Gold prices in Vietnam have seen a significant rise, achieving a selling price of 150.6 million VND per tael, marking the highest level in seven weeks. The upward trend is attributed to global gold prices, which at one point approached 4,700 USD per ounce. As of August 25, the SJC gold price was listed between 147.6 to 150.6 million VND per tael for buying and selling, respectively. In the previous session, gold prices increased by 600,000 VND per tael for both buying and selling.

This marks the fourth consecutive increase in domestic gold prices as global prices neared the critical threshold of 4,700 USD per ounce. During the last trading session, gold reached a peak of 4,690 USD per ounce, the highest since May 14, before settling around 4,645 USD per ounce. When converted to local currency without taxes and fees, the global gold price equates to approximately 147.3 million VND per tael, creating a price gap of 3.3 million VND per tael between domestic and international markets.

Market analyst Jim Wyckoff from American Gold Exchange noted that both fundamental and technical factors are supporting the bullish outlook for gold as the new trading week begins. Additionally, stable and slightly declining bond yields have bolstered the precious metal's appeal. Given the ongoing upward trend, Wyckoff suggests that gold may continue to stabilize or rise in the coming weeks unless technical indicators signal a reversal.

The technical momentum for gold has also strengthened after prices surpassed the 200-day moving average last week. Furthermore, investment demand through gold-backed ETFs has surged. According to the World Gold Council (WGC), gold-backed ETFs recorded inflows equivalent to 46.7 tons of gold, valued at approximately 6.4 billion USD last week, marking the largest weekly inflow in ten months, with North American and European funds leading the way.

Moreover, the WGC reported that 89% of surveyed central banks expect to increase their gold reserves in the coming year, with 45% planning to purchase additional gold, a record high in survey history. Suki Cooper, Global Head of Commodity Research at Standard Chartered, emphasized that the central banks' demand for gold remains a crucial long-term support factor for prices, despite short-term macroeconomic challenges. Standard Chartered views gold as a core holding but is more cautious about short-term price increases.

Additionally, ongoing geopolitical risks and global fiscal instability continue to reinforce gold's role as a 'safe haven' asset in investment portfolios. The bank forecasts that gold prices could reach 4,200 USD per ounce in Q3 and rise to 4,650 USD per ounce in Q4. In the long term, they expect gold prices to target 5,100 USD per ounce by mid-2027. However, they caution that prices will not experience the same rapid increases as seen in previous periods; the recovery process is expected to be slower with intermittent short-term corrections.