Vietnam gold prices hit all-time high as global market surges

On Saturday, SJC gold bars were sold at VND138.6 million ($5,253) per tael and bought at VND136.6 million ($5,177), according to SJC, Vietnam's largest state-run gold trader. 

That marked an increase of VND800,000 ($30) from the previous day and the highest level ever recorded in the domestic market.

Gold rings made of 9999 fine gold were sold at VND135 million ($5,116) per tael, up VND700,000 ($26.5), while the buy price reached VND132.3 million ($5,014).

At major gold retailers, the spread between buying and selling prices narrowed to around VND1 million ($38) per tael, with some quoting purchase prices as high as VND137.6 million ($5,215).

Global spot gold prices ended the week at $3,887 per ounce, up $29.6, driven by expectations of interest rate cuts by the U.S. Federal Reserve and continued demand from central banks and exchange-traded funds (ETFs). 

Based on current exchange rates, the international gold price is equivalent to around VND123.8 million ($4,692) per tael, placing local SJC gold at a premium of approximately VND14.8 million ($561).

Vietnam's domestic gold demand remains high, with the market awaiting additional supply after October 10, traders said.

Gold has gained 47 percent so far this year, making it one of the strongest-performing assets globally in 2025.

Investor sentiment has been fueled by a weakening U.S. dollar, political uncertainty over a potential extended government shutdown, and rising expectations of monetary easing by the Fed. 

According to CME's FedWatch Tool, markets are pricing in a 97-percent chance of a rate cut this month and an 85-percent chance of another cut by year-end.

Despite overall bullish sentiment, SPDR Gold Trust, the world's largest gold ETF, recorded a net outflow of 0.8 tonnes on Friday, reducing holdings to 1,014.9 tonnes. 

However, the fund added about eight tonnes for the week.