A seismic surge in global gold prices, which topped $4,126/oz, has ignited a buying frenzy in Vietnam, pushing both SJC bars and 9999 gold rings to unprecedented highs.
HANOI – Vietnam's domestic gold market witnessed a frenetic and historic surge on Wednesday morning, as prices for all forms of physical gold "skyrocketed" (tăng phi mã), shattering previous records.
The massive price hike was triggered by a powerful rally in international markets, fueled by growing expectations of an impending interest rate cut by the U.S. Federal Reserve.
The SJC Bar Surge
The benchmark SJC gold bars, the most popular and recognized investment-grade gold in Vietnam, saw a staggering leap in value. As markets opened, major authorized retailers including Saigon Jewelry Company (SJC), DOJI Group, and Phu Nhuan Jewelry (PNJ) were forced to adjust their price listings rapidly.
The Jump: Prices were marked up by approximately 1.8 million VND per tael (37.5 grams) almost overnight.
The New Record: This pushed the widely quoted price to a historic new range of 150 million VND (buy) to 152 million VND (sell) per tael.
This new psychological barrier of 150 million VND has stunned the market, reflecting both the global trend and intense local demand.
Gold Rings Not Far Behind
In a sign of a broad-based rally, 9999-purity plain gold rings, which typically trade closer to the international spot price, experienced an even more aggressive jump.
The Jump: Prices for gold rings surged by 1.8 million to 2.0 million VND per tael.
Market Price: SJC's 9999 gold rings were listed at 147.3 million VND (buy) and 149.8 million VND (sell) per tael.
The fact that rings are trading near the 150 million VND mark indicates that this is not just a premium on the SJC brand but a widespread belief that gold prices are heading higher.
The Global Driver: Fed Speculation
The primary catalyst for this domestic price explosion is the movement in the global market.
International spot gold traded firmly around the $4,126 per ounce mark. This global rally is built on intense speculation that the U.S. Federal Reserve will soon be forced to cut its key interest rates to support a slowing economy.
Lower interest rates are highly bullish for gold for two main reasons:
Weaker Dollar: It tends to devalue the U.S. dollar, making gold (which is priced in USD) cheaper for foreign buyers.
Opportunity Cost: It lowers the "opportunity cost" of holding gold, a non-yielding asset, making it more attractive compared to interest-bearing assets like bonds.
🇻🇳 The "Vietnam Premium" Analysis
This event also highlights the significant premium that Vietnamese investors must pay. At a global price of $4,126/oz (which converts to roughly 127 million VND/tael, depending on the exchange rate), the domestic market is trading at a massive disconnect.
Vietnamese buyers are paying a premium of nearly 23 million VND for a tael of gold rings and a staggering 25 million VND for a tael of SJC bars compared to the international price. This premium is a long-standing market feature in Vietnam, driven by strong local demand for gold as a hedge against inflation and strict government import controls, which limit the official supply.
As global expectations for cheaper money grow, Vietnam's already-hot gold market has been pushed into record-breaking, uncharted territory.
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