On the morning of 5/8, Saigon Jewelry Company (SJC) increased the price of gold bars by 500,000 VND compared to yesterday, listing it at 122-123.8 million VND per tael. This price is 200,000 VND away from the historical peak set on 22/4.
Bao Tin Minh Chau, PNJ, along with state-owned banks also raised the price of this precious metal accordingly. The difference between buying and selling prices is 1.8 million VND.
The price of gold rings has also been increased by brands, nearing the peak. SJC listed this item at 116.9-119.3 million VND per tael, an increase of 600,000 VND compared to yesterday.
PNJ also has a similar price to SJC. Meanwhile, Bao Tin Minh Chau raised the price of gold rings to 117.8-120.8 million VND, higher than the other two brands.
Domestic gold prices increased following the international market. World gold prices increased by 0.3% at the end of the session on 4/8, reaching 3,372 USD per ounce. Converted at Vietcombank's exchange rate, the price of this commodity in the international market is currently equivalent to 107 million VND per tael, 16.8 million VND lower than domestic gold bars.
World gold prices have increased for three consecutive days as economic data released last week raised expectations that the US Federal Reserve (Fed) will cut interest rates. US job growth in July was weaker than expected. Meanwhile, non-farm payroll figures for the previous two months decreased by 258,000 jobs, indicating that labor market conditions are weakening significantly. In addition, the PCE inflation index - the Fed's preferred measure - increased by 0.3% in June, due to the impact of new tariffs causing the cost of some goods to increase.
"The possibility of an interest rate cut in September is now higher, and even higher for another cut in December. Combined with inflationary pressures, I think this is quite positive for gold prices," commented Daniel Pavilonis, senior market strategist at RJO Futures.
Domestic USD prices are also at a record high. Vietcombank listed the exchange rate at 25,980-26,370 VND, the same as Eximbank. At BIDV, the USD price this morning rose to 26,010-26,370 VND. Thus, USD prices at banks are currently up more than 3.1% compared to the beginning of the year.
Trong Hieu
