Editor’s Note
This article discusses the surge in Vietnam’s gold prices to record highs, driven by global economic uncertainty linked to U.S. tariff policies. The price of SJC gold broke records twice in one day.
Amid heightened global economic uncertainty stemming from U.S. tariff policies, Vietnam’s gold price continued its upward trend, hitting record highs twice in a single day, in the morning and afternoon.
State-owned precious metals company Saigon Jewelry (SJC) set its gold bar selling price at 115 million dong ($4,449.9) per tael (37.5g) on the afternoon of the 16th (local time). This broke the previous all-time high of 111 million dong ($4,295.1) set just that morning, which itself was a sharp 2.78% increase from the previous day. The price per ounce was $3,708.3.
International gold prices have hit record highs multiple times this year, rising over 25% due to increased geopolitical and economic uncertainty. Following this trend, Vietnam’s gold price has also risen by over 25%, or more than 24 million dong ($928.7).
Reuters reported, “International gold prices hit a record high as demand for safe-haven assets surged due to a weaker dollar, heightened trade tensions, and concerns about global economic growth.”
On that day, spot gold rose 1.9% from the previous day to $3,287.79 per ounce. Early in the session, gold prices reached a record high of $3,294.99 per ounce. The U.S. Dollar Index (DXY), which measures the dollar’s value against a basket of six major currencies, continued to weaken, supporting global demand for gold.
Australia and New Zealand Banking Group (ANZ) noted that hedge buying for gold does not yet appear to have increased. The bank revised its six-month forecast to $3,500 per ounce and its year-end forecast to $3,600 per ounce.