Gold extends bullish run in Vietnam

Domestic gold prices showed no signs of retreat, continuously setting new all-time highs. On the morning of April 15, SJC and DOJI quoted gold bullion at $4,208-4,308 per tael (105,2-107,7 million VND) for buying and selling respectively, marking an $8 (VND200,000) increase on the selling side compared to the previous session.

PNJ also listed SJC bullion at $4,200-4,300 per tael (VND105,0-107,5 million).

On April 14, major gold traders posted buy–sell prices in the range of $4,180-4,280 per tael (VND104,5-107 million), marking a surge of $60 (VND1.5 million) on the buying side and $20 (VND500,000) on the selling side from the end of last week.

The bid-ask spread narrowed to $100 per tael, the smallest in recent months, amid an unprecedented price level for gold in the domestic market.

Economist Nguyen Tri Hieu noted that it is difficult to predict when the current rally in gold prices might end.

"Reaching $3,500 per ounce will take more time. However, if supportive factors persist, investors may not have to wait long," Hieu said.

Regarding domestic gold, he added that although the $4,400 per tael (VND110 million) level is unprecedented, it remains within reach this year.

Hieu attributed the surge in global gold prices to heightened volatility in international financial markets, which in turn has driven domestic prices higher. As traditional safe-haven assets become increasingly scarce, gold continues to benefit from flight-to-safety flows.

"The initial boost came from US President Donald Trump’s tariff policy. At one point, a wave of profit-taking amid a collapsing stock market briefly pulled gold prices back. However, by midweek, Trump’s surprise decision to delay tariffs on all but Chinese goods helped gold swiftly rebound," he explained.

Adding to the rally was a sharp depreciation of the USD against major currencies, which made gold, priced in USD, more attractive to global investors. Hieu emphasised that a weakening greenback significantly enhances gold's appeal.

Moreover, growing concerns that escalating trade tensions could dampen global economic growth have led markets to anticipate further interest rate cuts by the US Federal Reserve.

"This puts additional pressure on the dollar and reduces the appeal of US Treasuries, which have traditionally served as a safe haven. These developments will likely further support gold prices, especially in the second half of the year," said Hieu.

Gold extends its bullish run

Echoing this view, economist Le Xuan Nghia added that Vietnam’s gold market is directly influenced by global gold price movements.

"Vietnam does not produce gold domestically but relies heavily on imports. Limited supply of bullion and gold jewellery, combined with strong demand for wealth preservation, are driving prices higher," said Nghia.

He cautioned, however, that gold prices will not rise or fall indefinitely, unexpected corrections are inevitable.

"For long-term accumulation and savings, investors can buy at any time. But gold is no longer a suitable instrument for short-term speculation," he added.

On the international front, spot gold prices saw a minor correction on April 15 after three consecutive sessions of gains totalling over 8 per cent. The pullback reflected short-term profit-taking after prices surged to record highs.

Spot gold was trading at around $3,219 per ounce on April 15, down approximately $17 from the previous session’s peak. Nevertheless, this move has done little to undermine the metal’s recent upward momentum.

Since February 4, gold prices have climbed by nearly $350 per ounce, including a $323 gain since the US first announced new tariffs on Chinese goods.

According to Kitco News' weekly survey, financial professionals are more bullish on gold than ever, with retail traders increasingly confident in the precious metal's outlook amid weakness across other asset classes.

"Gold is taking off," said Marc Chandler, managing director at Bannockburn Global Forex. "There’s a growing narrative around capital fleeing the US and the dollar’s weakness. Market volatility and a sharp drop in the greenback have overshadowed the impact of high interest rates, pushing gold to new highs. It’s hard to define resistance at this point, but the next targets could be $3,300 and $3,500 per ounce in the medium term."

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