Global Gold Prices Hit Record High Above 3,950 USD/Ounce

Multiple Forces Driving Gold Higher

According to Edward Meir from Marex, a combination of global political turbulence, rising Japanese government bond yields, persistent inflation fears, and the ongoing U.S. government shutdown have fueled investor demand for safe-haven assets.

Political instability in France continues after newly appointed Prime Minister Sébastien Lecornu and his cabinet resigned only hours after taking office. Meanwhile, the prolonged U.S. government shutdown, now entering its sixth day, has prompted warnings from the White House about potential mass federal layoffs.

These developments, coupled with expectations that the U.S. Federal Reserve (Fed) will begin cutting interest rates, have made gold increasingly attractive. Many central banks are also ramping up purchases, while the U.S. dollar has weakened broadly, adding further upward pressure.

Gold has already surged 50% year-to-date, marking its strongest rally in history. Prices first broke the 3,000 USD/ounce barrier in March and then surpassed 3,800 USD/ounce at the end of September.

Market Outlook and Fed Policy Expectations

Investors are nearly unanimous in anticipating a 0.25% rate cut at the Fed’s upcoming policy meeting, with another reduction expected in December.
In its latest forecast, UBS Bank projects gold could reach 4,200 USD/ounce before the end of 2025, citing both fundamental and technical market factors.

Domestic Gold Prices Surge in Response

The global rally quickly spilled over into the Vietnamese market. As of this morning, SJC gold bars were quoted at 138.10 – 140.10 million VND per tael (buy – sell), rising 1.5 million VND per tael within 24 hours.

Based on the latest international closing price and the Vietcombank USD exchange rate, global gold is equivalent to 127.2 million VND per tael.

• SJC gold rings: 134.30 – 137.00 million VND/tael

• PNJ Kim Bảo 999.9 gold: 134.50 – 137.50 million VND/tael

• Bảo Tín Minh Châu rings: 135.30 – 138.30 million VND/tael

At Vietcombank, the U.S. dollar is trading at 26,153 – 26,403 VND/USD (buy – sell).

With the combination of global uncertainty, central bank accumulation, and monetary easing expectations, analysts believe gold’s upward trajectory is far from over—potentially setting the stage for another historic surge before year-end.