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Global gold prices hit record, domestic gap narrows

In early trading in New York, global gold prices surged to a fresh record high. Spot gold rose 1.1% to USD 3,680.80 per ounce, while December futures gained 0.8% to USD 3,719.00 per ounce. Over the past week, gold advanced a total of 1.6%.

The rally was fueled by a weaker US dollar. The US Dollar Index slipped 0.3% to its lowest level in a week, making gold more attractive for investors holding other currencies. At the same time, the yield on 10-year US Treasury notes declined.

Markets are now almost certain that the US Federal Reserve (Fed) will cut rates by 0.25% at its upcoming meeting, though some investors expect a larger 0.5% cut. Peter Grant, Vice President and Head of Market Strategy at Zaner Metals, said that the 0.25% reduction has already been priced into the gold market, but it is likely the Fed will implement two cuts of 0.25% each before the end of 2025. He also set short-term target levels at USD 3,700, USD 3,730, and USD 3,743 per ounce.

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Gold is traditionally considered a safe-haven asset and tends to perform well in a low-interest-rate environment. As a result, the Fed’s September 17 policy meeting is under intense scrutiny. The meeting comes amid political pressure in the US, with disputes around leadership positions and efforts from the White House to exert more influence over monetary policy. The US Senate is also reviewing whether the President’s economic advisers can participate in decision-making.

In Vietnam, SJC gold bars are trading at VND 128.60 – 131.00 million per tael (buy – sell). Based on the latest global price converted using Vietcombank’s USD selling rate, international gold is equivalent to VND 118.6 million per tael, still VND 12.4 million lower than domestic SJC gold.

SJC gold rings are quoted at VND 125.00 – 128.00 million per tael. At PNJ, Kim Bao 999.9 gold bars are listed at VND 126.20 – 129.20 million per tael, while Bao Tin Minh Chau offers plain round rings at VND 126.80 – 129.80 million per tael.

The USD/VND exchange rate is currently in the range of 26,166 – 26,476 (buy – sell).

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