CaliToday (23/10/2025): Vietnam’s gold market was gripped by a dramatic sell-off on Thursday, as prices went into an afternoon freefall that accelerated a brutal rout from the morning session.
The panic sent the nation's benchmark SJC gold crashing through a key psychological barrier. The domestic collapse was mirrored by a violent plunge in the global market, which fell to a two-week low, wiping out recent gains and stunning investors.
Domestic Market in Turmoil
The sell-off in Vietnam was fast and severe. The state-managed SJC gold brand, the traditional benchmark for the local market, plummeted below the critical 150 million VND per tael* mark.
At its lowest point, SJC prices had "evaporated" (as described by local media) by nearly 5 million VND per tael within hours. This steep drop signals intense selling pressure and a rapid erosion of confidence among local investors, who often view SJC gold as a primary store of value.
The pain was even more acute in the plain gold ring market, which is more closely aligned with international price movements. Retailers reported that prices for 24k gold rings were in a "nosedive" (lao dốc không phanh), collapsing by as much as 7 million VND per tael compared to the previous day's close. This represents one of the most significant single-day drops in recent memory.
Global Contagion
This domestic panic did not happen in a vacuum. It was ignited and amplified by a simultaneous, sharp correction in the international market.
Global spot gold prices were also in freefall, at one point hemorrhaging more than $150 per ounce.
The sudden plunge sent the precious metal crashing to its lowest price point in two weeks, leaving traders and analysts scrambling to identify a floor for the sell-off. The afternoon's accelerated losses, both domestically and abroad, confirmed that the morning's dip was not a temporary correction but a full-blown rout.
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*For context: A Vietnamese tael (or "lượng") is a traditional unit of weight, equivalent to 37.5 grams or approximately 1.2 troy ounces.