Domestic gold prices are currently increasing, mirroring positive international trends. On 6/5, global spot gold closed up 133 USD to 4,690 USD per ounce. On the morning of 7/5, the precious metal further rose by over 12 USD, reaching 4,702 USD per ounce.

The market reacted to US media reports indicating a potential agreement between the United States and Iran. This memorandum aims to end hostilities and establish a framework for nuclear negotiations. Furthermore, a 0,4% drop in the DXY, an index measuring the strength of the US dollar, also contributed to the gold price increase.

"Falling oil prices ease inflation concerns, and expectations for the Federal Reserve's (Fed) next steps later this year have also shifted", stated Peter Grant, senior metals strategist at Zaner Metals.

Following the global price rally, Saigon Jewelry Company (SJC) raised domestic gold bar prices by an additional 1,5 million dong compared to yesterday, setting them at 164,5 - 167,5 million dong per tael. Other brands adjusted their prices accordingly. Consequently, domestic gold bars are now approximately 18 million dong higher per tael than international prices.

Plain gold rings from SJC also saw a 1,5 million dong increase, reaching 164 - 167 million dong per tael. PNJ's listings for this product were similar to SJC's. Meanwhile, DOJI, Bao Tin Minh Chau, and Bao Tin Manh Hai were buying and selling plain rings at 500.000 dong higher than the two brands above, hovering around 164,5 - 167,5 million dong.

Domestic silver bar and ingot prices also rose by nearly 1%. Phu Quy listed silver at 2,95 - 3,04 million dong per tael, which is equivalent to 78,7 - 81,1 million dong per kg. Ancarat and Sacombank - SBJ were trading around these same price points.

In mid-April, Dao Xuan Tuan, Head of Foreign Exchange Management at the State Bank of Vietnam, announced that the review process for gold bar production license applications is being conducted rigorously. The State Bank is currently assessing these applications and will disclose the eligible entities. According to Tuan, authorizing additional gold bar production units will boost supply, helping to stabilize the market and reduce the disparity between domestic and international gold prices.

Trong Hieu