Gold bar prices soared to a one-week high on 18/9, with Saigon Jewelry Company (SJC) listing prices at 144 - 147 million dong per tael. This represented an increase of 1,2 million dong compared to late yesterday.
Plain gold rings also saw significant gains. SJC's plain gold rings increased by over one million dong this morning, trading at 143,5-146,5 million dong per tael. Mi Hong listed this product at 144,8-146,3 million dong. Notably, DOJI Gold and Gems Group's selling price for plain rings, at 147,8 million dong per tael, surpassed SJC's gold bar selling price, with purchases at 143,8 million dong.
The domestic market's upward trend mirrors international developments. Spot gold prices recovered after a sharp decline on 16/9, with each ounce trading around 4,380 USD, up approximately 40 USD in the past 24 hours. This surge means domestic gold prices, converted at Vietcombank's selling exchange rate, are currently about 8,5 million dong per tael higher than global prices.
In related financial news, the foreign exchange market saw stable USD prices across commercial banks and the black market. Vietcombank listed the USD at 25,790 - 26,200 dong per USD this morning. Concurrently, the State Bank of Vietnam raised its central exchange rate to 25,637 dong, a 5 dong increase from yesterday.
Despite the US Federal Reserve (Fed) interest rate hikes, UOB Bank (Singapore) maintains its optimistic forecast for the precious metal. The bank's Head of Global Economics and Market Research shared this perspective with the press on 18/9, noting no change to their earlier predictions.
UOB experts anticipate continued long-term support for gold prices. Factors include a weakening USD, the ongoing trend of central banks diversifying their reserves, and robust jewelry consumption demand, particularly from India and China.
UOB projects that the market has established a temporary bottom around 4,000 USD per ounce. The bank forecasts gold prices could reach 4,500 USD per ounce in Q4 this year, subsequently climbing to 4,800 USD by Q1/2027, 5,100 USD in Q2, and 5,400 USD by Q3/2027.
Quynh Trang
