Record-breaking gold prices in 2024

Throughout 2024, global gold prices shattered multiple records, climbing from $2,500 per ounce to an unprecedented high of nearly $2,790 per ounce. As of December 24, prices hovered around $2,616 per ounce, marking a 30% increase compared to the beginning of the year.

According to gold expert Tran Duy Phuong, gold prices are expected to stay between $2,600 and $2,650 per ounce by the year’s end. While he anticipates a potential decrease in 2025, there could be moments when prices spike to $2,800 or even $2,900 per ounce, though such levels are unlikely to be sustained.

The first two quarters of 2025 may see a modest rise, with prices increasing by $200-$250 per ounce compared to late 2024. Phuong attributes this to reduced geopolitical tensions and slower interest rate cuts by major central banks, including the U.S. Federal Reserve, which is expected to lower rates only once or twice in the year.

Domestically, gold rings may reach 90 million VND ($3,535) per tael, while SJC gold could hit 92-93 million VND ($3,600) per tael in the first half of 2025. However, prices are projected to decline from the third quarter onward, reflecting global trends.

Economist Dr. Nguyen Tri Hieu highlights that 2025 gold prices remain unpredictable, influenced by global economic policies under President Donald Trump and geopolitical developments in Ukraine and the Middle East.

“The possibility of global gold prices rising to $2,800 or even $3,000 per ounce, as some experts predict, is uncertain. Similarly, domestic gold prices reaching 92 million VND per tael is not guaranteed,” Hieu commented.

Timing your gold investments

Experts stress the importance of timing when it comes to gold investments. Phuong advises investors to consider buying gold now, as favorable conditions support higher prices.

“It’s wise to sell between March and May 2025, as this period typically sees the weakest gold prices annually, barring unusual circumstances like in 2024. Investing in gold after mid-2025 is less advisable,” he explained.

Hieu warns that investing in gold remains risky. “There’s no guarantee that current prices are at their lowest, nor that they will rise significantly in the future. Monitor the market closely, and if you choose to invest, do so cautiously. Diversify your portfolio by allocating funds across various channels, such as savings, stocks, or real estate,” he recommended.

Economist Dr. Nguyen Minh Phong predicts that gold prices will stabilize in 2025, with domestic prices aligning more closely with global markets. This alignment will narrow price differences among gold brands and types, as well as between buying and selling prices.

Phong advises against speculative “wave-riding” due to increased market transparency. However, he maintains that gold remains a reliable long-term investment, while short-term speculation carries significant risks, especially as the government has not implemented policies to import and sell gold domestically.

Nguyen Le