Market Highlight 20.10.2025

Gold prices fell more than 2% on Friday after reaching a record high of USD 4.378,69 per ounce, pressured by a 0,2% rebound in the USD Index and comments from U.S President Donald Trump, who said that the comprehensive tariffs on China would not last long. Over the weekend, President Trump confirmed an upcoming meeting with his Chinese counterpart in two weeks, easing market concerns over an escalation in trade tensions between the world’s two largest economies. HSBC raised its average gold price forecast for 2025 to USD 3.455 per ounce and expects prices to reach USD 5.000 per ounce in the first half of 2026. The bank cited geopolitical risks, policy uncertainty, and rising public debt as key drivers supporting the metal. Similarly, Bank of America and Société Générale have also issued bullish forecasts for 2026, projecting that gold could climb to the USD 5.000 mark.  

The USD Index declined by over 0,3% last week amid growing concerns about the intensifying trade dispute. The U.S Federal Government shutdown, now extending beyond 17 days, has delayed the release of several key macroeconomic reports, leaving markets short of data needed to assess the health of the U.S economy. This week, investor attention will focus on the September CPI report due Friday (October 24), ahead of the Federal Reserve’s policy meeting on October 28-29.  

In Vietnam, the USD/VND interbank rate rose over VND 10 on Friday, closing the session at 26.348, not far from the effective ceiling rate of 26.356. Overall, the exchange rate remained broadly stable around 26.350 throughout last week and has appreciated 3,3% year-to-date. The interbank market is expected to continue trading between 26.300 and 26.350 this week.

Please contact the nearest Asia Commercial Joint Stock Bank's branch to receive information and consultancy if you are in need of making any foreign exchange and derivatives transactions.

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Directly contact us to receive market news and consultancy on foreign exchange products and derivatives:

- Financial Markets Division – Email: ktttc@acb.com.vn ; or

- Mr. Khanh Hoang (Financial Markets Senior Analyst) – Email: hoangnk@acb.com.vn