The Current State of Gold Prices in Vietnam: December 30, 2024

As we approach the end of 2024, the gold market in Vietnam is experiencing a period of cautious optimism. The latest updates on gold prices reveal a stable yet dynamic landscape, influenced by both domestic demand and global economic factors. This article delves into the current gold prices across various regions in Vietnam, the factors driving these prices, and the outlook for the gold market in 2025.

Current Gold Prices in Vietnam

As of December 30, 2024, the gold prices in Vietnam are as follows:

Ho Chi Minh City (HCMC)

PNJ Gold: 83.800 million VND (buy) / 84.700 million VND (sell)
SJC Gold: 82.700 million VND (buy) / 84.700 million VND (sell)

Hanoi

PNJ Gold: 83.800 million VND (buy) / 84.700 million VND (sell)
SJC Gold: 82.700 million VND (buy) / 84.700 million VND (sell)

Da Nang

PNJ Gold: 83.800 million VND (buy) / 84.700 million VND (sell)
SJC Gold: 82.700 million VND (buy) / 84.700 million VND (sell)

The West

PNJ Gold: 83.800 million VND (buy) / 84.700 million VND (sell)
SJC Gold: 82.700 million VND (buy) / 84.700 million VND (sell)

Jewelry Gold Prices

Gold Jewelry Price – PNJ: 83.800 million VND (buy) / 84.700 million VND (sell)
Gold Jewelry Price – SJC: 82.700 million VND (buy) / 84.700 million VND (sell)

Other Gold Types

999.9 Gold (Plain Ring): 83.800 million VND (buy) / 84.700 million VND (sell)
22K Gold: 76.500 million VND (buy) / 77.500 million VND (sell)
18K Gold: 62.130 million VND (buy) / 63.530 million VND (sell)

These prices reflect a stable market, with no significant fluctuations compared to the previous day. The SJC gold bars and rings have maintained their prices, indicating a steady demand.

Factors Influencing Gold Prices

The gold market is heavily influenced by both local and international factors. In recent years, gold prices have been supported by strong demand from central banks and individuals seeking a safe haven amid economic and political uncertainties.

Global Economic Conditions

The global economic landscape has been marked by high public debt in Europe, tensions in the Middle East, and ongoing geopolitical issues in Eastern Europe. These factors have contributed to a heightened demand for gold as a safe asset. Recently, the announcement by U.S. President Joe Biden to increase military aid to Ukraine has further fueled this demand.

Interest Rates and Inflation

Gold is often viewed as a hedge against political risk and inflation. However, rising interest rates can make gold less attractive as an investment. As we look ahead to 2025, the market is closely monitoring the economic policies of the incoming U.S. administration under President-elect Donald Trump, particularly regarding interest rates and fiscal policies.

Central Bank Purchases

Central banks around the world have been increasing their gold reserves, which has also supported gold prices. The World Gold Council (WGC) has noted that if the current market conditions persist, gold prices in 2025 may not rise as sharply as in 2024, but they will remain resilient due to ongoing geopolitical tensions and central bank purchases.

Outlook for 2025

As we transition into 2025, the outlook for gold remains cautiously optimistic. Analysts predict that geopolitical tensions will continue to drive demand for gold, particularly in the first half of the year. However, potential profit-taking in the latter half could lead to price corrections.

Predictions from Experts

Experts like Ajay Kedia, Director of Kedia Commodities, anticipate that gold prices may rise in the first half of 2025 due to ongoing geopolitical tensions but could face downward pressure later in the year. Bob Haberkorn, a senior market strategist at RJO Futures, suggests that if current trends continue, central bank purchases could push gold prices to $3,000 per ounce.

Demand from China

China’s demand for gold is expected to remain strong in 2025, providing significant support for gold prices. Economic challenges, including a struggling real estate market, may drive individuals to seek gold as a safe investment.

Conclusion

The gold market in Vietnam is currently stable, with prices reflecting a balance between local demand and global economic conditions. As we look ahead to 2025, the interplay of geopolitical tensions, central bank policies, and economic forecasts will play a crucial role in shaping the future of gold prices. Investors and consumers alike will be watching closely as the new year unfolds, seeking opportunities in this timeless asset.