Saigon Jewelry Company (SJC) listed the price of gold bars at 132.4 - 133.9 million VND per tael, an increase of 500,000 VND compared to yesterday. Other brands listed the precious metal at similar levels.

Each tael of gold rings also increased by more than 1 million VND, to nearly 129 million VND. SJC listed it at 126.2 - 128.7 million VND per tael. Phu Nhuan Jewelry Company (PNJ) bought and sold plain rings at 126.9 - 129.9 million VND. At DOJI Gold & Silver Group, the price of plain rings was around 125.8 - 128.8 million VND.

Domestic gold prices rose following global trends. In the international market, gold reached nearly 3,580 USD per ounce, the highest ever, due to safe-haven demand and the possibility of the US Federal Reserve (Fed) cutting interest rates in September.

Converted at Vietcombank's selling exchange rate, the international price is equivalent to 113.3 million VND per tael, 20.5 million VND higher than domestic gold bars.

The increase was driven by expectations that the Fed will lower interest rates this month. Speaking to Bloomberg, UBS strategist Joni Teves said that investors are increasing their gold holdings, especially as the Fed prepares to cut interest rates, thereby pushing prices up.

"Our base case is that gold will continue to set new highs in the coming quarters. A lower interest rate environment, less positive economic data, and sustained high geopolitical risks reinforce gold's portfolio diversification role," he said.

Domestic silver prices also continued to anchor at the peak. Phu Quy Gold Investment Joint Stock Company listed it at nearly 1.58 - 1.63 million VND per tael. Silver bars at Ancarat Precious Metals Joint Stock Company reached 1.565 - 1.6 million per tael.

Quynh Trang