On 2/3, Saigon Jewelry Company (SJC) listed bullion gold prices at 185,6 - 188,6 million dong, an increase of 1,6 million dong per tael compared to late yesterday. Other brands also raised their bullion gold prices accordingly.

Plain gold rings at SJC and Phu Nhuan Jewelry Company (PNJ) also saw a 1,6 million dong per tael increase, reaching 185,4 - 188,4 million dong. Mi Hong traded plain gold rings this morning at 186 - 188,6 million dong.

After an unexpected unlimited sale on God of Wealth Day, major gold brands are currently experiencing shortages of bullion gold and plain gold rings, or are selling them in limited quantities throughout the day.

Bullion gold transactions at SJC Nguyen Thi Minh Khai. Photo: Thanh Tung

On the international market, gold prices opened the first trading session of the week above 5,300 USD per ounce, at times increasing by over 100 USD. The difference between domestic and international gold prices remains anchored at nearly 20 million dong per tael.

Gold is currently serving as a safe haven amidst escalating global political tensions. Last weekend, the US and Israel attacked Iran, resulting in the death of Iran's Supreme Leader Ali Khamenei. Iran quickly launched retaliatory operations targeting Israeli territory, as well as several US bases in Middle Eastern countries.

The precious metal has consistently set new records this year, driven by rising global economic and political tensions. Last week, JP Morgan and Bank of America predicted gold prices could reach 6,000 USD. JP Morgan believes demand from central banks and investors this year is significant enough to push prices to 6,300 USD by year-end.

At the same time, domestic silver prices traded in the range of 3,5 - 3,6 million dong, equivalent to 93,5 - 96,4 million dong per kg, a slight increase compared to yesterday. Major brands continue to accept customer deposits and deliver after several months.

Quynh Trang