SJC gold soars due to global fluctuations, import policy changes

SJC gold soars due to global fluctuations, import policy changes

At the current level, the domestic gold prices are VNĐ17 million higher than international gold.

People buying gold at a Doji store in Hà Nội. VNA/VNS Photo

SJC gold prices climbed to record highs on Tuesday as international gold continued to push to new peaks, driving domestic prices sharply higher and widening the gap with global levels.

At 1pm, SJC gold bars were quoted at VNĐ175 million ( nearly US$6,700) per tael for sellers and VNĐ177 million per tael for buyers. DOJI and PNJ listed SJC gold at the same price range.

Prices had surged to a historic high of VNĐ178 million per tael on Monday. Over the past week, SJC gold prices in Việt Nam have risen by about VNĐ11 million per tael.

Since the beginning of the year, SJC gold bar prices have followed a steady upward trajectory, with domestic levels now around VNĐ24 million per tael higher than earlier benchmarks.

On the international market, spot gold was trading at $5,081.2 per ounce after breaking the $5,100 threshold on Monday.

At current levels, domestic gold prices are about VNĐ17 million per tael higher than international prices.

Gold ring prices also remained elevated, reaching VNĐ173.5 million per tael for sellers and VNĐ176 million per tael for buyers.

Amid the sharp rise in prices, the State Bank of Vietnam (SBV) has responded to concerns raised by voters in Hà Nội and HCM City, attributing part of the volatility to monopolistic practices by certain firms in the gold trading sector.

According to the bank Governor, the Government is implementing measures to manage the gold market more effectively, shifting from a restrictive approach to a more regulated and open environment.

Recently amended regulations, including Decree No.232/2025, aim to end the State’s exclusive control over gold production while maintaining responsible oversight of the sector.

The changes are intended to improve transparency in the gold market while respecting ownership rights and business freedoms for individuals and companies.

The central bank also plans to expand controlled gold imports to boost supply and bring domestic prices closer to international levels, reducing discrepancies that can destabilise the market.

Governor Nguyễn Thị Hồng said that since April 2025, global gold prices have risen persistently amid geopolitical tensions in regions such as Ukraine and the Middle East.

These external pressures have contributed to the surge in SJC gold prices in Việt Nam.

Domestic prices have frequently climbed above international levels, driven largely by rising global prices and expectations of further gains.

As a result, gold holders have been reluctant to sell. At the same time, other investment channels in Việt Nam, including a sluggish corporate bond market, inflated real estate prices and low interest rates, have become less attractive, intensifying speculation and encouraging gold accumulation.

The domestic gold market depends heavily on imports, as Việt Nam does not produce gold. Despite the need to safeguard foreign exchange reserves, restrictions on gold imports by the central bank have added pressure to local prices.

Rising foreign demand combined with limited domestic investment alternatives, such as weak corporate bonds and expensive property, has further fuelled gold hoarding among investors.

To stabilise the market, the SBV, working with relevant ministries, has introduced a range of measures aimed at narrowing the persistent price gap between domestic and international gold while fostering a balanced and efficient trading environment.

The implementation of Decree No 232/2025 reflects State policy on removing exclusive control over gold sales, allowing more participants to enter the market, expanding consumer choice and strengthening competition.

Alongside these regulatory reforms, the central bank has proposed the establishment of a gold exchange in Việt Nam to improve market dynamics and facilitate more transparent and efficient trading. 

Bizhub