Price of SJC gold bars. Photo: Minh Quyet/VNA

Specifically, at 9:35 a.m., Saigon Jewelry Company listed the price of SJC gold at 79.5 - 81.52 million VND/tael (buy - sell), an increase of 300,000 VND for buying and a decrease of 200,000 VND/tael for selling compared to the closing price of last weekend.

Doji Gold and Gemstone Group listed the price of SJC gold at 79.4 - 81.4 million VND/tael (buy - sell), keeping the same price for buying and selling compared to the closing price of last weekend.

While the price of SJC gold fluctuated at businesses, the price of gold rings decreased in the same direction. Specifically, the price of gold rings at Bao Tin Minh Chau Gold and Silver Company was at 67.92 - 69.12 million VND/tael (buy - sell), down 210,000 VND/tael for buying and down 260,000 VND/tael for selling compared to the closing price at the end of last week.

DOJI Gold and Gemstone Group listed the price of gold rings at 67.9 - 69.1 million VND/tael (buy - sell), down 90,000 VND/tael for buying and 200,000 VND/tael for selling compared to the closing price of last weekend.

The World Gold Council (WGC) said that the recent upward trend in gold prices can be partly explained by a weaker US dollar, more volatile markets and falling 10-year US government bond yields.

In addition, strong demand from China during the Spring Festival and gold purchases by central banks have also led to a gold "fever" since the beginning of 2024.

Meanwhile, analysis from Everbright Futures noted that rising expectations of possible interest rate cuts in developed economies were the main driver behind gold's rise.

Globally, gold prices have also been fluctuating continuously over the past week. According to analysts, after a sharp increase last week, gold prices need to be adjusted.

Gold futures closed down on March 15 at the New York Mercantile Exchange, amid a stronger US dollar. Specifically, gold for April 2024 delivery fell $6, or 0.28%, to $2,161.5 an ounce.

According to VNA