Vietnamese Gold Prices Soar by Unexpected 600,000 VND/Tael

Gold prices in Vietnam have experienced an unexpected surge, reaching 142.5-145.5 million VND/tael (buying - selling) for SJC gold bars, according to data from Saigon SJC Jewelry Company and DOJI Group at 8:45 am on September 23. This represents a significant increase of 600,000 VND/tael in both directions compared to the previous closing session.

The buying - selling difference is at 3 million VND/tael for all three companies, Saigon SJC Jewelry Company, DOJI Group, and Phu Quy Jewelry Group. The prices of gold bars and 9999 plain round gold rings have also seen a similar increase.

World gold prices are currently listed at 4,348.4 USD/ounce as of 8:45 am on September 23. According to analysts, the recent surge in gold prices can be attributed to falling oil prices, which have helped cool down inflationary pressure. However, strong US Treasury bond yields and the strong USD continue to limit gold's rally.

The market remains focused on the question of whether the US Federal Reserve (Fed)'s interest rate hike in September was a single adjustment move or marked the beginning of a new tightening cycle. Analysts expect that if data shows stronger economic activity, gold will continue to be under pressure from bond yields and the USD.