【Vietnam】Gold Prices as of March 31, 2025: Domestic and Global Gold Prices Expected to Rise to New Records

As of the survey at 4:30 AM on March 31, 2025, domestic gold prices were approaching 101 million VND. Specifically:

• The price of SJC gold bullion listed by Saigon Jewelry Company (SJC) was 98.4 – 100.7 million VND per tael (buying – selling), unchanged. The spread between buying and selling prices was 2.3 million VND per tael.
• The DOJI Group quoted the price of SJC gold bullion at 98.4 – 100.7 million VND per tael (buying-selling), with both buying and selling prices flat. The spread was 2.3 million VND per tael.
• Meanwhile, Bao Tin Minh Chau announced the price of SJC gold bullion at 98.5 – 100.7 million VND per tael (buying-selling), with both buying and selling prices flat. The spread was 2.2 million VND per tael.

As of 4:30 AM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI was 98.4 – 100.7 million VND per tael (buying-selling), with no change in both buying and selling prices. The spread was 2.3 million VND per tael.

Bao Tin Minh Chau announced the price of gold rings at 98.9 – 109 million VND per tael (buying-selling). Both buying and selling prices were flat. The spread was 2 million VND per tael.

Last week, despite the decline in the global market, domestic gold prices continued to rise strongly. By the weekend, both SJC gold rings and bullion had hit new record highs. Specifically, SJC gold bullion rose by a total of 3.3 million VND per tael. Meanwhile, gold rings also rose by 2.5 million VND per tael compared to the previous weekend.

In the international market, the spot gold price was $3,083.39 per ounce, unchanged from the previous day but up $59.13 per ounce from last week. Converted at the current exchange rate, the global gold price is about 97.56 million VND per tael (excluding taxes and fees), about 3.14 million VND cheaper than domestic bullion prices.

At the beginning of the week, the US announced that its March Consumer Confidence Index fell to 92.9 points. This was below expectations and significantly lower than February. Meanwhile, US durable goods orders increased by 0.9% in February. This exceeded expectations but was a significant decrease compared to January.

From mid-week to the weekend, the US economic growth rate (GDP) for Q4 2024 was announced, showing a 2.4% increase, exceeding the previous forecast of 2.3%. However, the GDP price index, an indicator of inflationary pressure, fell short of expectations, suggesting the US dollar could weaken in the near future.

The Personal Consumption Expenditures (PCE) price index, a key US inflation indicator, showed signs of accelerating inflation. The core PCE index rose 2.8% month-on-month in February, exceeding both expectations and the previous month. This suggests US inflation is rising again after the new tariff policy took effect.

Another notable point is that US personal income in February increased significantly by 0.8%, exceeding initial forecasts. However, the growth in personal consumption was slower than expected. Coupled with declining consumer confidence, it is clear that Americans are becoming more cautious about spending in the face of heightened economic risks.

In Europe, the March Economic Sentiment Index also fell to 95.2 points, significantly below expectations and the previous month. This clearly indicates that the outlook for the European economy is becoming less optimistic, further boosting demand for gold as a safe-haven asset.

Domestic gold prices are expected to continue rising next week, driven by the strong upward trend in the global market. Currently, the gold market remains in a supply shortage, with investors and general consumers actively buying more and holding back on selling. This is the main driver for the continued surge in gold prices.

According to forecasts, gold prices will continue to fluctuate at high levels, and if there are no signs of easing trade and geopolitical tensions, they could reach $3,100-$3,200 per ounce by mid-April.

However, experts also point out the possibility of significant volatility. If the Fed unexpectedly raises interest rates or major conflicts around the world ease, gold prices could easily plummet to the range of $2,950-$3,000.

Overall, gold prices are strongly supported by geopolitical instability and escalating trade frictions, especially as the US imposes high tariffs on many products, including imported cars, based on its “America First” strategy. If this situation worsens, central banks worldwide will continue to buy gold to reduce their dependence on the US dollar.

Furthermore, tensions in Ukraine and the Middle East are also contributing to rising gold prices. Meanwhile, the US economy is under significant pressure from the new tariff policy, increasing inflation risks. Although the Federal Reserve (Fed) is keeping interest rates steady, it leaves open the possibility of a rate cut within the year if inflationary pressures intensify.

In the long term, Goldman Sachs maintains its forecast that gold prices will rise to $3,300 per ounce by the end of 2025, driven by steady demand from central banks and ETFs.