Gold price approaches 103 million VND/tael, warning appears

Gold price approaches 103 million VND/tael - Photo: QUANG DINH

Gold prices rose 18% in the first quarter

This afternoon, April 1, the world gold price slightly decreased to 3,139 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 97.68 million VND/tael.

In the last five sessions, the world gold price has increased by 115 USD/ounce (3.58 million VND/tael).

With this all-time high, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 97.68 million VND/tael.

World gold prices recorded an 18% increase in the first quarter of 2025, including 7 new records due to increased demand for holding gold to hedge against risks.

Unrest from wars in the Middle East as well as uncertainty from President Donald Trump's tariff policies have made gold a more sought-after commodity than ever.

Domestically, gold prices today also reached a historical peak: 102.7 million VND/tael, and may not stop as there are more and more factors supporting gold prices.

The price of SJC gold bars at SJC Company this morning increased by 1 million VND/tael, to 102.6 million VND/tael. The buying price increased by 700,000 VND/tael, to 99.9 million VND/tael.

Meanwhile, the price of 9999 gold at SJC Company is at 102 million VND/tael, buying at 99.7 million VND/tael.

At PNJ Company, the selling price of SJC gold bars jumped to 102.6 million VND/tael, the buying price jumped to 100.3 million VND/tael.

The selling price of 9999 gold rings at PNJ Company also increased to the same level as the price of gold bars: 102.6 million VND/tael, while the buying price was 100,000 VND/tael lower than that of gold bars, at 100.2 million VND/tael.

At Bao Tin Minh Chau Company, the price of 9999 gold rings has reached 102.7 million VND/tael, while the buying price has also exceeded 100 million VND/tael, reaching 100.4 million VND/tael.

Compared to the converted world gold price, the domestic gold price is about 5.02 million VND/tael higher.

Warnings have been issued

World gold prices have been increasing continuously over the past time.

In the context of world gold prices continuously setting new records, there have been warnings that gold prices will fall sharply after increasing continuously in recent years.

It is predicted that the world gold price may plummet by 38% in the next 5 years, returning to around 1,820 USD/ounce, equivalent to the price in 2022. According to this forecast, what is happening is only a temporary peak and the gold price will face the risk of a sharp decline.

The reason is that the recent high price of gold has encouraged mining companies to expand production to maximize profits. The supply of gold is increasing rapidly and is increasingly putting downward pressure on prices.

In addition, the demand for gold reserves is showing signs of slowing down. Although central banks around the world bought a net 1,045 tons of gold in 2024, according to a survey by the World Gold Council (WGC), up to 71% of central banks said they would maintain or reduce their gold reserves next year.

Besides, many signals show that the gold market is approaching a correction cycle.

History has shown that after each hot increase, gold prices always have strong adjustment periods.

Bank of America recently predicted that gold prices could reach $3,500/ounce between now and 2027.

Goldman Sachs predicts gold prices will end 2025 at $3,300 an ounce. Societe Generale also believes that gold prices will reach $3,300 an ounce this year, and could even reach $4,400 an ounce if geopolitical tensions escalate.

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Source: https://tuoitre.vn/gia-vang-tien-sat-103-trieu-dong-luong-xuat-hien-canh-bao-20250401131438585.htm