The gold prices in Vietnam have kept shooting up in recent days and have now already surpassed the level of VND10 million per tael (or US$500 per ounce), mirroring the relentlessly swelling global rates.
Saigon Jewelry Co. (SJC) gold started on a strong note at VND10.07 million (US$633) per tael and closed at VND10.03 million in southern commercial hub Ho Chi Minh City on December 9. It topped at VND10.1 million in the capital Hanoi.
The new price has broken the record of VND9.81 million per tael on December 8, a rise of VND180,000/tael in one day and VND500,000/tael in three days. Since early this month, the gold price has increased by an additional VND63,000 per tael per day on average.
The current price is also up 20 per cent over early this year and represents a two-fold increase in the past five years.
While attaching much to fluctuations in the world market, the domestic rallying gold price is also attributed to a large number of borrowers wanting to pay their gold loans rather than a stronger demand for jewelry and gold as savings, experts said. This reason will further push up the local price in the coming days, they added.
On the global market, the metal rose US$1 an ounce over Friday’s close to US$526.7, peaking at US$531.4 an ounce at times on Saturday.
The gold market is now particularly hot in Asia where investors consider gold an asset that can replace stocks and bonds when inflation is on the rise in the region. In addition, Asian central banks are changing their interest rates for short-term deposits and are believed to purchase more gold to restructure their foreign exchange reserves.
As a result, gold traders in large cities in Vietnam no longer update prices on a daily basis, but on an hourly basis.
The local gold price dropped to its lowest level this year on June 1, when it was traded at around VND8.1 million per tael.
B.T
April 24–25, 2026
Kinh Bac Cultural Center, Bac Ninh Province
Vietnamese
