Gold in Vietnam opens near 145 million dong per tael

The backdrop is a global gold market that has remained firm even after bouts of sharp volatility. New York gold futures closed at $4,458.5 an ounce on Aug. 17, up from $4,363.6 just four days earlier, while the SPDR Gold Shares ETF, a proxy for investor demand, climbed to $405.49. The rally came as Adalytica’s Gold Fear & Greed Index stayed in “Greed” territory at 72, though it has eased 28 points over the past month, suggesting enthusiasm remains elevated but less overheated than earlier in the summer.

At the same time, the US dollar has been under heavy pressure in Adalytica’s signals, with the dollar trade index showing “Extreme Fear” at 9 and a 30-day drop of 86 points in awareness. That combination typically supports bullion by reducing the opportunity cost of holding non-yielding assets and by reinforcing gold’s appeal as a hedge against currency weakness. The 10-year US Treasury yield at 4.637% also keeps real-rate dynamics central to the market’s direction, especially as investors weigh how long restrictive financing conditions can persist.

Vietnam’s local pricing suggests domestic demand is reacting not just to international moves but also to dealer caution and supply-demand imbalances on the ground. The fact that the buying price lagged the selling price by up to 4.5 million dong means dealers are protecting against sudden reversals after gold’s recent swings, a pattern that can appear when retail demand is strong but two-way liquidity is thin.

For investors, that leaves two competing narratives. The bullish case is that gold’s global uptrend, weaker dollar signals and persistent appetite for safe-haven assets continue to support prices. The bearish case is that wide local spreads and elevated technical readings — with futures RSI at 82.2, a level often associated with overbought conditions — point to a market vulnerable to consolidation if macro support fades or profit-taking intensifies.

The near-term focus will be whether global bullion can hold above recent highs and whether Vietnam’s domestic spread narrows as volatility cools. If it does, the local market could regain depth; if not, the cost of trading gold in Vietnam may stay elevated, limiting speculative activity and leaving buyers to absorb most of the price shock.