reaching a 14-month high.

Each gold bar increased by 250,000 VND today compared to the end of last week, exceeding 69 million VND, the highest level in 14 months.

Gold bullion businesses simultaneously adjusted their gold prices on the morning of September 18th, pushing the selling price of each tael (approximately 37.5 grams) above 69 million VND. By 1 PM, SJC Gold and Gemstone Company quoted buying and selling prices at 68.5 - 69.2 million VND per tael, with a spread of 700,000 VND per tael. DOJI Gold and Gemstone Group quoted prices at 68.4 - 69.25 million VND. Meanwhile, PNJ (Phu Nhuan Jewelry Company) listed prices at 68.7 - 69.2 million VND.

Gold rings are priced between 56.7 and 57.7 million VND per tael, an increase of 200,000 VND compared to the end of last week.

From March to August, domestic gold prices remained stable despite global fluctuations, at times reaching nearly $2,000 per ounce. However, in the last two months, the price of gold bars has been trending upwards, increasing by 2 million VND per tael, equivalent to an increase of about 3%.

The current spot price of gold on the world market is trading below $1,930 per ounce, equivalent to 56.8 million VND per tael. If converted using Vietcombank 's selling exchange rate, each tael of international gold is 12.3 million VND lower than the domestic price.

This week, the US Federal Reserve (Fed) will begin its sixth policy meeting of the year, voting on changes to monetary policy, including raising, keeping unchanged, or cutting interest rates. Economists and financial industry expect the Fed not to raise interest rates after 11 hikes since March 2022. The benchmark interest rate in the US is currently at its highest level in 22 years, following the last hike in July. Therefore, the scenario of the Fed halting interest rate hikes is expected to trigger a further increase in gold prices.

A Bloomberg survey of investors, including sovereign wealth managers and hedge funds, shows that they are not reducing their gold holdings but will maintain or increase them over the next 12 months.

In recent days, the USD has weakened somewhat in the international market but remains at its highest level in six months. Domestically, both bank and free market exchange rates are at their highest levels in the past nine months.

Today, the USD exchange rate at banks increased slightly compared to the end of the week, trading around 24,060 - 24,430 VND. In the free market, some foreign exchange bureaus adjusted the buying price of USD to 24,220 VND and the selling price to 24,280 VND per USD.

Quynh Trang

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