Around 11 a.m., gold trading companies raised the price of 9999 gold rings by VND100,000 per tael. SJC listed its gold at VND76.25 million per tael for buying and VND77.6 million per tael for selling, up VND100,000 in both buying and selling prices compared to the previous day. Doji Group traded plain gold rings at VND76.35 million per tael for buying and VND77.6 million per tael for selling, up by VND100,000 in both buying and selling rates. Bao Tin Minh Chau increased its prices by VND100,000 for both buying and selling to purchase 9999 gold rings at VND75.65 million per tael and sell them at VND77.35 million per tael.
SJC gold prices remain stable. SJC, PNJ, and Doji Group continue to list their gold at VND76.5 million per tael for buying and VND78.5 million per tael for selling, unchanged from the previous day.
In the global market, gold closed at US$2,430.70 an ounce in New York on the night of August 9, up nearly $4 from the previous session. The closing price for gold in the Asian market over the weekend rose to $2,431.26 an ounce. After conversion, this is equivalent to VND74 million per tael, VND4.5 million lower than SJC gold, and approximately VND3.6 million lower than 9999 gold rings.
Global gold prices continue to rise, driven by the weakening of the US dollar and declining US Treasury bond yields. Investors are optimistic that the US Federal Reserve will cut interest rates in its September policy meeting. The gold market is waiting for the US Consumer Price Index (CPI) data, expected next week, to provide clearer insights into the Fed's policy direction. Experts predict that gold prices will increase significantly if the Fed reduces rates. Additionally, ongoing geopolitical tensions in the Middle East back gold prices, as the precious metal is considered a safe-haven asset amid geopolitical and economic instability.
