Gold Prices Rise as SJC and Mi Hong Shares Surge

Gold prices in Vietnam experienced a further increase on the afternoon of April 4, 2026, with the Saigon Jewelry Company (SJC) recording sharp price rises and the Mi Hong jewelry store continuing a growth trend, according to reporting from Vietnam.vn.

The latest price movements are part of a broader volatility trend that has gripped the Vietnamese gold market throughout the first quarter of 2026, characterized by record-high prices and intense consumer demand.

Domestic Market Trends and Retail Chaos

The surge in prices has led to significant disruptions at retail gold shops across the country. In late January 2026, gold shops reported long queues and sold-out signs as SJC prices hit record levels. On January 29, 2026, SJC gold bars were traded between 187.2 million, and 190.2 million VND per tael, which was approximately $7,680 to $7,800.

During this period, gold rings also saw an upward trend, with SJC’s 1–5 chỉ rings quoted at 186.8 to 189.8 million VND per tael, marking a surge of 6.1 million VND on both the buying and selling ends.

At the Mi Hong jewelry store in Ho Chi Minh City, the demand was so high that security staff repeatedly turned customers away, instructing them to return at 6:00 a.m. The following morning to secure a spot in line. A similar scene occurred at the SJC headquarters in Ban Co Ward, where the company posted signs stating they were no longer accepting customers for gold ring transactions after reaching their morning quota.

To manage the scarce supply and soaring demand, SJC implemented a requirement for buyers of gold bars to register online in advance. Only those who successfully completed the registration process were permitted to enter the store.

Price Volatility in February and March

The upward momentum continued into February. On February 28, 2026, SJC gold bars were listed at 184 million VND per ounce for buying and 187 million VND per ounce for selling, representing an increase of approximately 3 million VND per ounce from the previous session.

Pure gold rings and jewelry also rose during this time, with prices announced at approximately 183.8 million VND per ounce for buying and 186.8 million VND per ounce for selling. Other retailers, including Bao Tin Minh Chau and Bao Tin Manh Hai, sold plain gold rings at prices equivalent to SJC gold bars, around 187 million VND per tael.

In contrast, SBJ gold from the Sacombank Gold and Gemstone Company recorded lower levels, trading between 174.5 million and 177.6 million VND per ounce.

The volatility persisted into the end of March. On March 31, 2026, SJC gold and gold ring prices jumped by nearly 3 million VND per tael.

Global Drivers and Economic Outlook

The domestic price surges in Vietnam have closely followed trends in the international gold market. By the end of February 2026, international gold closed a weekend trading session at $5,280 per ounce, an increase of roughly $114 per ounce compared to the previous session.

Market analysts attribute the rise in global gold prices to an increased demand for safe-haven assets. A primary driver of this shift is reported to be instability in the Middle East, specifically related to warnings from the United States and the status of Iran’s nuclear program.

This international instability has pushed gold to its highest levels in nearly a month, fueling the domestic “gold rush” in Vietnam as investment capital shifts away from other channels toward gold.