On the morning of 23/8, Saigon Jewelry Company (SJC) raised the price of gold bars by 1.2 million VND compared to the previous day, listing it at 125.6 - 126.6 million VND per tael, a record high. PNJ, DOJI, Bao Tin Minh Chau, along with state-owned banks, also increased their selling prices for gold, similar to SJC. The difference between the buying and selling price is 1 million VND.

SJC also increased the price of plain gold rings by 1 million VND per tael compared to the previous day, listing them at 118.5 - 121 million VND, also a historical peak. PNJ and Bao Tin Minh Chau are selling this item at lower prices than SJC.

Bao Tin Minh Chau listed the price of plain gold rings at 117.6 - 120.6 million VND. PNJ's buying and selling prices are 500,000 VND and 100,000 VND lower than SJC's, respectively. Meanwhile, DOJI's buying and selling prices for gold rings are higher than the three aforementioned brands, listed at 118.5 - 121.5 million VND per tael.

Domestic gold prices are rising in line with the international market. At the close of trading on 22/8, the spot price of gold increased by 33 USD to 3,370 USD per ounce. Converted at Vietcombank's selling exchange rate, this equates to 107.7 million VND per tael, nearly 19 million VND lower than the domestic price.

The gold market rallied on expectations that the US Federal Reserve (Fed) will cut interest rates in September, following statements by Fed Chair Jerome Powell. At the Fed's annual conference in Jackson Hole on 22/8, Mr. Powell said that the shift in the balance of risks could prompt the Fed to alter its policy stance. However, he stopped short of committing to such a move. He acknowledged rising risks to the job market but also warned that inflationary pressures remain.

"Powell surprised the market by leaving open the possibility of a September rate cut. This triggered a rally in a range of assets, including gold," observed Tai Wong, an independent precious metals trader.

Trong Hieu