As of 8:00 p.m. on March 18 (Vietnam time), the spot gold price today on the international market was at $3,035/ounce. Gold for April 2025 delivery on the Comex New York floor was at $2,937/ounce.

The world gold price on the night of March 18 was about 47.1% higher (972 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 95 million VND/tael, including taxes and fees, about 3.2 million VND/tael lower than the domestic gold price as of the end of the afternoon session on March 18.

Gold prices on the international market continued to skyrocket as the USD depreciated and tensions in the Middle East mounted. SJC gold and gold ring prices continuously set new record highs, approaching VND100 million/tael.

Gold prices rose partly due to the recent decline in the US dollar amid concerns that a series of tariff policies by the Donald Trump administration could affect the US economy .

But the biggest impact may come from demand for gold as investors bet on a rise in prices as the Middle East spirals into a new round of violence. Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it would respond to any attack after the US launched airstrikes against Houthi forces in Yemen.

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World gold prices continuously set new records. Photo: KC

Israel launched airstrikes across the Gaza Strip on March 18. The surprise bombing broke a ceasefire in place since January and threatened to completely reignite the 17-month war.

In the session on March 18, the DXY index - measuring the fluctuations of the USD compared to a basket of 6 key currencies - increased slightly to 103.5 points, but was still much lower than the level of 110 points in mid-January.

Domestically, by the end of the trading session on March 18, the price of 9999 gold bars at SJC and Doji was listed at 96.7-98.2 million VND/tael (buy - sell), an increase of 1.9 million VND for buying and 2.1 million VND for selling compared to the previous session.

Gold ring prices also skyrocketed and set a new record.

SJC announced the price of gold rings type 1-5 at only 96.6-98.1 million VND/tael (buy - sell), an increase of 1.7 million VND for buying and 2.1 million VND for selling compared to the previous session.

Doji listed the price of 9999 round smooth gold rings at 97.2-98.7 million VND/tael (buy - sell), an increase of 2.1 million VND in both directions compared to the previous session.

Gold Price Forecast

Gold prices have surged and surpassed the $3,000/ounce threshold but are still forecast to rise to new peaks, despite the US housing market rebounding strongly in February.

On Kitco, brokerage SP Angel said that the trend of deglobalization has pushed gold into a strong bull cycle. It started with sanctions imposed on Russia, which prompted diversification away from USD-denominated foreign exchange reserves. This has been reflected in a doubling of gold purchases by central banks, led mainly by Western rivals, notably China.

This trend has continued under Donald Trump, with tensions escalating between the US and many Western allies such as Europe. It has also prompted many countries to diversify their reserve assets.

Technically, gold is in a strong uptrend with strong resistance at $3,100/ounce. First support is at the overnight low of $3,008.2/ounce and then psychological support at $3,000/ounce.

Record money poured into gold in China, gold price soared above 3,000 USD/ounce. Money poured into gold in China reached a record high. The world gold price rose above 3,000 USD/ounce for the first time in history on March 14.