SJC gold price jumps to 121.5 million VND
At 11:00 a.m. on July 13, the price of SJC gold bars was listed by Saigon Jewelry Company, Bao Tin Minh Chau, and DOJI Group at 119.5 - 121.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both buying and selling directions compared to the previous session.
Similar to gold bars, the price of gold rings today also increased, listed at the highest price of 119.2 million VND/tael for sale.
Specifically, SJC listed the price of gold rings at 115 - 117.5 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both directions.
DOJI traded gold rings at 116 - 119 million VND/tael, up 500,000 VND/tael in both directions.
PNJ traded gold rings at 115.2 - 118.2 million VND/tael, an increase of 300,000 VND/tael in both directions.
Phu Quy listed the price of gold rings at 115.2 - 118.2 million VND/tael, an increase of 500,000 VND/tael in both directions.
Bao Tin Minh Chau brand gold rings also increased the price of gold rings by 500,000 VND/tael each way, listed at 116.2 - 119.2 million VND/tael (buy - sell).
The need for "shelter" is returning
On the world gold market, today's spot gold price is unchanged compared to yesterday morning, listed around 3,356 USD/ounce (equivalent to 106.7 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees).
World gold prices have generally decreased by 0.96% over the past 30 days and increased by 39.18% over the past year.
The gold market last week witnessed a tug-of-war between pressure from a strong US dollar and demand for "safe haven" from trade risks.
The trading week began with the July 7 session, when gold prices recovered slightly after President Trump announced new tariffs on 14 countries. In the July 8 session, gold prices lost more than 1% and closed at $3,307.16/ounce. The reason came from optimism about trade negotiations, along with the USD and US bond yields simultaneously increasing, reducing the attractiveness of gold. In the July 9 session, prices increased by 0.3% to $3,310.26/ounce, as investors closely followed the developments of trade negotiations. Experts said concerns about the US financial situation and budget deficit have caused investors to tend to hoard gold. In the July 10 session, gold prices were almost flat and closed at $3,317.44/ounce.
But market sentiment reversed on the weekend of July 11. Mr. Trump’s announcement of a 35% tariff on Canada and other tariffs sent global stock markets tumbling, spurring a surge in money flowing into gold.
According to Mr. Aakash Doshi, head of global gold strategy at financial consulting firm State Street Global Advisors, the market is seeing a return of risk premiums and gold is directly benefiting from this "safe haven" demand. He forecasts gold prices to fluctuate between $3,100 and $3,500 per ounce in the third quarter of 2025.
US Federal Reserve Governor Christopher Waller has reaffirmed the possibility of a rate cut this month, with markets now betting on two rate cuts totaling 50 basis points by the end of the year - a factor that supports gold prices.
The precious metal is sensitive to US interest rate moves, as lower interest rates weaken the dollar and significantly increase the appeal of non-yielding assets such as gold.
However, gold is facing increasing competition from other metals. Silver had a breakout week, rising as much as 4% and surpassing $38 an ounce, its highest level in more than 13 years. Silver could be the next major mineral to fall under President Trump’s tariff radar, according to Robert Minter, director of ETF strategy at global investment group abrdn.
Meanwhile, some analysts say the main drivers supporting gold prices - including concerns about economic growth, geopolitical situations and threats of tariffs from the US - are fading, and they believe it is time for other commodities such as copper and silver to "take over" the role of gold.
Technically, analysts say the gold market is consolidating in a wide range between $3,200/ounce and $3,500/ounce. After a long period of rapid growth, the market seems to need a “break”. But any breakthrough above the $3,500 resistance level could pave the way for a stronger rally.
Source: https://baolaocai.vn/vang-trong-nuoc-tang-them-500000-dongluong-post648633.html
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