CaliToday (03/11/2025): In a stark disconnect, Vietnam's SJC gold market remains "frozen," holding firm at 148 million VND/tael, defying the international sell-off.
The international gold market was hit by a "shock drop" to open the new week, as spot prices plunged through the critical $4,000 per ounce psychological support level. As of Monday afternoon, global gold was trading at approximately $3,991 per ounce, sending a jolt of uncertainty through global financial markets.
This sharp sell-off in the world market, however, failed to make a dent in Vietnam's insulated domestic gold scene.
In stark contrast to the global volatility, Vietnam's benchmark SJC-branded gold was described as "immobile" (bất động) in afternoon trading. Prices remained "frozen" in the 148 million VND per tael region, maintaining a massive premium over international prices.
While the SJC market held firm, other domestic brands showed minor cracks. DOJI, another major Vietnamese gold trader, reportedly "turned around" in the afternoon, posting a slight decrease in its buy-sell prices, though it stopped well short of following the international market's steep plunge.
This disconnect highlights the unique, heavily regulated nature of Vietnam's gold market. SJC bullion, which is under state monopoly, often trades based on domestic supply and local sentiment rather than following global spot prices.
The international sell-off below the key $4,000 mark is a significant technical breakdown that analysts have been watching closely. The slight dip from DOJI suggests that while SJC can hold its premium for now, sustained pressure from the global market could eventually force domestic prices to adjust.