Gold Price Explosion: SJC Gold Jumps to 121 Million VND/Tael!

Gold Price Explosion: SJC Gold Jumps to 121 Million VND/Tael!

On May 21, 2025, SJC gold bullion prices rose to VND118.5-121 million per tael, involving an increase of VND1.7 million in both buying and selling directions. That reports Vietnam.vn. The difference between the buying and selling price is VND 2.5 million per tael. Prices of simple gold rings also increased, increasing by VND 1 million to VND 112-115 million per tael.

The difference between the buying and selling price for gold rings is VND 3 million per tael. Global gold prices reached $3,304 an ounce on the same day, up $14 from the previous month. Converted, this world gold price corresponds to around 104 million VND per tael. This means that the domestic price is VND17 million per tael higher than the world price.

Factors influencing gold prices

The increased gold prices are primarily due to a weaker US dollar and falling US stock prices. The USD index fell by 0.62% to 99.4 points, which can also be seen in connection with Moody's downgrading of the USA's sovereign debt rating. Experts note that the market will now turn its attention to inflation concerns and the US Federal Reserve's (Fed) interest rate policy.

The State Bank announced the central USD exchange rate at VND24,962 per USD on May 21. This represents a decrease of 6 VND compared to the previous figure. The current USD exchange rate for commercial banks is between 23,714 and 26,210 VND per USD, with major banks quoting prices from 25,750 to 26,140 VND (buy – sell).

Gold price trends and global markets

In addition to national price developments, the gold price also has to take international trends into account. The price of gold is quoted worldwide in dollars per troy ounce (approximately 31.1 grams) and is known as the gold world market price or gold spot price. Prices vary depending on trading venues such as New York, London, Tokyo and Shanghai.

The price of gold is determined by supply and demand, with important influencing factors such as mine production volumes, recycled gold and sales strategies of central banks and investors being decisive. Total gold demand was 4,741 tonnes in 2022, with the jewelry sector accounting for 46% of demand. Gold.de points out that prices for investment gold (bars, bullion coins) are close to the spot price, with trading markups of 2-6% being common.