On the morning of 3/9, gold prices saw a widespread increase across various brands following the National Day holiday. Saigon Jewelry Company (SJC) listed the precious metal at 131.9 - 133.4 million VND per tael, the highest price to date. This represents a 2.8 million VND increase per tael compared to the end of last week. The spread between buying and selling prices is 1.5 million VND.

PNJ, DOJI, and Vietinbank quoted similar gold prices to SJC. Bao Tin Minh Chau's buying price was 500,000 VND lower than other brands, while the selling price remained at 133.4 million VND.

Plain gold rings also experienced a price increase. SJC listed them at 125.1 - 127.6 million VND per tael, a 2.6 million VND increase compared to the previous trading session. PNJ and DOJI traded gold rings at 125.5 - 128.5 million VND, 1 million VND higher than yesterday. Bao Tin Minh Chau set the price for gold rings at 125.7 - 128.7 million VND, the highest among the brands.

Domestic gold prices rose after international market prices hit a new record. At the close of trading on 2/9, the spot gold price increased by 58 USD to 3,531 USD per ounce. Converted at Vietcombank's exchange rate, this is equivalent to approximately 112.8 million VND per tael, about 20.6 million VND lower than the domestic price.

Investors are pouring money into gold amid the likelihood of the US Federal Reserve (Fed) cutting interest rates. Political and economic risks are also on the rise. Since the beginning of the year, the world gold price has increased by 35%.

"The gold market is entering the peak consumption season of the year. Coupled with expectations of a Fed rate cut in the September meeting, we predict prices will continue to reach new highs," commented Suki Cooper, precious metals analyst at Standard Chartered Bank.

Domestic silver prices also continued to increase. Phu Quy Gold Investment Joint Stock Company listed silver at around 1.56 - 1.61 million VND per tael, while the price at Ancarat Precious Metals Joint Stock Company was 1.55 - 1.59 million VND.

Trong Hieu