【Vietnam】Gold Prices Experience Unexpected Rebound in a Surprising Week, Ring Gold Price Surpasses SJC Bullion Price

Today, February 23, 2025, gold prices unexpectedly turned downward. However, gold had a surprising surge this week due to unpredictable global political situations and conflicts, former US President Donald Trump’s trade wars, and investor anxiety over ‘Fear of Missing Out’ (FOMO). The price of gold rings also followed this trend downward.

Last week, domestic gold prices surged sharply. On Monday, February 17, as the market opened, the prices of domestic gold rings and bullion rose slightly.
Specifically, Saigon Jewelry Company (SJC) and DOJI Gold & Jewelry Group set the selling price for SJC gold bullion at 87.6 – 90.6 million VND per tael (buying – selling), an increase of 300,000 VND per tael for both buying and selling prices compared to the previous closing price.
Similarly, gold ring prices also rose slightly. Saigon Jewelry Company (SJC) set gold ring prices at 87.6 – 90.4 million VND per tael (buying – selling), an increase of 300,000 VND per tael for both buying and selling prices compared to the previous trading day.
After rising sharply for three consecutive days during the week, with the selling price exceeding 92 million VND per tael, domestic gold prices stabilized on the morning of February 21.
Specifically, Saigon Jewelry Company (SJC) and DOJI Gold & Jewelry Group set the selling price for SJC gold bullion at 90 – 92.3 million VND per tael (buying price – selling price), maintaining the same price in both buying and selling directions compared to the closing price on February 20.
Similarly, gold ring prices also remained unchanged. Saigon Jewelry Company (SJC) set gold ring prices at 89.9 – 92 million VND per tael (buying – selling), maintaining the same buying and selling prices as the closing price on February 20.

A summary of SJC gold bullion and gold ring prices from major domestic gold trading brands as of the market close on February 22:
– Saigon Jewelry Company (SJC): SJC gold bullion at 89.4 – 91.7 million VND per tael; SJC gold rings at 89.3 – 91.7 million VND per tael.

– DOJI Group: SJC gold bullion 89.4 – 91.7 million VND/tael; 9999 purity gold rings (Hung Thinh Vuong brand) 90 – 91.7 million VND/tael.
– PNJ System: SJC gold bullion trades at 89.4 – 91.7 million VND per tael; PNJ 999.9 pure gold rings at 90.1 – 91.7 million VND per tael.
– Phu Quy Gold & Silver Group: SJC gold bullion: 89.6 – 91.7 million VND per tael; Phu Quy 999.9 pure gold rings: 90.1 – 91.8 million VND per tael.
– At Bao Tin Minh Chau, SJC’s gold price is 89.6 – 91.7 million VND per tael, and plain gold ring prices are 90.2 – 91.8 million VND per tael.
Thus, in the domestic market, SJC gold bullion and gold ring prices are showing a downward trend.

According to World & Vietnam News, as of 5:09 PM on February 22 (Vietnam time), the global gold price on Kitco News was $2,936.3 per ounce, down $3.6 from the previous trading day.
Based on Vietcombank’s USD exchange rate on February 22 (1 USD = 25,680 VND), the global gold price is equivalent to 90.85 million VND per tael.
Despite ending its upward trend and turning downward on the last trading day of the week, gold recorded its eighth consecutive weekly gain, driven by safe-haven demand fueled by concerns over former US President Donald Trump’s tariff policies. Gold prices rose overall by about 1.9% this week.
Since the beginning of 2025, gold prices have risen 11.5%, driven by uncertainty about global economic growth and the world political situation boosting demand for holding precious metals.
Gold prices have risen for eight consecutive weeks, hitting record highs. This is due to increased global uncertainty and aggressive buying by central banks. April gold futures closed at $2,950 per ounce, up $56.30 (1.95%) for the week, and hit a daily high of $2,973.40 per ounce on February 20.
Since December 30, 2024, gold has shown remarkable strength, recording an impressive rise of about $300 per ounce. This price surge has been particularly notable in recent days as prices stabilized near all-time highs. The sustained rise in the price of this precious metal is attributed to increased safe-haven demand due to geopolitical tensions and policy uncertainty.

Market concerns are growing as former US President Donald Trump’s controversial remarks about Ukrainian President Volodymyr Zelenskyy and the Ukrainian civil war have strained relations between the US and several European countries. Additionally, although tariff threats against Canada and Mexico were temporarily postponed following an agreement in early February, the overall impact of President Trump’s trade policies continues to negatively affect market sentiment.
These concerns were reflected in the decline in US consumer confidence reported by the University of Michigan Consumer Sentiment Index in February, as people became increasingly worried about the potential impact of tariffs on consumer prices.

This sentiment is evident in significant inflows into gold-backed exchange-traded funds (ETFs). The world’s largest gold ETF recorded its largest weekly increase in holdings since 2023, adding over 20 tonnes in just three trading days.
The combination of increased central bank reserve purchases, high interest from institutional investors, and persistent geopolitical uncertainty suggests that gold remains a strong safe-haven asset, likely supporting further price increases.

Experts assess that this week has been a surprising one for the gold market, with prices hitting record highs. They forecast that if this upward trend continues, it is only a matter of time before gold reaches $3,000 per ounce.
The question is what happens next. Since $3,000 per ounce has become a very significant psychological resistance level, it may take time to break through as traders take profits at this high.
Gold prices showed a similar sharp rally in 2020 when they first attempted to break through $2,000 per ounce. Despite the rally, it was not enough for a sustained breakthrough. It took four years and three tests to finally break through the $2,000 resistance level.
As another example, in 2008, gold prices rose for three years, peaking at just over $1,900 per ounce in 2011. However, in 2013, gold prices fell and then moved sideways for the next five years.