According to the Statistics Office (Ministry of Finance), domestic gold prices fluctuated in the same direction as world gold prices. As of September 29, 2025, the average world gold price was at 3,688.38 USD/ounce, up 7.9% over the previous month.
On September 17, 2025, the US Federal Reserve (FED) decided to cut the operating interest rate to 4%-4.25%, causing the USD to weaken and bond yields to decrease, thereby increasing the attractiveness of gold, pushing world gold prices up. In addition, prolonged trade tensions, rising geopolitical risks and persistent inflation expectations have boosted demand for gold as a safe-haven asset.
Domestically, the gold price index in September 2025 increased by 6.53% compared to the previous month; increased by 55.4% compared to the same period in 2024; increased by 45.42% compared to December 2024; On average, in the first 9 months of 2025, the gold price index increased by 41.86% compared to the same period last year.
The persistent increase in gold prices in recent times reflects investors' growing confidence that the precious metal is entering a new growth cycle, driven by many simultaneous factors. One of the key drivers is the weakening of the US dollar. In the context of the US budget deficit continuing to widen and fiscal risks increasing, the greenback is gradually losing its appeal.
Along with that, expectations that the US Federal Reserve (FED) will cut interest rates twice more in the remainder of the year will reduce the cost of holding gold, boosting cash flow into precious metals.
Along with monetary factors, political and geopolitical instability continue to push gold higher. Tensions in Ukraine, the Middle East and Europe have not shown any signs of cooling down, while the US has fallen into a deadlock as the US Congress cannot pass the budget, causing the federal government to shut down in early October.
According to experts, each week of closures could cost the US economy between $7 billion and $15 billion, while increasing concerns and demand for "safe havens" such as gold.
Regarding USD prices, the Statistics Office said that the domestic situation is moving in the opposite direction to world prices. As of September 29, 2025, the USD index on the international market reached 97.48 points, down 0.65% compared to the previous month, mainly due to the FED's interest rate cut, making the USD less attractive compared to other major currencies.
Domestically, the USD price index in September 2025 increased by 0.3% compared to the previous month due to increased foreign demand to serve the demand for imported goods and the psychological factor of holding USD of people in the context of the State Bank loosening monetary policy; increased by 6.64% over the same period in 2024; increased by 3.98% over the same period in December 2024; On average, in the first 9 months of 2025, the US dollar price index increased by 3.8% over the same period last year.
