World spot gold prices soared to historic highs in the Asian trading session on January 23, at one point increasing by 0.7%, reaching a record level of 4,967.48 USD/ounce, while February gold futures increased by more than 1%, to 4,969.69 USD/ounce.
The 5,000 USD/ounce mark - a psychological threshold closely monitored by investors - is very close, reflecting the unprecedented heat of the gold market.
Not only gold, other precious metals also simultaneously peaked. Spot silver prices increased by nearly 3%, to a record level of 99.0275 USD/ounce.
The rise in gold prices took place in the context of President Donald Trump speaking on Air Force One that the US has a "fleet" moving towards Iran, and warning Tehran not to restart nuclear efforts or suppress protesters.
We have a fleet heading there, but maybe we won't need to use it," Trump said, adding that he "don't want to see anything bad happen.
According to reports, a US aircraft carrier and many destroyers are expected to arrive in the Middle East in the coming days. These statements raise concerns about the risk of military intervention, triggering a fear of risk in the global financial market.
Previously, the precious metal market had slightly adjusted after Mr. Trump announced an agreement related to Greenland. However, new statements related to Iran, along with a lack of specific details about the agreement, quickly made safe haven demand return and prevail.
From the beginning of 2026 to now, gold prices have increased by nearly 15%, marking the strongest increase in history recorded in January.
In addition to geopolitical factors, gold prices are also supported by the weakening USD, as mixed signals from the US economy increase expectations that the US Federal Reserve may cut interest rates this year.
Although the upcoming Fed meeting is predicted to keep interest rates unchanged, the market is still betting on the possibility of easing monetary policy in the near future.
Tensions between Mr. Trump and the Fed also contribute to boosting shelter demand, along with concerns about the worsening fiscal situation in developed economies, especially Japan. US and Japanese government bonds have been heavily sold in recent weeks, while cash flow tends to shift to gold as a channel to preserve value.
Notably, Goldman Sachs has raised its gold price forecast for the end of 2026 to 5,400 USD/ounce, compared to the previous forecast of 4,900 USD/ounce. This bank believes that buying power from private sector investors is increasing sharply, boosting the upward momentum of gold prices.
According to Goldman Sachs, in the period 2023-2024, purchasing power from central banks was the main factor, but since 2025, private investors have competed more strongly to buy physical gold in the context of limited supply.
Meanwhile, UBS believes that gold once again proves its safe-haven asset role as geopolitical risks increase. The bank set a gold price target of 5,000 USD/ounce, with a scenario of increasing to 5,400 USD/ounce if global tensions continue to escalate.
Regarding domestic gold prices in the Vietnamese market, SJC gold bar prices are traded at 171.3 - 173.3 million VND/tael (buying - selling). 9999 Bao Tin Minh Chau gold ring prices are traded at 169.5 - 172.5 million VND/tael (buying - selling).
