Domestic gold hits record at VND125 million per tael on global market rally
VOV.VN - Domestic gold prices in Vietnam continued to hit a new peak on August 18, rising by VND500,000 per tael compared to the previous session, reaching VND124–125 million per tael, according to Saigon Jewelry Company (SJC).
In the afternoon session, SJC raised prices by VND300,000, adding to a VND 200,000 increase in the morning, pushing gold to a historic high. The buy-sell gap is now only VND1 million per tael.
Other major market players, including PNJ, DOJI, Phu Quy, and Bao Tin Minh Chau, also raised gold prices to match SJC.
Since the beginning of the year, domestic gold has broken four records, rising by more than VND40 million per tael, equivalent to a 50% increase in less than nine months.
Not only gold bars, but SJC gold rings also rose VND400,000, reaching VND117–119.5 million per tael on August 18.
On the global market, spot gold increased by US$15 (+0.4%) to US$$3,348 per ounce, equivalent to about VND106.9 million per tael which is still lower than SJC gold bars by around VND18 million and gold rings by VND13–14 million per tael.
Global gold prices were supported by declining US Treasury yields and forecasts that the Federal Reserve may cut interest rates in September, with potential further reductions by the end of the year.
Investors are also closely watching a coming meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky, along with European leaders, to discuss a peace agreement with Russia.
Gold market to become more competitive as gold bullion monopoly ends
Vietnam’s gold market is poised for significant reform as eligible banks and enterprises will soon be permitted to import raw gold and produce bullion — a move expected to invigorate the sector with increased competition and more brands.
