Bao Tin Minh Chau Company raised the price of 9999 gold rings by VND300,000 for both buying and selling compared to yesterday, listing them at VND91.9 million per tael for buying and VND93.1 million per tael for selling, at around 9:15 a.m. on March 5.
Phu Quy Group also increased prices by VND300,000 for both buying and selling, quoting VND91.6 million per tael for buying and VND93 million per tael for selling.
Phu Nhuan Jewelry Company (PNJ) raised prices by VND200,000 for both directions, listing VND91.7 million per tael for buying and VND92.9 million per tael for selling.
Saigon Jewelry Company (SJC) maintained the previous day’s rates at VND90.7 million per tael for buying and VND92.6 million per tael for selling.
This morning, Bao Tin Minh Chau Company and Phu Quy Group increased the buying price of SJC gold bars by VND200,000 but kept the selling price unchanged from yesterday, listing them at VND90.9 million per tael for buying and VND92.7 million per tael for selling.
Mi Hong gold shop in Ho Chi Minh City raised the buying price of SJC gold bars by VND200,000 and the selling price by VND300,000, quoting VND92.1 million per tael for buying and VND93.5 million per tael for selling.
SJC and PNJ companies kept their previous price listings at VND90.7 million per tael for buying and VND92.7 million per tael for selling.
As of this morning, the price of 9999 gold rings has hit an all-time high of VND93.1 million per tael, surpassing SJC gold bars by approximately VND400,000 per tael.
On the global gold market, prices closed at US$2,916.7 an ounce in New York on the night of March 4, up $23.7 from the previous session. As of the morning of March 5 (Vietnam time), spot gold on the Kitco exchange was trading at $2,911.04 an ounce. After conversion, this price level is equivalent to VND90.3 million per tael, about VND1.8 million per tael lower than SJC gold and VND2.2 million per tael lower than 9999 gold rings.
Gold prices surged past $2,900 as investors turned to gold as a safe haven amid concerns over a potential trade war affecting financial markets. The market is now awaiting the ADP employment report on March 5 and the US non-farm payroll report on March 7 for further insights into the Federal Reserve’s interest rate policy.
With growing economic uncertainty, many experts predict the FED could cut interest rates sooner than expected, with a potential rate cut in June followed by another in September 2025.
