Gold prices fluctuate sharply: Financial experts from Dai Nam University point out 3 key drivers and advise investors.

After peaking on January 29, 2026, the global gold market and SJC gold bars in Vietnam witnessed a rapid and significant correction. According to Dr. Nguyen Hoang Nam – Head of the Finance and Banking Department, Dai Nam University (DNU), this unusual development reflects the increasingly clear influence of global macroeconomic factors, surpassing normal short-term supply and demand fluctuations.

The gold market experienced significant volatility after a period of rapid growth.

Over the past week, international gold prices briefly touched $5,600 per ounce (January 29, 2026) before undergoing a sharp correction, falling back to around $4,890 per ounce on the morning of February 2, 2026. Simultaneously, the domestic market witnessed unprecedented volatility: SJC gold bars from major brands such as SJC, DOJI, PNJ, and Bao Tin Minh Chau surged to 191.3 million VND per tael, then plummeted to approximately 168.6 million VND per tael within just two trading days.

According to Dr. Nguyen Hoang Nam's analysis, this is one of the most volatile periods for the Vietnamese gold market in recent years, indicating that investor sentiment is being strongly driven by global information shocks.

Three major factors are driving the current price of gold.

From an academic and practical financial perspective, experts from Dai Nam University believe there are three key groups of drivers directly impacting the price of gold.

Firstly, the demand for safe-haven assets is increasing amid geopolitical instability and escalating policy risks. Unpredictable developments in international relations, potential conflicts, and tough statements from major powers are causing capital to constantly shift between safe-haven investments and short-term profit-taking, creating sharp fluctuations in gold prices.

Secondly, a wave of state reserve restructuring is underway globally. According to Dr. Nguyen Hoang Nam, the unpredictable policies pursued by the US under President Donald Trump have prompted many countries to gradually reduce their dependence on USD-denominated assets, especially US Treasury bonds. Data from the US Treasury Department shows that, within 12 months, many major economies such as China, India, and Brazil have significantly reduced their holdings of US Treasury bonds, while increasing their proportion of gold as a more neutral and safer reserve asset.

Dr. Nguyen Hoang Nam - Head of the Department of Finance and Banking, Dai Nam University.

Third, expectations regarding the US interest rate trajectory continue to be a crucial variable. When the market believes interest rates will cool down, the opportunity cost of holding gold decreases, thereby supporting prices. Conversely, simply expecting a reversal in interest rates can cause gold prices to adjust very quickly and sharply.

How long will the price of gold continue to fluctuate?

According to experts from Dai Nam University, the domestic gold market is currently particularly sensitive due to the scarcity of physical gold supply. The fact that buyers have to wait a long time for gold delivery clearly shows the tension in the market. In this context, even a psychological shock is enough to cause domestic gold prices to fluctuate much more sharply than in the international market.

Another noteworthy point is the cautious approach of the regulatory authorities. Past experience shows that strong intervention in the gold market has put significant pressure on foreign exchange reserves. Therefore, when expectations for intervention are limited, the market is more susceptible to being influenced by crowd psychology and unverified information.

"The price of gold in the near future seems to depend heavily on US policy factors, especially the statements and decisions of President Donald Trump. The market is pricing gold with an 'uncertainty premium,' meaning that every piece of information released from the White House can reverse the price of gold within hours," analyzed Dr. Nguyen Hoang Nam.

Accordingly, the most likely scenario in the short term is not a stable upward or downward trend, but rather a "staircase" pattern of price fluctuations: prices surge on breaking news, correct sharply when profits are taken, and then rise again when uncertainty returns. Gold still has the potential to reach new highs, but this will be accompanied by very strong volatility.

Perspective from Dai Nam University: Caution and discipline are key.

Based on the above analysis, financial experts from Dai Nam University recommend that individual investors exercise particular caution, avoid chasing the peak based on rumors, and develop a clear risk management strategy. In the context of increasing global uncertainty, solid financial knowledge and disciplined investment thinking are the foundation for investors to withstand the turbulent waves of the market.