Saigon Jewelry Company adjusted its prices upward by VND500,000 per tael for both buying and selling compared with the previous afternoon, listing at VND138.6 million for buying and VND140.6 million for selling, at 10 a.m.
Phu Quy Group also raised prices by VND200,000 per tael on both sides, trading at VND138 million for buying and VND140.6 million for selling. Meanwhile, Bao Tin Minh Chau kept its rates unchanged from the previous session, at VND138.1 million and VND140.1 million per tael, respectively.
The price of plain gold rings saw stronger gains than SJC bullion. SJC increased ring gold prices by VND700,000 per tael for both buying and selling, quoting VND135 million and VND137.7 million per tael. Phu Quy Group followed with a VND300,000 increase, buying gold at VND135.1 million and selling it at VND138.1 million. Bao Tin Minh Chau, however, maintained its previous levels of VND135.3 million and VND138.3 million per tael.
On the global market, gold continued its sharp upward momentum. At the close of trading in New York on October 6 (Vietnam time), gold prices reached $3,959.2 an ounce, up $74.4 from the prior session. Spot gold on the Kitco exchange rose further to $3,963.95 an ounce as of 10:30 a.m. on October 7 — equivalent to about VND126.1 million per tael when converted at the domestic exchange rate. This was roughly VND14–14.5 million lower than SJC gold and VND11.7–12.2 million below plain ring gold.
The global rally has been fueled by expectations that the US Federal Reserve (FED) will further cut interest rates soon, amid political uncertainty in the United States, France, and Japan. UBS Bank noted that with signs of weakness in the US labor market, the likelihood of a 0.25-point rate cut by the FED in its late-October and December meetings is high.
Although gold prices have already surged by about 50 percent since the start of 2025, UBS still projects continued gains, forecasting that gold could reach $4,200 an ounce by the end of this year.
