Both SJC gold bars and 9999 gold rings skyrocketed to a historic high of VND106.4 million per tael.
As of around 9:30 a.m., major gold retailers such as Saigon Jewelry Company, Phu Nhuan Jewelry Company, and Bao Tin Minh Chau raised prices by VND2.8 million for both buying and selling compared to the previous day, quoting VND103.4 million per tael for purchases and VND106.4 million for sales.
Phu Quy Group followed suit, hiking its buying price by VND2.9 million and selling price by VND2.8 million, listing at VND102.9 million for buying and VND106.4 million for selling.
Meanwhile, Mi Hong Gold Shop in Ho Chi Minh City adjusted prices more modestly, increasing buying by VND1.3 million and selling by VND1.8 million, with rates at VND102 million and VND104.5 million per tael, respectively.
With these adjustments, SJC gold bar prices shattered yesterday’s peak of VND103.9 million, establishing a new all-time high at VND106.4 million per tael.
Prices of 9999 gold rings also jumped significantly, reaching fresh records. Bao Tin Minh Chau marked up buying prices by VND1.8 million and selling by VND2.7 million, quoting VND102.5 million and VND106.4 million per tael.
PNJ bought plain gold rings at VND101.9 million and sold them at VND105.1 million, an increase of VND2 million in the buying price and VND2.2 million in the selling price.
SJC also lifted prices across the board by VND2.6 million, listing 9999 gold rings at VND102.4 million for purchases and VND105.4 million for sales.
Phu Quy Group posted increases of VND1.4 million for buying and VND2 million for selling to buy gold rings at VND101.4 million and sell them at VND105.2 million per tael.
As a result, 9999 gold ring prices also set a new record this morning, hitting VND106.4 million per tael and surpassing the previous high of VND103.5 million set on April 3.
On the international market, gold closed in New York on April 10 at $3,175.2 an ounce, up $93.2 an ounce from the prior session. By 10 a.m. (Vietnam time) on April 11, spot gold on Kitco climbed to $3,218 an ounce, gaining over $40 an ounce from the New York close. After conversion, this equates to roughly VND100.7 million per tael—still trailing domestic SJC and 9999 gold by around VND5.3–5.7 million.
This historic rally in global gold prices is driven not only by growing demand for safe-haven assets but also by softer-than-expected US inflation data, reinforcing speculation that the US Federal Reserve may aggressively cut interest rates to stimulate economic growth. According to the latest report from the US Department of Labor, the Consumer Price Index (CPI) unexpectedly dipped in March—down 0.1 percent from February, marking the first monthly decline since March 2020 after a 0.2 percent increase the previous month.
As a non-yielding asset, gold benefits from prospects of lower interest rates. The expectation of monetary easing has also weakened the US dollar, providing further momentum for gold’s upward trajectory. Analysts maintain that gold remains a crucial hedge against uncertainty, with rising trade tensions and the potential resurgence of inflation reinforcing its appeal.
