The dramatic correction ends days of historic highs, with SJC bars falling back to the 151 million VND mark as broader commodity sentiment, including coffee, turns negative.
CaliToday (19/10/2025): Vietnam's domestic gold market experienced a severe shock correction this morning, Sunday, October 19, as prices for both SJC gold bars and 24k gold rings plummeted in early trading. The sharp downturn comes after several days of a frenzied, record-breaking rally that saw prices soar to unprecedented levels.
The most dramatic drop was seen in the national benchmark, SJC-branded gold bars. Major jewelers and financial institutions across Hanoi and Ho Chi Minh City adjusted their price boards downwards by as much as 3 million VND per tael shortly after markets opened.
As of 9:00 AM local time, Saigon Jewelry Company (SJC), the state-owned brand that dominates the local market, was officially listing its gold bars at approximately 150.5 million VND (buy) and 151 million VND (sell).
One Vietnamese "tael" is a traditional unit of measurement equivalent to 37.5 grams or approximately 1.2 troy ounces.
This precipitous fall represents a sudden and violent end to days of bullish sentiment. Just last week, investors had been piling into the precious metal, pushing prices to new all-time highs daily. The market was characterized by high demand, with many Vietnamese investors seeking gold as a safe-haven asset, causing a significant gap to form between domestic prices and the global spot price.
The correction was not limited to the premium SJC brand. Prices for 24k gold rings, which are more closely aligned with international prices and favored by smaller investors, also fell sharply, though the specific drop varied between retailers.
Market analysts suggest this morning's collapse is likely driven by a massive wave of profit-taking. Investors who bought at lower prices are now cashing in on the historic gains, triggering a cascade of sell orders. The extreme volatility has also led to a widening of the buy-sell spread at many jewelry stores, as retailers scramble to mitigate risk in the face of unpredictable price swings.
In a sign of broader bearish sentiment hitting Vietnamese commodities, the domestic price of coffee also registered a significant decline. In the Central Highlands, Vietnam's primary coffee-growing region, the price for robusta beans fell by 1,000 VND per kilogram in parallel with the gold market's downturn.
Investors and analysts are now closely watching to see if this is a temporary, albeit sharp, correction or the beginning of a more sustained bear market for the precious metal, which had seemed unstoppable until this morning.