World gold price increase pushes domestic gold price up

Specifically, at 9:20 a.m., Saigon Jewelry Company (SJC) and DOJI Group listed the price of gold bars at 131.9 - 133.4 million VND/tael (buy - sell).

Bao Tin Minh Chau Company listed the price of gold bars and gold rings at 125.7 - 128.7 million VND/tael (buy - sell).

Saigon Jewelry Company SJC listed the price of gold rings at 125.1 - 127.6 million VND/tael (buy - sell).

DOJI Group listed the price of gold rings at 125.5 - 128.5 million VND/tael (buy - sell).

In the world market, gold prices increased by more than 1% in the session on September 2, soaring to an all-time high above the threshold of 3,500 USD/ounce.

Investors have rushed to buy the precious metal on growing confidence that the US Federal Reserve will cut interest rates, along with political and economic risks that remain.

At 1 a.m. on September 3, Vietnam time, the spot gold price increased by 1.5% to 3,529.01 USD/ounce, after reaching a record high of 3,529.93 USD/ounce. In this session, the December gold price closed up 2.2% to 3,592.2 USD/ounce.

Suki Cooper, precious metals analyst at Standard Chartered Bank, said the gold market is entering a strong seasonal consumption period, along with expectations that the Fed will cut interest rates at its September 2025 meeting. Cooper said gold prices will continue to conquer new record highs.

According to CME's FedWatch tool, the market is pricing in a nearly 92% chance that the Fed will cut interest rates by 0.25 percentage points at its meeting on September 16-17. Gold, a non-yielding asset, typically appreciates in a low-interest-rate environment.

The precious metal has risen 34.5% since the start of 2025. Analysts say gold’s record rally this year has been underpinned by continued central bank buying, portfolio diversification away from the US dollar, continued safe-haven demand amid geopolitical and trade tensions, and broad-based US dollar weakness.

Attention is now focused on US employment data due on September 5 for clues on the size of the September rate cut. Analyst Zain Vawda at MarketPulse at financial services firm OANDA said a weak jobs report this week could reignite speculation about a possible 0.50 percentage point rate cut.

Regarding the upcoming outlook for gold prices, Ms. Natasha Kaneva, head of global commodity strategy at JP Morgan, said that central bank buying activities could continue to act as a support for gold prices, but the return of capital flows into exchange-traded funds (ETFs) is needed for the price of this precious metal to once again break higher, towards the optimistic target at the end of the year of 3,675 USD/ounce.

Recently, in the session on August 29, the amount of gold held by SPDR Gold Trust, the world's largest gold-backed ETF, increased by 1.01% to 977.68 tons, the highest level since August 2022.

Ms. Kaneva also said that JP Morgan forecasts gold prices could reach $4,250/ounce by the end of 2026.

NBO

Source: https://baoninhbinh.org.vn/gia-vang-the-gioi-tang-day-gia-vang-trong-nuoc-len-cao-250903110341643.html