On the morning of 14/8, Saigon Jewelry Company (SJC) listed the price of a gold bar at 123.7 - 124.7 million VND, an increase of 700,000 VND for buying and 500,000 VND for selling compared to the previous day. At Phu Nhuan Jewelry Company (PNJ), the price of a gold bar was raised to 123.5 - 124.7 million VND. This is the highest price for a gold bar to date.

SJC also listed the price of a plain gold ring at 117.1 - 119.6 million VND, a 600,000 VND increase in both buying and selling prices compared to the previous day. At PNJ, the price of a plain gold ring rose to 116.8 - 119.8 million VND.

Other brands also adjusted their plain gold ring prices. DOJI Gold and Silver Group listed the price at 116.8 - 119.8 million VND. Bao Tin Minh Chau listed it at 117.5 - 120.5 million VND.

Domestic gold prices increased faster than global prices, resulting in a widening gap between the two markets to 17.5 million VND. Spot gold in the past 24 hours reached 3,375 USD per ounce before falling back to 3,357 USD. Converted at Vietcombank's exchange rate, the international price is equivalent to 107.1 million VND per tael.

Domestically, silver prices have also increased since the beginning of the month and are currently trading near their peak. Phu Quy Gold Investment Company listed the price of a silver bar at nearly 1.47 - 1.53 million VND. With the same buying price, Ancarat Precious Metals Company's selling price is 200,000 VND lower than Phu Quy's, at 1.51 million VND per tael.

Mr. Heng Koon How, Head of Market Strategy at UOB Bank (Singapore), stated that he maintains a positive long-term view on gold prices, expecting them to continue rising to 3,700 USD per ounce by the middle of next year.

Gold bars at SJC headquarters in District 3, 3/2025. Photo: Quynh Tran

In the foreign exchange market, the US dollar is trading at its highest level ever domestically, despite the downward trend of the USD Index. Vietcombank listed the exchange rate at 26,060 - 26,450 VND per USD. BIDV raised the USD price to 26,100 - 26,460 VND. At Eximbank, the USD price reached 26,080 - 26,470 VND.

According to Mr. Heng Koon How, the US dollar in the international market will be under downward pressure, and safe-haven demand is expected to remain high.

The Head of Market Strategy at UOB predicts that the US Federal Reserve (Fed) will resume cutting interest rates at the Federal Open Market Committee (FOMC) meeting in September, following the July non-farm payroll report, which fell far short of expectations. This will lower short-term interest rates, while long-term rates, such as US government bond yields, may remain high due to concerns about the unsustainable public debt burden. As a result, the US yield curve is likely to steepen, putting further pressure on the USD.

In addition to short-term factors, Mr. Heng Koon How believes that the USD is also under downward pressure from long-term structural trends. Many economies realize that high trade taxes from the US will persist. To mitigate risks, they will have to restructure their supply chains and export activities, diversify markets to other economies, and promote intra-regional trade with neighboring countries.

This structural shift could accelerate the de-dollarization process and reduce the accumulation of trade revenues in US bonds - both are unfavorable factors for the USD in the long term.

Quynh Trang