Gold price gap between SJC and global market narrows by VND 6 million

On the New York market this morning, spot gold rose 0.4% to USD 3,648.55/ounce, while December futures edged up 0.3% to USD 3,648.40/ounce. For the week, global gold gained 1.7%, marking its fourth consecutive weekly increase. Analysts attributed the rise to weaker U.S. labor data and persistent inflation, fueling demand for gold as a safe-haven asset. Market expectations now point to a 0.25% Fed rate cut at the upcoming September 17 meeting.

Domestically, SJC bullion traded at VND 128.40 – 131.40 million/tael this morning, down by VND 1.9 million from the previous session, despite global prices dipping only 0.2%. Converted at Vietcombank’s selling rate, international gold equates to about VND 117.6 million/tael. Notably, on September 6, the gap peaked at VND 18.29 million/tael, just before the Prime Minister issued Directive 159 on tighter gold market management.

Other brands also saw declines: SJC gold rings dropped to VND 125.00 – 128.00 million/tael, PNJ’s Kim Bao 999.9 bullion traded at VND 126.20 – 129.20 million/tael, while Bao Tin Minh Chau’s plain rings were quoted at VND 127.00 – 130.00 million/tael. Meanwhile, the USD/VND exchange rate at Vietcombank was listed at VND 26,166 – 26,476 per dollar.