On the afternoon of 20/1, Saigon Jewelry Company (SJC) listed gold bar prices at 164,1 - 166,1 million dong, an increase of over one million dong per tael compared to this morning. Other brands also adjusted their gold bar prices upwards. Compared to the beginning of the month, each tael of gold is now approximately 13 million dong higher, equivalent to an increase of over 8%.

Plain gold ring prices also reached a new record this afternoon, with some brands trading at par with gold bars. SJC raised plain gold ring prices to 161 - 163,5 million dong, while Bao Tin Minh Chau set them at 163,1 - 166,1 million dong per tael. At the same time, plain gold ring buying and selling prices at Mi Hong reached 164,6 - 166,1 million dong.

Domestic gold prices are rising as the precious metal continues to set new records in the international market. Spot gold rose by nearly 47 USD per ounce in the past 24 hours, reaching a record high of over 4,710 USD. Converted at Vietcombank's selling exchange rate, the current difference between domestic gold bars and international prices is nearly 16 million dong per tael.

Gold bars at SJC headquarters in 3/2025. Photo: Quynh Tran

In its 2026 commodity outlook report, Goldman Sachs' commodity strategists identified gold as one of their "bets." The bank forecasts a correction to a low around 4,200 USD per ounce in Quarter I, followed by a recovery to over 4,400 USD in Quarter II. If individual investors join central banks in a diversification wave, global gold prices could exceed the baseline of 4,900 USD per ounce by Quarter IV.

Goldman Sachs attributes its outlook to key drivers such as the geopolitical power and artificial intelligence (AI) race between the US and China, along with the global energy supply wave. Additionally, gold's upward momentum continues its trend from this year, benefiting from interest rate cuts by the US Federal Reserve (Fed) and escalating tensions in various global regions.

In the precious metals market, global silver prices also continued their ascent, surpassing 94 USD per ounce. Domestically, silver bar and ingot prices traded at 3,55 - 3,66 million dong per tael this afternoon.

Quynh Trang