Market Highlight 23.12.2025

Global gold and silver prices surged to record highs, as escalating geopolitical tensions were amplified by thin year-end market liquidity and expectations that the United States will continue cutting interest rates in 2026. Bullion prices jumped 2,4% yesterday to USD 4.467 per ounce this morning, surpassing the previous record of USD 4.381 per ounce set in October, while silver also rallied sharply by 3,4%, approaching the USD 70 per ounce level. The latest upswing came as markets priced in expectations that the Federal Reserve will deliver two additional rate cuts in 2026, alongside continued support from U.S President Donald Trump for a more accommodative monetary stance. In recent weeks, the United States has intensified oil sanctions on Venezuela, while tensions between Russia and Ukraine have shown no clear signs of easing.

Gold prices have risen by around 67% so far this year, underpinned by increased accumulation by Central Banks and strong inflows into gold-backed exchange-traded funds. President Trump’s forceful moves to reshape global trade - together with his rhetoric challenging the independence of the U.S Central Bank - have further fueled gold’s powerful rally earlier this year. Goldman Sachs is among several institutions forecasting that gold prices will continue to climb in 2026, with a base-case target of USD 4.900 per ounce. According to Goldman Sachs, gold ETFs are increasingly competing with Central Banks for physical gold supplies, which remain relatively constrained.

In the interbank market, the USD/VND exchange rate closed yesterday at 26.340, despite VND interest rates rebounding to around the 7% level. The exchange rate is expected to remain stable within the 26.300 - 26.350 range today, with limited volatility as major global markets prepare to enter the year-end holiday period.

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