On the morning of August 30, 2025, the domestic gold market witnessed an unprecedented milestone as SJC gold bars officially surpassed the threshold of VND 130 million per tael, setting a new all-time high. According to major enterprises, SJC gold was quoted at VND 129.1–130.6 million per tael (buy–sell), marking a sharp increase of VND 1.3 million per tael on both sides within a single trading session. Notably, not only gold bars but also gold rings surged to record highs, listed at VND 122.5–123.3 million per tael, equivalent to an increase of VND 1.5 million per tael on the buying side and VND 1.7 million per tael on the selling side, reflecting the widespread heat across the physical gold market. Internationally, spot gold rose to USD 3,446 per ounce, up nearly USD 30 per ounce from the previous session and the highest in over a month.

Converted at the current exchange rate (excluding taxes and fees), world gold prices stood at roughly VND 110 million per tael, nearly VND 20 million lower than domestic prices, highlighting the supply–demand imbalance and strong hoarding sentiment in Vietnam. The immediate driver of this rally was the decline of the US dollar, as the USD Index fell 0.4% to 97.7 points, its lowest level since the beginning of the year, making gold more attractive as a safe-haven asset. Additionally, global investor sentiment was shaken by concerns over the independence of the Federal Reserve (Fed). President Donald Trump’s repeated criticism of monetary policy and his demands for rapid rate cuts have fueled uncertainty, leading markets to believe the Fed may struggle to maintain a hawkish stance. In fact, according to the CME FedWatch Tool, investors currently estimate an 87% probability that the Fed will cut interest rates at its September meeting, a highly significant expectation that has further boosted gold prices. Against this backdrop, demand for physical gold has surged across many countries, including Vietnam, as individuals increasingly view it as a hedge against inflation risks, currency volatility, and global economic uncertainties. However, analysts warn that gold could face short-term correction pressures.

A report from Saxo Bank suggested that if US inflation rebounds in the coming months, the Fed might temporarily delay its rate-cutting cycle, which would strengthen the dollar and weigh on gold prices. Nevertheless, many institutions argue that the long-term uptrend remains intact, as the strong support level around USD 3,300 per ounce has been reinforced since late May. In Vietnam, the nearly VND 20 million per tael gap between domestic and international prices underscores the unique nature of the local gold market, driven by psychological factors, long-term hoarding expectations, and regulatory conditions. Analysts believe that consistently higher domestic prices reflect strong public demand for wealth preservation amid stock market volatility, exchange rate pressures, and escalating geopolitical uncertainties.

Many retail investors admit they are willing to buy gold at elevated prices, confident that the upward trend may persist, especially if the Fed officially enters a rate-cutting cycle and the US dollar weakens further. In response, experts urge caution, stressing that the significant price disparity between domestic and global markets could reverse abruptly if supply conditions improve or if state regulators intervene to stabilize the market. Ultimately, the VND 130 million per tael milestone of SJC gold not only reflects the global momentum of the precious metal but also underscores the distinct sensitivity of Vietnam’s gold market to international developments, posing major challenges for both investors and regulators in balancing personal asset protection with macroeconomic stability.