Gold price exceeds 101 million VND/tael

Domestic gold price exceeded 101 million VND/tael today - Photo: THANH HIEP

Gold prices rise beyond all forecasts

At 11:30 a.m. today, the world gold price was at 3,108 USD/ounce, up 23 USD/ounce compared to last weekend, equivalent to an increase of 713,000 VND/tael.

In the last four sessions, the world gold price has increased by 88 USD/ounce (2.73 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 96.37 million VND/tael.

The high demand for holding gold to hedge against risks has pushed the world gold price up sharply, exceeding all forecasts. At the end of September 2024, many organizations predicted that the world gold price would reach 2,900 USD/ounce in the second quarter of 2025 and 3,000 USD/ounce in the third quarter of 2025.

However, before the end of the first quarter of 2025, the world gold price has successfully conquered the threshold of 3,100 USD/ounce.

Global gold prices hit a new record amid a sell-off in Asian stocks and a spike in US stock futures. Global investors are holding their breath as they await President Donald Trump’s announcement of a reciprocal tariff plan on April 2.

According to analysts, these developments show that investors are withdrawing money from higher-risk assets such as stocks and buying heavily in safe-haven assets such as gold.

This factor has caused gold prices to increase continuously since the beginning of the year. Gold prices are on track to finish the first quarter of 2025 with an increase of 18%, marking the strongest quarterly increase since the second quarter of 1986.

World gold prices increased by more than 18% in the first quarter - Screenshot

A series of major banks raise gold price forecasts

Last week, a series of major banks simultaneously raised their gold price forecasts.

Bank of America predicts that gold prices could reach $3,500 an ounce between now and 2027.

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

Domestic gold prices also increased sharply following the increase and decrease of world gold prices.

The price of 9999 gold rings and SJC gold bars at SJC Company this morning increased by 600,000 VND/tael, to 101.6 million VND/tael. The buying price increased by 800,000 VND/tael, to 99.2 million VND/tael.

At PNJ Company, the selling price of gold rings and gold bars both jumped to 101.5 million VND/tael, an increase of 800,000 VND/tael compared to the end of the week, the buying price also increased correspondingly to 99.2 million VND/tael.

At Bao Tin Minh Chau Company, the price of 9999 gold rings has reached 101.6 million VND/tael, an increase of 700,000 VND/tael compared to the weekend, while the buying price also increased to 99.3 million VND/tael.

Compared to the converted world gold price, the domestic gold price is about 5.2 million VND/tael higher.

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Source: https://tuoitre.vn/gia-vang-vuot-101-trieu-dong-luong-20250331114031341.htm