Vietnamese Gold Prices Soar at Start of Trading Week

Gold prices in Vietnam rose sharply at the start of this week's trading session. On August 3rd, gold bars and gold rings were selling at unchanged prices compared to the previous day, following global market trends. Specifically, SJC gold bars traded at 141 million VND per tael, while several major brands such as Bao Tin Manh Hai, Bao Tin Minh Chau, Phu Quy, and Doji saw their selling prices remain stable at around 141-142.3 million VND/ounce.

Experts believe that domestic gold prices will closely follow global market developments, with a potential rise in price predicted for August 3rd. The spot price of gold in the Asian market was trading at $4,072 per ounce as of 6:30 AM on August 3rd, a sharp increase of $30 per ounce compared to last week's closing price.

Bob Haberkorn, a senior commodities broker at StoneX Group, is optimistic about gold prices but predicts another price drop before a further rally. He believes that the Fed's announcement has opened up the possibility of a September rate hike, but is uncertain whether it will happen. Haberkorn thinks that gold prices need to fall sharply to $3,800 per ounce before they can regain upward momentum and find support.