Vietnam's national gold brand surges, tracking unprecedented global prices near $4,000 amid speculation over U.S. government reopening.
CaliToday (11/11/2025): Vietnam's domestic gold market witnessed a frenetic surge this morning, as the price for SJC-branded gold bullion shattered a major psychological and historic milestone, trading above 150 million VND per tael for the first time.
This unprecedented rally in the domestic market is not happening in isolation. It is being directly fueled by a red-hot global market, where spot gold prices are holding near the remarkable $4,001 per ounce mark.
The Global Driver: U.S. Speculation
The primary catalyst for this global strength appears to be market dynamics in the United States. According to analysts, the surge in safe-haven assets is occurring against a backdrop of intense speculation that the prolonged U.S. government shutdown may soon come to an end.
While a reopening might typically be seen as a return to stability, investors are reportedly anxious about the wave of delayed economic data that would be released. Markets are bracing for key inflation and employment reports, with fears that the data could confirm persistent inflationary pressures, further enhancing gold's appeal as a hedge.
Vietnam's Domestic Premium: A Widening Gap
In Vietnam, the SJC gold price, which is managed by the Saigon Jewelry Company and serves as the national benchmark, is known for trading at a significant premium over world prices. This morning's event highlights that persistent trend.
To understand the gap, it's crucial to know the measurements:
One Vietnamese "tael" (lượng) is equal to 37.5 grams, or 1.2057 troy ounces.
The global price of $4,001 per troy ounce translates to approximately $4,824 per tael.
The SJC price of 150 million VND per tael (at a hypothetical exchange rate of 25,000 VND/USD) translates to $6,000 per tael.
This places the domestic SJC price at a staggering premium of nearly $1,176 over the equivalent global price. This massive gap is often attributed to strong local demand for physical gold as a store of value, coupled with tight domestic supply and strict market controls.
As Vietnamese investors and citizens digest this new record high, all eyes remain fixed on two fronts: the volatile global spot price as it reacts to U.S. economic news, and the local market's unique supply-and-demand dynamics.