While the world gold price remains high around 4,050 USD/ounce, China continues to shock when discovering a new giant gold mine in Liuzhang province.
China's Ministry of Natural Resources confirmed that Dai Dong Cau mine (Dadonggou) contains about 2.586 million tons of ore, with an average content of 0.56 grams/ton, equivalent to about 1,444 tons of pure gold. According to some estimates, this gold reserve could be worth more than $192 billion at current prices.
To exploit the gold mine, considered the largest in the geological history of this region, three units including the National Gold Group of China, Lieu Ninh Mineral Geological Group and the government of Dong khau city, have started to invest more than 20 billion yuan (equivalent to 2.82 billion USD) by 2027. The goal is to form a complete value chain from surveying, mining to smelting and production.
Notably, this is not a single discovery. At the end of 2024, China announced a super-large gold mine in Hunan province, estimated to be worth 83 billion USD. New gold deposits have emerged in a row, strengthening the position of China - already one of the three largest gold producers in the world along with Russia and Australia.
Experts say China's success is not by chance. This country is located at the intersection of many large tectonic plates, creating strong geological activity, creating ideal hydrometeorological systems - environments for gold to converge and form large ore bodies.
Natural conditions combined with a proactive exploitation strategy help China maintain a new mine discovery rate far exceeding many other countries.
The discovery comes at a time when global gold prices are skyrocketing. Since the pandemic, the continuous escalation has pushed gold prices to at times over $4,300/ounce in October 2025 - a historic high. Strong demand, especially from central banks, has further strained the market.
Goldman Sachs said central banks bought 64 tonnes of gold in September, more than tripled August's 21. The gold hoard trend continued in November as many economies sought to hedge against geopolitical risks and financial fluctuations.
China is also one of the most active buyers. In September alone, the country added about 15 tons to its gold reserves. The discovery of the Dai Dong Cau mine with reserves of more than 1,000 tons is expected to help China increase gold security, reduce dependence on international supply and better control the strategic value of the precious metal.
Professor Vuong Diem (Lieu Ninh Provincial Party Committee) commented: "A volume of more than 1,000 tons of gold will strongly strengthen national strategic reserves and create a great competitive advantage in the global market".
Goldman Sachs still believes that gold prices will reach $4,900/ounce by the end of 2026, based on two main drivers: The central bank continues to store about 80 tons of gold per month. Private money returned as the US Federal Reserve (Fed) eased monetary policy.
The world gold price at 6:20 a.m. on November 18, Vietnam time, stood at 4,051.26 USD/ounce.
Regarding domestic gold prices, SJC gold bar prices are trading around 149.4-151 million VND/tael. Bao Tin Minh Chau 9999 gold ring price is trading around 148-151 million VND/tael.
Gold prices need to accumulate momentum to create a new uptrend
In the first days of the week, world gold prices formed a new support zone of over 4,000 USD/ounce. However, the fact that gold prices did not surpass the 4,200 USD/ounce mark has led analysts to believe that the market needs to accumulate more time to create enough momentum towards the historical peak of last month. The stagnation of gold prices during this period comes from the fact that the momentum is not strong enough to create a new uptrend.
The focus of the market this week is the US Government's resumption of operations after many days of closure, but accompanied by concerns about economic instability that will cause investors to sell gold, silver and digital currency at the end of the week.
