Domestic gold prices reach new record highs

Domestic gold prices reach new record highs

Gold prices in Việt Nam surged to new record highs on March 18 to above VNĐ98 million ($3,858) per tael.

People buy gold in a shop in HCM City. Some businesses even listed gold bar prices above VNĐ98 million ($3,858) per tael on March 18. — VNA/VNS Photo

 Gold prices in Việt Nam surged to new record highs on March 18, with both gold bars and jewelry witnessing significant increases of VNĐ1.7 million to VNĐ1.8 million (US$67-71) per tael compared to the previous session.

Some businesses even listed gold bar prices above VNĐ98 million ($3,858) per tael. Gold shops remained crowded with buyers and sellers.

As of 2:45 PM, Bảo Tín Minh Châu listed gold bar and jewelry prices at VNĐ96.95 million - VNĐ98.5 million per tael (buying - selling), marking an increase of VNĐ1.75 million for buying and VNĐ1.7 million for selling from the previous session.

DOJI and SJC quoted gold bar prices at VNĐ96.4 million - VNĐ97.9 million per tael, up VNĐ1.6 million and VNĐ1.8 million, respectively.

PNJ listed gold bars at VNĐ96.4 million - VNĐ98.1 million per tael, reflecting an increase of VNĐ1.5 million for buying and VNĐ1.6 million for selling.

Experts note that gold prices have exceeded previous forecasts, driven by global geopolitical tensions and trade policies, particularly those imposed by US President Donald Trump on imports and retaliatory measures from other countries.

On the international market, gold prices edged higher on March 17, hovering near the key threshold of $3,000 per ounce as investors focused on tariff policies and the upcoming US Federal Reserve meeting. 

David Meger, head of metals trading at High Ridge Futures, expects some price adjustments but notes that the market remains in a "wait-and-see" mode ahead of the Fed's decision.

Analysts from Heraeus Metals predict that if economic data continues to weaken and global trade tensions escalate, gold will likely maintain its upward momentum. 

Bizhub