SJC gold bar price reaches 28.5 million VND/tael when international gold exceeds 3,400 USD/ounce

Similarly, the price of gold rings continued to increase by 100,000 VND per tael when SJC listed 120 - 122.6 million VND/tael (buy-sell). Although the price of gold increased, the supply was scarce. Businesses only sold a small amount, so they could not meet the increasing demand of buyers when the price of gold was high in recent days.

SJC gold bar price reached 28.5 million VND/tael when international gold exceeded 3,400 USD/ounce.

The reason why domestic gold increased was because international gold surpassed the 3,400 USD/ounce mark on the afternoon of August 28 when gold buying power in the world market increased. The world's largest gold investment fund SPDR just bought 2.58 tons of gold, bringing the total amount of gold held to 962.5 tons.

This is the third consecutive day that this fund has purchased gold with a total volume of 5.73 tons. World investors buy gold when inflation concerns increase after the US tariff policy.

The market is currently waiting for information that the US will announce some data related to inflation. If inflation is forecast to increase, it may affect the interest rate policy announced at the US Federal Reserve's meeting in early September.

However, in a recent speech, Fed Chairman Jerome Powell left open the possibility of cutting USD interest rates in September 2025. In his speech, Mr. Powell emphasized the dual risks to the economy when inflation increases while economic activity slows down, but he also pointed out that there is still room to loosen monetary policy.

But concerns about the Fed’s independence have been growing recently after President Donald Trump sought to fire a member of the Fed’s Board of Governors. The focus now is on the personal consumption expenditures (PCE) index – the Fed’s preferred inflation measure – due out tomorrow (August 29).

Economists forecast the PCE price index to rise 2.6% in July, the same as in June 2025. If the PCE data beats expectations and shows stronger inflation, it could cast doubt on whether the Fed will cut interest rates in September.

In the domestic market, to reduce the heat of SJC gold bar prices, Decree No. 232/2025/ND-CP was issued on August 26, 2025, amending and supplementing a number of articles of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities. In particular, the most important change is to eliminate the State's monopoly mechanism on the production of gold bars, the export of raw gold and the import of raw gold to produce gold bars.

Experts say this is a major turning point, creating opportunities for competition and requiring the completion of the legal framework and management mechanism, and are expected to open a new phase for the Vietnamese gold market. The removal of the SJC gold bar monopoly is the biggest turning point in more than a decade. However, the domestic price of SJC gold bars continues to set new peaks after the monopoly was removed.

Source: https://baodautu.vn/gia-vang-mieng-sjc-dat-285-trieu-dongluong-khi-vang-quoc-te-vuot-3400-usdounce-d373330.html