CaliToday (12/10/2025): Domestic gold prices in Vietnam have surged to unprecedented heights, with the nation’s benchmark SJC gold bars closing in on the historic mark of VND 143 million per tael. The dramatic price hike is a direct reflection of a global stampede into safe-haven assets, as investors seek shelter from escalating geopolitical instability and mounting fears of a worldwide economic recession.
At midday on Sunday, the Saigon Jewelry Company (SJC) listed its gold bars at a staggering VND 140.8 million (approx. $5,340) per tael for buying and nearly VND 142.8 million (approx. $5,415) per tael for selling. This represents a significant leap from the previous day's trading and continues a powerful upward trend that has gripped the market. The fever has also spread to other forms of the precious metal, with gold rings setting new records as Vietnamese investors scramble to secure their wealth.
This frenetic activity in the domestic market is being fueled by a perfect storm of international crises that has sent global gold prices soaring past the historic $4,000 per ounce milestone.
A World on Edge: The Drivers Behind the Gold Rush
Analysts point to a confluence of critical factors driving the global demand for gold:
Geopolitical Instability: Heightened tensions between the U.S. and China, particularly recent threats by President Donald Trump to impose massive new tariffs, have rattled global markets. This, combined with the ongoing U.S. government shutdown and persistent conflicts in other parts of the world, has created a climate of deep uncertainty.
Economic Recession Fears: Growing concerns about the health of the U.S. economy and the increasing likelihood of a global recession have weakened the U.S. dollar. With expectations that the U.S. Federal Reserve will continue to cut interest rates, non-yielding assets like gold become significantly more attractive.
Massive Central Bank Buying: In a major shift, central banks around the world have been aggressively purchasing gold to diversify their reserves and reduce their reliance on the U.S. dollar, further squeezing supply and bolstering prices.
The Local Impact: A Flight to Safety in Vietnam
In Vietnam, where gold has long been a traditional store of value, the global turmoil has translated into a rush for physical bullion. Local investors, wary of inflation and low interest rates at banks, are turning to gold as the most reliable means of preserving their capital.
This intense domestic demand has caused the price of SJC gold to trade at a significant premium over the international spot price, highlighting the strong local appetite for the precious metal. The surge in gold ring prices further demonstrates that this is a widespread phenomenon, affecting all segments of the market from large investors to everyday citizens.
As the world continues to navigate a landscape fraught with economic and political peril, the price of gold in Vietnam, as in the rest of the world, is expected to remain highly sensitive to global events. For now, the "gold fever" shows no signs of breaking.
