Gold prices have risen by 10 million VND per tael in the past two weeks, with a sharp increase predicted for next week.

(Dan Tri Newspaper) - Gold prices surged after weak US employment data further fueled expectations that the Fed would cut interest rates. The prospect of further price increases for this metal remains.

At the end of the trading week from September 1st to September 6th, the price of SJC gold bars was listed by businesses at 133.9-135.4 million VND/ounce (buy - sell). This is a new record high for this commodity. The difference between the buying and selling prices remained at 1.5 million VND/ounce.

Last week, precious metals continuously set price records. At the beginning of the week, the price of gold bars was listed at 127.8-129.3 million VND/ounce (buy - sell). Thus, overall last week, each ounce of gold increased by 6.1 million VND in both buying and selling prices. And if calculated over the last two weeks, each ounce of gold has increased by approximately 10 million VND, equivalent to an increase of nearly 8%.

Meanwhile, the listed price of gold rings is 126.7-129.2 million VND/ounce (buy - sell), also a record high for this item. In many private businesses, the selling price of gold rings is listed at 130.7 million VND/ounce.

Gold jewelry is being displayed for sale at a store (Photo: Tien Tuan).

Domestic gold prices rose sharply, mirroring the international market trend. Accordingly, the world gold price closed last week at $3,585 per ounce. Prior to that, the metal had briefly reached $3,600 per ounce, its highest level ever.

Since the beginning of the year, gold prices have risen by 37% due to a weakening US dollar, central bank buying, loose monetary policy, and global geopolitical and economic instability, according to Reuters.

Newly released data shows a significant slowdown in US job growth, with only 22,000 jobs added in August, while the unemployment rate rose to 4.3%. The August job figures were also considerably lower than the 79,000 jobs recorded in July.

Traders are betting on a 90% chance that the Federal Reserve will cut interest rates by 25 basis points (0.25%) as early as September.

"The outlook for gold is currently positive as job concerns outweigh inflation worries in the short term and possibly the medium term. However, we are still quite far from the $4,000/ounce mark, unless the market experiences a major shock," said Tai Wong, an independent metals trader.

This week, 18 experts participated in Kitco News' survey on the outlook for gold prices next week. Fourteen (78%) predicted that gold would continue to rise, three (17%) predicted a decline, and one (5%) believed the price would remain stable.

Meanwhile, the online survey received 219 votes from retail investors. 160 people (73%) predicted a price increase, 33 people (15%) predicted a decrease, and 26 people (12%) believed the price would remain stable.

“I’m optimistic about gold next week,” said Colin Cieszynski, chief strategist at SIA Wealth Management. “The weaker-than-expected US jobs data has increased pressure on the Fed to cut interest rates at its upcoming meeting. This has started to push Treasury yields and the dollar lower, paving the way for gold to continue its upward trend.”

“Gold prices may fall, but not significantly,” predicts Rich Checkan, President and COO of asset management firm Asset Strategies International. “I think there will be a slight correction due to profit-taking and cautious sentiment ahead of the Fed’s interest rate decision on the 17th.”

Michael Brown, senior strategist at Pepperstone, a trading firm, is less optimistic about the price outlook for next week. He notes that gold has risen too quickly in a short period, so the risk of a correction exists. He also suggests that any dips should be viewed as buying opportunities.

Furthermore, analysts also believe that the Fed's independence is a key factor in shaping gold prices, especially after US President Donald Trump sought to fire Fed Governor Lisa Cook and repeatedly pressured the Fed to aggressively cut interest rates.

At the government meeting on September 6th, Deputy Governor of the State Bank of Vietnam, Doan Thai Son, explained that the recent surge in gold prices was due to a significant increase in global gold prices. Simultaneously, market expectations and sentiment that gold prices would continue to rise led to a very high demand for gold among the population.

Another reason cited is the scarcity of domestic supply due to the State Bank of Vietnam temporarily suspending the sale of SJC gold to the market amidst the transition to a new management mechanism.

Deputy Governor Pham Thanh Ha also stated that the agency is coordinating with the Ministry of Public Security, the Government Inspectorate, and other relevant agencies to implement the Prime Minister's directives on managing the gold market, ensuring strict compliance with regulations.

Previously, the Government issued Decree 232, granting the right to import and produce gold bars to a number of eligible banks and businesses. This decree came into effect on October 10th.

Source: https://dantri.com.vn/kinh-doanh/vang-tang-10-trieuluong-trong-hai-tuan-qua-du-bao-tang-manh-tuan-toi-20250906234409831.htm