At the end of the trading week from July 7 to July 13, the price of SJC gold bars was listed by large enterprises at 119.5-121.5 million VND/tael (buy - sell). After a week, it increased by 600,000 VND/tael in each direction of buying and selling. The price of plain gold rings closed the week at 115-117.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael in each direction.
Domestic gold prices increased along with international developments. The world gold price this morning (Vietnam time) was around 3,368 USD/ounce, up more than 18 USD compared to before.
Gold bar and gold ring prices increased simultaneously last week (Photo: Hai Long).
Gold prices fluctuated strongly last week as the market continuously reacted to information about tariff policies and expectations of interest rate adjustments from the US Federal Reserve (Fed).
Mr. Marc Chandler, CEO at Bannockburn Global Forex, commented that gold prices fell in the first two sessions of the week but quickly recovered with three consecutive increases after that.
According to him, new information related to the US tariff policy has contributed to helping gold regain its upward momentum. However, Chandler said that it is still impossible to confirm whether the accumulation period around the peak of nearly 3,500 USD/ounce has ended or not, when the current fluctuation range of gold is still between 3,275 and 3,422 USD/ounce.
He also stressed that the market is waiting for more clarity from upcoming consumer price index (CPI) data and new tariff announcements from the US against the European Union.
Barchart.com expert Darin Newsom expressed his opinion that he no longer pays too much attention to charts or short-term news. For him, as long as the situation of uncertainty continues, gold will continue to play its role as a safe-haven asset.
Sharing the same positive view, James Stanley from Forex.com said that although gold is currently increasing at a slower rate than Bitcoin and silver, this is only a temporary phenomenon. According to him, the long-term trend is still leaning towards buyers and gold prices are likely to continue to rise in the near future.
Kitco’s survey data shows a clear divide between professionals and individual investors. Of the 15 Wall Street professionals surveyed, 47% expect gold prices to continue rising next week, while only 7% predict a decline, while the remaining 47% think prices will remain flat.
On the other hand, investors are starting to be more cautious. Only 45% of the 231 people who participated in the online poll held the view that gold prices will increase, the rest predicted prices will decrease or stay the same.
Central rate cools down
The State Bank of Vietnam closed yesterday's session listing the central exchange rate at 25,128 VND, down 3 VND from the previous record. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,871-26,384 VND.
The exchange rate at large banks is 25,900-26,290 VND (buy - sell), down 10 VND in both buying and selling. At medium-sized banks, the USD price is 25,890-26,280 VND (buy - sell).
On the free market, foreign currency exchange points buy and sell USD around 26,400-26,490 VND (buy - sell), unchanged from before.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-len-muc-1215-trieu-dongluong-20250714064135844.htm
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