In 2025, world gold prices increased by 63%. Compared to the end of 2019, this precious metal has increased by about 184% - an escalation that reminds many investors of the "gold fever" periods in history.
Right in the first half of January 2026, gold prices continued to rise by about 6%. World gold prices at 9:14 am on January 19 Vietnam time traded at a record level of 4,662.09 USD/ounce, up to 71.80 USD, equivalent to an increase of 1.56%.
A survey of major financial institutions shows that gold prices may increase by an average of 17% compared to the end of 2025.
The main driving force comes from increasing global demand:
Central banks, especially in Asia, continue to buy gold as a risk hedging measure against the risk of the domestic currency weakening.
China and India, two traditional markets that consider gold as a cultural and financial asset, witnessed a strong buying wave from both people and businesses.
hedge funds are seeking to diversify portfolios, adding gold alongside stocks, bonds, US Treasury bonds and real estate.
Individual investors in the US and many other countries access gold more easily than ever, from large retail chains such as Costco to local gold and jewelry stores.
The combination of a large budget deficit, prolonged geopolitical tensions and the weakening outlook for the USD makes gold continue to be considered a "hideout" in 2026.
However, the history of the gold market shows that "normality" can change very quickly. Current optimistic arguments once appeared in 1980: high inflation, soaring oil prices, weakening the USD. When gold prices hit the 850 USD/ounce mark, many people believed that 1,000 USD was just a matter of time.
Reality was completely different. Gold prices then plummeted by more than 60%, falling to about 350 USD in 1985 and it was not until April 2008 - right before the Great Depression - that they returned to the 850 USD mark.
However, at the present time, Wall Street is still leaning towards an optimistic scenario. Most forecasts focus on a fairly narrow range, reflecting a rare consensus between major financial institutions.
Some opinions even suggest that gold's upward momentum has not stopped. Jeurg Kiener, Chairman of Swiss Asia Capital (Singapore), forecasts that gold may reach 8,000 USD/ounce in 2028.
Yardeni Research - a research company based in New York - believes that gold could reach $6,000 this year, and according to Ed Yardeni, the $10,000 mark by 2030 is not impossible, if the global budget deficit continues to widen, international tensions persist and the Fed pursues an inflation-minded monetary easing policy.
Gold price forecast for 2026 by major organizations (compared to the closing price at the end of 2025: 4,341.0 USD/ounce)
Jefferies Group: 6,600 USD (+52.04%)
Yardeni Group: 6,000 USD (+38.21%)
$5,400 (+24.39%)
JPMorgan Chase: $5,055 (+16.45%)
Charles Schwab: $5,055 (+16.45%)
Bank of America: 5,000 USD (+15.18%)
ANZ Bank (Australia): 5,000 USD (+15.18%)
4,950 USD (+14.03%)
Goldman Sachs: 4,900 USD (+12.57%)
4,800 USD (+10.57%)
Standard Chartered (UK): 4,800 USD (+10.57%)
Wells Fargo: 4,500 - 4,700 USD (+3.65% to 8.26%)
The average price forecast fluctuates around 5,180 USD/ounce, equivalent to an increase of about 19.3% in 2026.
Regarding domestic gold prices, SJC gold bar prices at 9 am on January 19 traded at 163 - 165 million VND/tael (buying - selling). 9999 Bao Tin Minh Chau gold ring price traded at 161.5 - 164.5 million VND/tael (buying - selling).
