Domestic gold prices rose today, mirroring positive international developments. World spot gold closed trading on 5/8 up 169 USD from the previous day, reaching 4,246 USD per ounce. This morning, prices continued to climb by over 45 USD, hitting 4,292 USD. Converted at the Vietcombank exchange rate, world gold is equivalent to 137 million VND per tael.

Domestically, Saigon Jewelry Company (SJC) listed gold bar prices between 140,3 and 143,3 million VND per tael. This represents a 1,5 million VND increase from yesterday's closing price and is the highest level recorded since 22/7. Other brands also implemented similar adjustments.

The domestic price of this precious metal now stands over 6 million VND higher than the world price, a narrower gap compared to the more than 10 million VND difference observed last week.

SJC also raised the price of plain gold rings by 1,5 million VND per tael compared to yesterday, with prices now ranging from 139,8 to 142,8 million VND. PNJ traded this item around 139,5 to 143,1 million VND. DOJI's plain round rings were bought and sold between 140 and 144 million VND, while Bao Tin Minh Chau offered them at 140,5 to 144,5 million VND.

The market's positive trend is attributed to several factors: falling US government bond yields and investor optimism regarding progress in reopening the Strait of Hormuz. Additionally, the USD's decline to a nearly six-week low against major currencies made gold more affordable for American buyers.

Domestic silver bar prices also increased by over 1% today. Phu Quy, DOJI, and Ancarat were buying and selling silver bars at 2,28 - 2,35 million VND per tael, which is equivalent to 60,9 - 62,8 million VND per kilogram.

Meanwhile, USD prices at commercial banks decreased. Vietcombank lowered its USD rate to 26,040 - 26,450 VND, a 10 VND reduction from yesterday. BIDV traded the greenback at 26,070 - 26,450 VND, and Eximbank listed its rates at 26,020 - 26,400 VND.

Trong Hieu