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Gold Prices Surge on September 20: Domestic Market Jumps by 1 Million VND

On the morning of September 20, 2025, Vietnam’s gold market witnessed a sharp increase in prices, following the global rally in precious metals. Saigon Jewelry Company (SJC) raised its gold bar prices by VND1 million per tael, pushing the buying rate to VND131 million and the selling rate to VND133 million.

Gold rings with 99.99% purity also recorded a significant adjustment. SJC increased the buying rate by VND800,000 to VND126.8 million and the selling rate to VND129.5 million per tael. The spread between buying and selling remained at VND2 million for gold bars, while for gold rings the gap stayed wider at VND2.7 million. Some private jewelry firms even maintained a difference of up to VND3 million, making buyers immediately face heavy losses upon purchase.

Global Market Impact


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International prices provided strong momentum for the domestic rally. Spot gold climbed by USD36.7 within a single day, reaching USD3,684 per ounce, equivalent to an increase of 0.8% for the week. Futures contracts for December delivery also moved higher, up 0.75% to USD3,705.8 per ounce.

Analysts attributed the rebound to the U.S. Federal Reserve’s recent monetary policy shift. On September 19, the Fed cut interest rates by 0.25%, marking the first rate reduction since December 2024. Lower interest rates generally weaken the appeal of interest-bearing assets such as bonds, thereby enhancing the attractiveness of non-yielding assets like gold.

The Fed’s decision reflects caution in the face of lingering economic and geopolitical uncertainties. Historically, gold has benefited during such periods as investors seek safe-haven assets. Rising global tensions, combined with questions over the pace of global economic recovery, further reinforced the uptrend.

Financial Markets Respond

The rally was not confined to gold. Equity markets around the world also celebrated the Fed’s move. On Wall Street, all three major indexes surged to new records by the close of September 19 (Vietnam time, early September 20). The Dow Jones Industrial Average added 172.85 points, or 0.37%, to 46,315.27 points, setting another all-time high. The S&P 500 rose 0.49% to 6,664.36 points, while the tech-heavy Nasdaq Composite advanced 0.72% to 22,631.48 points.

Technology stocks provided much of the upward push. Apple shares soared 3.2% after the global launch of the iPhone 17, while Tesla climbed 2.2%. For the week, the Nasdaq surged 2.2%, outpacing the S&P 500’s 1.2% gain and the Dow Jones’ 1% advance.

Broader Implications

The synchronized rise in both gold and equities reflects a market environment shaped by optimism in monetary easing, but also heightened caution over global risks. For Vietnamese consumers, the jump in gold prices underscores both the opportunity and the risk of investing in precious metals. While some see gold as a hedge against inflation and uncertainty, the widening buy-sell gap highlights the cost burden for small-scale buyers.

Economists warn that if global instability continues, gold may remain on an upward trajectory. However, domestic investors need to be wary of sudden corrections and the potential for losses due to high trading spreads.

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