The Saigon Jewelry Company (SJC) raised its buying price for SJC-branded gold bars by VND2.8 million to VND144.9 million per tael, while the selling price rose VND2.3 million to VND146.4 million.

Other major retailers such as Doji and Phu Quy also posted strong increases, with selling prices commonly set at VND146.4 million per tael and buying prices around VND144–144.1 million.

Gold jewelry also witnessed significant gains, with prices ranging between VND142 million and VND145 million per tael, marking the highest levels ever recorded in the domestic market.

The surge in local prices closely mirrors the international gold market, where prices climbed by USD27 in just 24 hours, reaching US$4,135 per ounce. Analysts attribute this sharp rise to heightened demand for safe-haven assets, especially after US President Donald Trump reignited trade tensions by announcing a 100% tariff on Chinese goods.

Market sentiment is further supported by expectations that the US Federal Reserve would cut interest rates, enhancing the appeal of gold.

Giovanni Staunovo, an analyst at UBS, noted that trade tensions remain the key driver in the market. Strong investment demand and central bank gold purchases continue to support the price.

Financial giants such as Bank of America and Société Générale forecast gold could reach US$5,000 per ounce by 2026, while Standard Chartered recently raised its average price forecast for 2025 to US$4,488 per ounce.

However, some experts caution that the rapid rally with gold gaining over 50% so far this year could lead to a short-term correction or consolidation period, as investors reassess the balance of supply and demand. The current spike above US$4,000/ounce is seen as a significant threshold that warrants close attention.

State monopoly on gold bar production ends after 13 years

VOV.VN - Vietnam has officially apolished the State’s 13-year monopoly on gold bar production, allowing qualified banks and enterprises to engage in the business under a new decree effective from October 10.