The price of SJC gold in Vietnam has recently shown a surprising trend, narrowing its gap with global prices to just a few million VND. On August 27, the Saigon Jewelry Company (SJC) and other firms like PNJ and DOJI listed SJC gold at 147 million VND per tael for buying and 150 million VND for selling, a decrease of 300,000 VND compared to the previous session.

In contrast, the price of 24K gold rings and jewelry from SJC was set at 146.5 million VND for buying and 149.5 million VND for selling. DOJI's plain gold rings were priced higher at 148 million VND for buying and 152 million VND for selling. Bảo Tín Minh Châu also offered higher prices for their plain gold rings, indicating a competitive market.

Internationally, gold was trading at approximately 4,597 USD per ounce, down about 25 USD from the previous session. Over the past month, local gold prices have increased by about 9.4 million VND per tael, while global prices surged by 550 USD per ounce, equivalent to around 17.5 million VND per tael. Currently, the global gold price, converted at the current exchange rate, is approximately 145.5 million VND per tael, excluding taxes and fees, which is 4-4.5 million VND lower than SJC gold prices.

This narrowing gap is significant compared to historical highs, where SJC gold prices were once about 30 million VND higher than global prices. Notably, on August 21, SJC gold buying prices were lower than global prices by about 1.4 million VND per tael, a rare occurrence in the market.

Experts explain that the slower increase in local gold prices compared to global trends can be attributed to several factors, including reduced demand for gold in Vietnam. High interest rates on savings accounts have diverted funds away from gold investments. The interest rate for 12-month deposits has risen from around 5.7% at the end of 2025 to over 8% in early 2026, with some banks offering rates as high as 9-10% per year.

Additionally, many investors who purchased gold at higher prices earlier in the year may not have the funds to buy more now, while others are waiting for prices to drop to 120-130 million VND per tael before investing further.

According to Huỳnh Trung Khánh, a senior advisor at the World Gold Council in Vietnam, the current divergence in SJC gold prices from global prices could positively impact the market by improving supply and limiting speculative activities. However, the sustainability of this trend will depend on long-term gold supply.

Analysts predict that global gold prices may rise to between 4,700 and 4,800 USD per ounce, possibly reaching 5,000 USD per ounce, influenced significantly by the monetary policy of the U.S. Federal Reserve. Seasonal demand for physical gold and jewelry, particularly during the Lunar New Year in markets like China, India, and Vietnam, will also play a crucial role in future price movements.