At noon on 12/7, Saigon Jewelry Company (SJC) listed the price of gold bars at 119.5 - 121.5 million VND per tael, an increase of 500,000 VND compared to the previous day. Other brands also raised their gold bar prices to 119.5 - 121.5 million VND per tael.

SJC raised the price of plain gold rings to 115 - 117.5 million VND per tael. At Bao Tin Minh Chau, plain rings rose to 116.2 - 119.2 million VND. At the same time, plain rings at Phu Nhuan Jewelry Company (PNJ) were listed at 115.2 - 118.2 million VND.

Domestic gold prices rose following the trend of precious metals in the international market. The difference between domestic and international gold bar prices is currently around 15 million VND per tael.

The market rose after the US president announced on 10/7 that a 35% import tax would be applied to all Canadian goods from the beginning of next month. This is higher than the current 25% tax. Mr. Trump also revealed plans to apply a general tax of 15-20% to most other trading partners. A day earlier, the US president signed a decree to collect a 50% tax on imported copper.

At the same time, world silver prices also soared to their highest level in a decade. Each ounce of silver increased by more than 3.7% during the day, reaching 38.32 USD per ounce.

In the domestic market, silver bar and ingot prices continued to set new records, recording an increase of about 31% in the past year. Phu Quy Gold Investment Joint Stock Company listed silver bars at 1.46 - 1.505 million VND per tael. At Ancrat Vietnam Joint Stock Company, silver bars were listed at 1.48 - 1.443 million VND per tael. At Saigon Thuong Tin Bank Jewelry Company (SBJ), the price of silver bars rose to 1.455 - 14.49 million VND.

According to experts, macroeconomic factors such as geopolitical instability and the demand for silver in the high-tech industry (electric vehicles, semiconductors) remain the main drivers supporting high silver prices. However, the global trade war also creates obstacles, causing industrial production to stagnate. This is the reason why silver prices tend to fluctuate in a zigzag pattern, instead of increasing continuously like gold.

Quynh Trang