Gold Prices Hit Record Highs In Early 2026: A Clear Return Of Global Risk-Aversion Sentiment

Entering early 2026, the gold market continues to record a strong upward trend. Global gold prices are holding around USD 4,700–4,800 per ounce, while domestic SJC gold prices have surpassed VND 170 million per tael, clearly reflecting the defensive mindset of global capital flows.

WHY ARE GOLD PRICES RISING SHARPLY?

Several key actors are simultaneously at play:

• Geopolitical tensions remain unresolved: The prolonged Russia–Ukraine conflict, escalating instability in the Middle East, and growing investor attention to Greenland and the Arctic region - areas of strategic importance and rich natural resources - along with rising strategic competition among major powers, are driving investors toward safe-haven assets.

• Expectations of an early interest rate cut by the Fed: Inflationary pressures in the U.S. are showing signs of easing, leading markets to anticipate monetary easing in 2026. As a result, the U.S. dollar weakens, allowing gold to benefit.

• Continued net gold purchases by central banks and institutional investors: Many countries are increasing gold and foreign-exchange reserves to diversify assets, reduce dependence on the U.S. dollar, and hedge against long-term financial risks.

• Capital flows returning to defensive assets: Economic, trade, and geopolitical volatility reinforces gold’s role as a stable store of value in the medium to long term.

Overall, the surge in gold prices is not a short-term phenomenon but reflects a broader risk landscape facing the global economy.

HOW DOES RISING GOLD PRICES IMPACT IMPORT–EXPORT ACTIVITIES?

• Increased exchange-rate volatility, particularly of the U.S. dollar, makes import costs more difficult to forecast.

• Greater pressure on capital costs and cash flow, especially for companies importing large volumes of raw materials.

• Businesses need to be more cautious regarding payment timing, contract execution, and delivery planning.

KEY TAKEAWAYS FOR IMPORT–EXPORT BUSINESSES

• Closely monitor movements in the U.S. dollar, interest rates, and monetary policy.

• Prepare flexible financial scenarios for long-term contracts.

• Proactively manage risks instead of focusing solely on commodity prices.

CONCLUSION

Record-high gold prices signal that markets are actively seeking safe havens. For import–export businesses, this is a period that calls for tighter financial management and greater proactivity amid global uncertainties.

In your view, has gold reached its peak—or is there still room to rise?

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