CaliToday (14/11/2025): HANOI, November 14, 2025 – Vietnam's domestic gold market experienced an explosive and dramatic rally this morning, sending shockwaves through the investment community as prices for the nation's benchmark SJC gold bars "galloped" (tăng phi mã) to unprecedented highs.
This morning's trading saw SJC-branded gold bars, a favorite among local investors, post a staggering jump of approximately 3 million VND per tael for both buy and sell prices—one of the largest single-day gains in recent memory.
Major, state-owned retailers like Saigon Jewelry Company (SJC) and leading private brands like Phu Nhuan Jewelry (PNJ) updated their price boards to reflect the surge. As of 9:00 AM, the official selling price was listed at 154.5 million VND per tael (approximately $6,058 USD).
This massive leap brings the price dangerously close to the critical 155 million VND psychological barrier, a milestone many analysts thought was distant.
The Great Disconnect: A Domestic "Gold Fever"
What makes this morning's price action particularly stunning is its complete and total detachment from global market trends.
While Vietnam's domestic prices shot to the moon, the international spot gold price actually retreated overnight. Global markets saw profit-taking, with spot gold settling around 4,172 USD per ounce.
This divergence has blown the already-wide premium for Vietnam's SJC gold into uncharted territory.
Here is a breakdown of the shocking gap:
Global Price (Converted): At ~$4,172/ounce, the world price is equivalent to approximately 128.2 million VND per tael.
SJC Domestic Price: 154.5 million VND per tael.
The Premium: This means Vietnamese investors are now paying a staggering premium of over 26.3 million VND (approx. $1,030) per tael compared to the rest of the world.
Market in Turmoil: High Risk, High Volatility
The sudden spike has injected significant volatility into the local market. The "spread," or the difference between the buying and selling price, has widened considerably as jewelry houses look to hedge against the rapid fluctuations.
This phenomenon highlights the unique, non-monetary, and heavily regulated nature of Vietnam's SJC gold market. Unlike international markets driven by ETF flows and central bank policies, Vietnam's SJC price is often dictated by:
Extreme Local Demand: A deep cultural affinity for gold as a store of value.
Supply Constraints: The SJC brand is state-managed, and the supply of new bars is tightly controlled, creating scarcity.
As the price flirts with the 155 million VND milestone, all eyes are on market regulators and whether this incredible premium—now one of the largest in the world—can possibly be sustained.