Gold prices continue to rise to 111 million VND per tael.

Domestic gold prices surged by 3-5 million VND per tael by early this afternoon compared to the beginning of the day, and are 7-8 million VND higher than world prices .

At 10:30 AM, the price of SJC gold bars surged to between 108.5 and 111 million VND per tael. In total, gold brands increased their buying and selling prices by 3 million VND this morning.

Plain gold rings have also seen a sharp increase of 5 million VND per tael after two adjustments, reaching approximately the same price as gold bars. Accordingly, SJC lists the price of plain gold rings at 108 - 110.5 million VND per tael. Bao Tin Minh Chau buys and sells plain gold rings at 108.3 - 111 million VND.

Earlier that day, at the opening, Saigon Jewelry Company (SJC) announced... gold price Gold bars are priced at 106.8 - 109.8 million VND, an increase of 1.3 million VND for the buying price and 1.8 million VND for the selling price compared to the end of yesterday. Several other major brands also listed corresponding gold bar prices. At Mi Hong, gold bars are being bought and sold at 107.5 - 110.5 million VND per tael. The difference between the buying and selling price has widened to 3 million VND per tael.

At the same time, SJC raised the price of plain gold rings to 105.3 - 108.8 million VND, 2.3 million VND higher for buying and 2.8 million VND higher for selling compared to yesterday. Bao Tin Minh Chau raised the price of plain gold rings to 106.5 - 109.5 million VND per tael.

Compared to the beginning of the year, each ounce of gold has increased by nearly 22 million VND. Investors who bought gold at the beginning of the year could see a return on investment of over 25% to date.

Currently, domestic gold prices are rising faster than the price of the precious metal on the international market. This morning, domestic gold prices were 6-7 million VND per ounce higher than world prices, when converted using the Vietcombank selling exchange rate (excluding taxes and fees). At 9:00 AM Hanoi time, the spot gold price reached a record high of 3,271 USD per ounce, equivalent to 102.5 million VND per ounce.

Gold bars at the SJC headquarters in District 3, March 2025. Photo: Quynh Tran

Recently, Goldman Sachs predicted that gold prices could reach $4,000 next year, driven by buying from central banks and ETFs amid recession risks. Analysts at Goldman Sachs believe central banks' gold demand could average 80 tons per month this year, compared to their previous estimate of 70 tons. Increased recession risks will also likely lead to increased buying by gold ETFs.

"Recent trading activity suggests increasing investor demand for safe-haven assets amid rising recession risks and falling prices of risky assets," Goldman Sachs said. The bank currently forecasts a 45% probability of a US recession in the next 12 months. If this scenario occurs, "gold ETFs will accelerate their buying, pushing prices up to $3,880 by the end of this year."

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