Market Highlight 22.10.2025

Global gold prices recorded their steepest single-day drop in decades, while silver posted its sharpest decline since February 2021 on Tuesday evening, as markets underwent a correction following weeks of relentless gains that had repeatedly driven precious metals to record highs. Spot gold plunged as much as 6,3% to USD 4.082,03 per ounce, while spot silver slumped 8,7% to USD 47,89 per ounce. A confluence of factors contributed to the sharp sell-off in precious metals, including positive trade negotiations between China and the United States, a resurgent USD, technical overbought conditions, and the end of India’s peak festive season. Safe-haven demand for gold has cooled somewhat as U.S President Donald Trump and Chinese President Xi Jinping are expected to meet next week to address ongoing trade disagreements.  

The USD Index rose 0,38% overnight, marking a third consecutive day of gains, supported by renewed optimism after President Trump stated earlier this week that he expected to reach a trade agreement with the Chinese leader during their meeting next week. White House economic adviser Kevin Hassett also signaled that the 20-day U.S Federal Government shutdown could come to an end within this week. Meanwhile, the Japanese yen fell to a one-week low on Tuesday after Sanae Takaichi was elected as Japan’s new Prime Minister, a development that further bolstered the dollar’s rally. Analysts expect that once the U.S Government reopens and resumes publishing economic data, the dollar could subsequently face renewed downward pressure.  

Domestically, the interbank USD/VND exchange rate edged up by roughly VND 10 yesterday, hovering close to the effective ceiling rate of 26.353 for the day. The market is expected to remain relatively stable today, trading within a narrow band of 26.300 - 26.350.

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