Technically, the price chart also gave a bullish signal after gold decisively broke the key resistance level of USD 3,500/oz. Therefore, UOB raised its gold price forecast to USD 3,700/oz by 4Q25 and USD 4,000/oz by 3Q26.
On the morning of September 18, 2025, the domestic gold bar price was listed by SJC Company at 130 – 132 million VND/tael, down 300,000 VND/tael in each direction.
Domestic gold bar price movements since the beginning of the year
Globally, gold prices fell slightly after the US Federal Reserve (Fed) cut interest rates. At the end of the trading session on September 17, spot gold fell 0.2% to $3,681.39/oz, after reaching a record high of $3,707.40/oz earlier in the session. Gold futures lost 0.2% to $3,717.8/oz.
Mr. Suan Teck Kin, Head of Global Economics and Market Research, UOB Bank (Singapore), said that after a period of accumulation below the threshold of 3,400 USD/oz since May, the gold price has clearly broken out in the latest increase in the long-term trend. The fundamental factors continue to support, including safe-haven demand from central banks and individual investors, combined with increased liquidity factors in the context of the market expecting the Fed to resume the interest rate cutting cycle from the September FOMC meeting.
A notable new price increase driver is the active participation of Chinese investors, as evidenced by the doubling of gold inventories at the Shanghai Commodity Exchange (SHFE) over the past two months.
Technically, the price chart also gave a bullish signal after gold decisively broke the key resistance level of USD 3,500/oz. Therefore, UOB raised its gold price forecast to USD 3,700/oz by 4Q25 and USD 4,000/oz by 3Q26.
Responding to the question about the Government studying the tax on gold transactions, Mr. Dinh Duc Quang – Director of Currency Trading, UOB Vietnam Bank shared that tax collection on any asset requires a public, transparent and controlled playground. Currently, the Vietnamese gold market is mostly free trading, people buy and sell at gold shops and store, there is no official trading floor.
Therefore, Mr. Quang believes that the first step of the management agency will be to establish a legal framework and infrastructure to form an official gold market. At that time, it is necessary to clearly distinguish between buying gold for storage and buying gold for speculation and surfing. Tax collection can target speculative activities for profit. If there is a fair and transparent playing field, investors make profits, then paying taxes to the State is reasonable, similar to the stock market.
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