Domestic gold price increased nearly 50% after 1 year

According to the market report for July and the first 7 months of 2025 of the General Statistics Office ( Ministry of Finance ), the gold price index in July increased by 1.02% compared to June due to the low number of gold bars circulating in the market.

However, compared to the same period last year, the gold price index in July increased by 49.7%. On average, in the first 7 months of 2025, the gold price index increased by 39.09%.

Also according to the General Statistics Office, as of July 31, the average world gold price was at 3,369 USD/ounce, down slightly by 0.02% compared to June.

Domestic gold price increased by nearly 50% after 1 year. (Illustration photo: VNN).

In July, inflation expectations in the US and Europe did not change much; the monetary policy of the US Federal Reserve (Fed) kept the base interest rate unchanged. In addition, investment demand for physical gold in major markets such as China and India did not fluctuate, contributing to maintaining a stable price level.

While gold prices increased, the domestic USD price fluctuated in the opposite direction to the world price. As of July 31, the USD price index on the international market reached 97.61 points, down 1% compared to the previous month due to the market's increased expectation that the Fed would soon loosen monetary policy to support growth, reducing the attractiveness of the USD.

Domestically, the USD price index in July increased by 0.37% compared to the previous month; increased by 3.39% compared to the same period last year; and increased by 3.3% compared to December 2024. On average for the first seven months of 2025, the USD price index increased by 3.32%.

Commenting on the future fluctuations in gold prices, expert Nguyen Tri Hieu said that in Vietnam, an important factor affecting the gold market is the management mechanism. Currently, the market is expecting to amend Decree 24 - an important legal document regulating gold trading activities. The latest draft amendment has proposed to end the monopoly mechanism on gold bar production, expand the adjustment to raw gold, jewelry gold and tighten business conditions.

Mr. Hieu said: " If the draft is passed, the market will be more transparent and competitive, thereby helping to narrow the gap between domestic and international gold prices to 4-5 million VND/tael ."

However, experts also noted that so far, there has been no official information regarding the granting of gold import licenses to businesses. “ The connection with the global market has not yet truly materialized. That is why the price difference remains high and is difficult to reduce without new supply sources ,” Mr. Hieu said.

Vtcnews.vn

Source: https://vtcnews.vn/gia-vang-trong-nuoc-tang-gan-50-sau-1-nam-ar958207.html