Editor’s Note
Gold prices have hit a new record high for the 17th time, with strong buying interest continuing to drive the market. This article explores the factors behind the rally and considers how much further prices may climb.
Gold prices have surged sharply, setting a record high for the 17th time, with buy orders still overwhelmingly dominating the market trend. How much higher can gold prices go?
On March 29, 2025, domestic gold prices are rising sharply, with the international gold price hitting a new record of $3,077 per ounce. Gold futures contracts are expected to soon reach $3,100, although an early correction is also possible.
Domestic gold prices continue their upward trend, consistently setting new records. Since opening on March 28, precious metal stores have raised the prices of SJC gold bars and plain gold rings close to the previous week’s peak. Simultaneously, the spread between buying and selling prices has widened.
By the afternoon, gold prices had risen by hundreds of thousands of dong per tael compared to the morning, setting a new record high for gold bar prices at 100.7 million dong. At market close, Saigon Jewelry Company (SJC), DOJI Company, and Phu Quy Company all quoted SJC gold bar prices between 98.2 million and 100.2 million dong per tael.
Phu Quy’s 9999 gold ring price is currently 98.7-100.7 million dong per tael, Bao Tin Minh Chau raised prices to 98.4-100.8 million dong, DOJI Group raised prices to 98.9-99.8 million dong, PNJ is trading at 98.7-100.7 million dong, and SJC is trading at 98.5-100.5 million dong.
Market information indicates that currently, people wanting to buy gold bars from SJC and state-owned banks must pre-order online. When market conditions are stable, one can visit stores to buy SJC gold bars without a pre-order. Meanwhile, plain gold rings from major brands are often in short supply, and purchase limits per person may be restricted to a few grams depending on the period.
Based on Vietcombank’s USD exchange rate, the world gold price corresponds to 95.4 million dong per tael. The current difference between domestic and world gold prices is about 5 million dong per tael.
Driven by safe-haven buying and optimistic technical indicators, world gold prices have hit a record high.
As of 7:40 PM on March 28, according to World & Vietnam Newspaper, the world gold price on the Kitco electronic trading platform was $3,080.20 per ounce, continuing a sharp rise of $22.9 from the previous trading day.
Comex gold futures prices hit a record high of $3,071.30 per ounce. Safe-haven preference remains unchanged, and positive technical indicators support the gold price rally. The recently traded April gold futures contract closed at $3,063.90, up $41.70 per ounce.
Thus, the precious metal price has set its 17th record high this year.
The market rose as investors flocked to safe-haven assets amid heightened global trade tensions and stock market declines. Following recent tariff impositions that surprised trade partners, US President Donald Trump officially imposed a 25% tariff on imported automobiles on March 27. In response, several governments, from close partner countries like Canada, France, and China to allies, have announced retaliatory measures.
In external markets, the dollar index fell. Crude oil futures on the New York Mercantile Exchange (Nymex) rose slightly, trading around $69.75 per barrel. The yield on the US 10-year Treasury note is currently around 4.4%.
Technical analysis suggests that speculative forces in April gold futures hold a strong technical advantage overall in the short term. The next upside target is to break the solid resistance level at $3,100 to form a closing price. Conversely, the next downside target for futures speculators is to push futures prices below the solid technical support level at $2,900.
Summary of SJC gold bar prices and 9999 plain gold ring prices from major domestic gold trading brands as of March 28 market close:
– Saigon Jewelry Company (SJC): SJC gold bars sold at 98.2-100.2 million VND/tael; SJC gold rings at 98.5-100.5 million VND/tael.
– DOJI Group: SJC gold bars 98.2-100.2 million VND/tael; 9999 purity gold rings (Hung Thinh Vuong brand) 98.9-99.8 million VND/tael.
– PNJ system: SJC gold bars traded at 98.2-100.2 million VND/tael; PNJ 999.9 plain gold rings at 98.7-100.7 million VND/tael.
– Phu Quy Group: Gold bars sold at 98.2-100.2 million VND/tael; gold rings of 999.9 purity at 98.7-100.7 million VND/tael.
– At Bao Tin Minh Chau, SJC gold price is 98.2-100.2 million VND/tael, and plain gold ring price is 98.4-100.8 million VND/tael.
Goldman Sachs raised its year-end 2025 gold price forecast from $3,100 to $3,300, citing stronger-than-expected demand from ETFs and central banks.
The gold market has firmly broken through $3,000. Despite this strong rally, some market analysts have not yet revised their outlooks, citing that price increases could have unexpected impacts on the precious metal.
Expert Schieven is optimistic about gold prices this year but says it’s difficult to predict how a recession would affect the precious metal. She explains that during recessions, investors often sell gold to raise capital and offset stock losses.
Gold prices have risen over 15% this year, while the S&P 500 index has fallen nearly 5% over the same period. The overall stock market index is down 8.5% from its all-time high last month.
Expert Schieven predicts that the world trade war, triggered by US President Donald Trump’s continued adherence to an “America First” policy including tariffs on imports, will cause the global economy to continue facing difficulties.