Vietnam Gold Prices Surge Amid Global Rally and Domestic Demand

Vietnamese gold prices surged this morning, August 8, with major jewelry brands raising the selling price of gold bars to VND 144 million per tael (approximately 37.5 grams). Saigon Jewelry and Gems Company (SJC) quoted gold bar prices at VND 141-144 million per tael on the morning of August 8, an increase of VND 1.8 million per tael from the close of the previous day. Other brands have made similar adjustments. Plain gold rings at SJC also saw a VND 1.8 million per tael increase compared to the previous day's close, reaching VND 140.5-143.5 million per tael. PNJ is trading this item around VND 140-143.9 million, Bao Tin Minh Chau at VND 141.5-145.5 million, and DOJI at VND 142-146 million. The rise in domestic prices follows a surge in international gold prices to a seven-week high. By the close of trading on August 7, spot gold prices globally increased by $102 per ounce, reaching $4,341. When converted using Vietcombank's exchange rate, the world's precious metal is equivalent to approximately VND 138 million per tael. This indicates a difference of about VND 6 million per tael between domestic and international prices. Market movements are believed to be influenced by the US Department of Labor's announcement that new jobs created in July unexpectedly fell by 23,000, a different figure from June's data. Mr. David Meger, an expert at High Ridge Futures, noted that weaker-than-expected employment data will make it difficult for the Federal Reserve (Fed) to raise interest rates further in its upcoming meeting. Meanwhile, domestic silver bar prices remained stable today. Phu Quy, DOJI, and Ancarat are buying and selling silver bars at VND 2.31-2.37 million per tael, equivalent to VND 61.3-63.2 million per kilogram. USD exchange rates at banks also showed no change compared to yesterday, but have declined over the past week. Vietcombank is listing USD at VND 26,000-26,410, down VND 80 from the end of last week. BIDV is buying and selling the greenback at VND 26,025-26,405.