In October, world spot gold prices surpassed the $4,000/ounce mark, up more than 53% compared to the beginning of the year, marking the strongest increase since 1979, according to data from the World Gold Council (WGC). The world gold price was listed at 6:00 a.m. on October 13 at 4,016.4 USD/ounce.
From the $3,000/ounce mark in March, gold prices have continuously climbed, reaching $3,300 at the end of August and increasing by more than 20% in just the past 6 weeks.
Along with the unprecedented increase, a series of major Chinese banks such as the Bank for Industry and Trade (ICBC), Agricultural Bank (ABC), Construction Bank (CCB) and Ningbo Bank have issued official risk warnings on their websites.
On October 10, ICBC said that factors causing instability in the gold market are increasing, causing strong and unpredictable price fluctuations. The bank recommends that customers " closely monitor market developments, assess risk tolerance and invest reasonably to protect personal assets".
On the same day, CCB announced a series of adjustments to regulations related to gold trading, including raising the minimum investment threshold, changing deposit levels and updating thecircuit breaker rule. The bank emphasized that domestic and world gold price fluctuations are increasing, market risks are increasing, and advised investors to be cautious and alert.
According to the World Gold Council, 2025 is the year with the most impressive developments in nearly half a century, with gold futures on the New York Commodity Exchange (NYMEX) increasing by more than 51% as of mid-October. Last week alone, gold continued to increase by more than 2%, affirming its position as the number one safe-haven asset amid global instability.
However, the spectacular increase in silver is also attracting attention. The world silver price on October 13 was listed at 50.83 USD/ounce - equivalent to an increase of 73.5% since the beginning of the year, far exceeding the increase rate of gold.
Mr. Duong Duc Long ( Yang Delong), chief economist of First Seafront Fund (Shenhen), commented that the increase in gold prices this year comes from confidence in the interest rate cutting cycle of the US Federal Reserve (Fed), a weak USD, along with geopolitical instability and the US government's closure.
Trade tensions caused by US tax policies and complicated geopolitical situations in the Middle East and Eastern Europe also contribute to boosting demand for safe-haven assets.
Gold is returning to its historical role - the last resort when all other markets are unstable - Mr. Duong commented.
Regarding domestic gold prices, in the early afternoon of October 13, Saigon Jewelry Company (SJC Company) listed the price of SJC gold bars for sale at VND144.1 million/tael, an increase of VND500,000 compared to the opening price of the day. PNJ, DOJI, Bao Tin Minh Chau also listed the price of SJC gold bars at 142.1 - 144.1 million VND/tael (buy - sell).
The price of gold rings has also officially exceeded 140 million VND/tael. SJC Company listed the price of gold rings at 137.9 - 140.6 million VND/tael (buy - sell). PNJ, DOJI: 138.5 - 141.1 million VND/tael (buy in, sell out). Phu Quy: 139 - 142 million VND/tael (buy - sell).
