SJC gold bar price reached 124 million VND/tael, 16 million VND/tael higher than international price

Gold prices rose to their highest in more than two weeks, supported by safe-haven demand after US President Donald Trump formally imposed new tariffs and US jobs data raised expectations that the Federal Reserve will cut interest rates in September.

SJC gold bar price reached 124 million VND/tael.

Higher tariffs imposed by Mr Trump on imports from a range of countries took effect on Thursday, prompting some trading partners such as Switzerland, Brazil and India to rush to negotiate better deals. The trade tensions have prompted investors to seek the safe haven of gold.

The World Gold Council (WGC) said that central banks reported net purchases of 22 tonnes of gold in June through the IMF, not to mention other public sources also taking refuge in the precious metal, bringing net purchases to 123 tonnes in the first half of 2025. According to the WGC, in a volatile geopolitical and geoeconomic scenario, gold prices could rise significantly.

Despite lowering its forecast for the amount of gold central banks will buy this year, the long-term trend of central banks reallocating assets away from the US dollar and into gold remains intact, according to the World Gold Council.

The USD price on the world market decreased in today's session. The USD-Index fell to 98 points. At the same time, the newly released data showed that the number of new applications for unemployment benefits in the US increased slightly last week, the labor market remained stable in general.

In fact, the precious metal gold, which is considered a channel to store value in times of instability, also often benefits from a low interest rate environment. Therefore, the market's expectation that the Fed will cut interest rates in September 2025 will be a positive factor for gold prices.

This morning, SJC listed the price of SJC gold bars at 122.6 - 124 million VND/tael (buy - sell), although slightly down compared to the end of yesterday, but still at a record high level ever. Converted according to Vietcombank exchange rate, the world gold price is equivalent to nearly 108 million VND/tael, excluding taxes and fees.

Thus, the domestic SJC gold price is 16 million VND/tael higher than the international price. The difference in the buying and selling price of gold bars at SJC remains at 1.4 million VND/tael. The domestic gold price increased slightly after the world gold price reached its highest level in more than two weeks the day before, thanks to the demand for safe haven after US President Donald Trump officially applied the new tax rate.

On August 8, the State Bank listed the central exchange rate at 25,228 VND/USD, down 11 VND compared to yesterday . Commercial banks also reduced the USD price by another 10 VND. Specifically, at Vietcombank, the buying rate is 26,000 - 26,030 VND/USD, the selling rate is 26,390 VND/USD.

Source: https://baodautu.vn/gia-vang-mieng-sjc-dat-124-trieu-dongluong-cao-hon-quoc-te-16-trieu-dongluong-d353412.html