Phu Quy Group raised its SJC gold bar prices by VND1.4 million per tael in both buying and selling prices from the previous afternoon, quoting VND138.5 million per tael for buying and VND142.5 million for selling at around 8:45 a.m.
SJC and PNJ each increased their SJC gold bar prices by VND1 million per tael on both sides, bringing their quotes to VND138.5 million and VND142.5 million per tael, respectively.
Phu Quy also raised its 9999 gold ring prices by VND1.4 million per tael in both directions to VND138.5 million per tael for buying and VND142.5 million for selling. SJC lifted its gold ring prices by VND1 million to VND138 million and VND142 million per tael, respectively.
PNJ quoted plain gold rings at VND137.5 million per tael for buying and VND142.4 million for selling, leaving the buying price unchanged while raising the selling price by VND300,000.
Gold traders maintained buy-sell gaps of VND4-4.9 million per tael, with PNJ posting the widest margin.
On the international market, spot gold on Kitco rose to US$4,085.9 an ounce at the same time on July 30, up about $19 from the New York close on July 29. The converted price was equivalent to around VND130.6 million per tael, leaving domestic gold prices VND11.4-11.9 million higher. The gap narrowed from VND12.1-12.6 million the previous afternoon.
Gold benefited from renewed safe-haven demand following the Fed's decision to hold rates steady, while geopolitical tensions and weakness in equity markets supported defensive buying. However, surging oil prices presented a countervailing force by reviving inflation concerns.
Oil prices climbed after Iran launched fresh missile attacks targeting US forces in the region, heightening concerns over shipping routes and energy infrastructure in the Gulf. WTI crude rose to nearly $84.79 a barrel, while Brent reached $88.09. Higher oil prices could fuel inflation expectations and push bond yields higher, potentially limiting gold's upside.
Analysts said the impact on gold remained mixed. Geopolitical risks and stock-market volatility supported demand for defensive assets, while higher oil prices could increase inflation expectations and Treasury yields, creating headwinds for the precious metal.
Elsewhere, the US Dollar Index (DXY) remained above 101, while the 10-year US Treasury yield hovered around 4.6 percent.
Investors are closely watching US GDP data due Thursday and the personal consumption expenditures (PCE) inflation report due Friday, as well as potential disruptions in the Strait of Hormuz or the Red Sea.
Technical analysts said a sustained break above $4,048.8 an ounce would improve gold's short-term outlook. Conversely, a break below $3,995.2 could bring support levels at $3,959.80 and $3,942.1 back into focus.
