept rising sharply, following the global gold price uptrend, and may continue to climb as demand for gold increases as a safe-haven investment and a hedge against inflation amid economic uncertainties.
Assoc. Prof. Dr. Nguyen Huu Huan from the University of Economics Ho Chi Minh City also stated that the sharp rise in domestic gold prices is mainly following the global trend.
A decline in global gold prices will likely lead to a corresponding decrease in domestic gold prices so the possibility of loss will be very high even though gold may still have an upward trend in the long run.
Therefore, people should avoid chasing prices when gold surges, Mr. Nguyen Huu Huan cautioned.
Shortage of gold supply
In recent days, as domestic gold prices continued to reach record highs, gold trading has become more active. However, major brands have imposed limits on the sale of SJC gold bars.
At the Mi Hong Gold Shop in Binh Thanh District, Ho Chi Minh City, a huge number of customers flocked to the store yesterday afternoon.
At Saigon Jewelry Company on Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City, numerous customers were waiting for transactions, mainly to buy 9999 gold rings. However, the company has set a daily purchase limit of one-tenth of a tael, equalling 3.75 grams of 9999 gold rings per person.
According to market sources, the reason for the restricted gold sales is the scarcity of gold supply. Businesses have not been allowed to import raw gold through official channels for many years. A manager of a major gold shop in Ho Chi Minh City stated that despite gold prices exceeding VND100 million (US$3,914) per tael in recent days, demand for gold remains strong, particularly for 9999 gold rings, as the State Bank of Vietnam (SBV) has restricted the supply of SJC gold bars.
Many economic experts suggested that the SBV should quickly propose amendments to Decree No.24 on gold market management to facilitate the import of raw materials for jewelry and fine gold businesses.
Economist Nguyen Tri Hieu assessed that the shortage of gold supply was a major bottleneck that temporary solutions can not fully resolve to stabilize the market. With the current supply and demand situation, the gap between domestic and global gold prices will likely continue to widen without the intervention of SBV.
According to CEO of Phu Nhuan Jewelry Company Le Tri Thong, the inability to import raw gold for many years has hindered Vietnam’s jewelry manufacturing industry despite its significant growth potential.
