On the morning of 3/4, Saigon Jewelry Company (SJC) listed gold bar prices at 171 - 174,5 million dong. Other brands made similar adjustments.
Plain gold rings also saw the same one million dong increase, quoted by SJC at 170,8 - 174,3 million dong per tael. Bao Tin Minh Chau and Bao Tin Manh Hai traded this item around 169,5 - 172,5 million dong, while PNJ quoted 169,4 - 172,9 million dong per tael.
The increase in domestic gold prices occurred as international markets were closed for the Easter holiday. Prior to this, on 2/4, global gold prices dropped by over 200 USD at one point before recovering to close at 4,678 USD per ounce, a decrease of almost 2,3%.
The precious metal's decline stemmed from a surge in the US dollar and oil prices. This followed President Donald Trump's announcement that the US would continue attacks on Iran, which raised inflation concerns and strengthened expectations of higher interest rates.
David Meger, director of metal trading at High Ridge Futures, stated that the market is focusing on President Donald Trump's remarks about the Middle East conflict potentially lasting at least two to three more weeks. "To date, there are no signs that the energy situation will be resolved soon", he added.
Furthermore, news that the Central Bank of Turkey reduced its gold reserves to 702,5 tons also impacted market sentiment. Over the past two weeks, the institution sold over 118 tons of gold to mitigate negative impacts from the Middle East conflict on its domestic market.
Converted at Vietcombank's exchange rate, global gold is equivalent to 148,7 million dong per tael. Thus, each tael of domestic gold is almost 26 million dong higher than the global price, narrowing the gap compared to a few days prior.
Huynh Trung Khanh, vice chairman of the Vietnam Gold Business Association, previously stated that domestic prices only follow global trends, not fluctuating entirely in sync, as the two markets are not fully interconnected. "Domestic gold prices may decrease less or increase more sharply than global prices due to high public demand and limited supply", Khanh added.
Silver bars and sheets also increased by 2,7% compared to yesterday. Phu Quy listed this metal at 2,74 - 2,82 million dong per tael, equivalent to 73,1 - 75,3 million dong per kilogram. Ancarat traded this item around 2,73 - 2,82 million dong, while Sacombank - SBJ Company traded at 2,74 - 2,84 million dong.
Trong Hieu
