Domestic gold prices showed no signs of retreat, continuously setting new all-time highs. On the morning of April 15, SJC and DOJI quoted gold bullion at $4,208-4,308 per tael (105,2-107,7 million VND) for buying and selling respectively, marking an $8 (VND200,000) increase on the selling side compared to the previous session.

PNJ also listed SJC bullion at $4,200-4,300 per tael (VND105,0-107,5 million).

On April 14, major gold traders posted buy–sell prices in the range of $4,180-4,280 per tael (VND104,5-107 million), marking a surge of $60 (VND1.5 million) on the buying side and $20 (VND500,000) on the selling side from the end of last week.

The bid-ask spread narrowed to $100 per tael, the smallest in recent months, amid an unprecedented price level for gold in the domestic market.

Economist Nguyen Tri Hieu noted that it is difficult to predict when the current rally in gold prices might end.

“Reaching $3,500 per ounce will take more time. However, if supportive factors persist, investors may not have to wait long,” Hieu said.

Regarding domestic gold, he added that although the $4,400 per tael (VND110 million) level is unprecedented, it remains within reach this year.

Hieu attributed the surge in global gold prices to heightened volatility in international financial markets, which in turn has driven domestic prices higher. As traditional safe-haven assets become increasingly scarce, gold continues to benefit from flight-to-safety flows.

Source: VIR