Gold Prices Surge on Soft Labor Market Signals, Central Bank Demand

Gold prices have been fluctuating in Vietnam on September 4th, with different brands showing mixed increases and decreases. According to the latest data from major domestic gold trading brands, Saigon Jewelry Company (SJC) gold bars are priced at 145.4 - 148.4 million VND/ounce, while SJC gold rings are priced at 144.9 - 147.9 million VND/ounce.

The world gold price has surged by 2.2% to near $4,500 per ounce, driven by softer signals from the labor market and falling Treasury yields. However, this trend could face pressure if US service sector activity shows greater-than-expected strength or employment figures exceed expectations.

Goldman Sachs Research forecasts that gold prices will continue to rise in the second half of 2026, reaching $4,900 per ounce, driven by strong demand from central banks diversifying their foreign exchange reserves and declining market expectations of Fed interest rate hikes. Central bank demand for gold is a structural factor that will continue to support gold prices for years to come.