Global gold prices hit new record high

Analysts noted that investors are closely monitoring upcoming speeches from Federal Reserve officials and the release of U.S. inflation data, seeking signals on monetary policy. Heightened tensions in the Russia–Ukraine conflict and expectations of further Fed rate cuts are key drivers. Last week, the Fed lowered its benchmark rate by 25 basis points—the first cut since December 2024—and indicated readiness for additional easing.

“Money continues to flow into gold. With last week’s rate cut, more rate reductions by the Fed before year-end are highly possible,” said Jim Wyckoff, senior analyst at Kitco Metals. A study from Societe Generale also showed gold demand in the UK rising again, providing further support for global prices.

According to the CME FedWatch survey, investors expect two more cuts of 0.25 percentage points in October and December, with probabilities of 93% and 81% respectively. In a low-interest environment, gold prices typically gain strongly. Since the beginning of 2025, gold has risen nearly 42%, fueled by geopolitical risks, central bank purchases, and global monetary easing.

Domestic market moves higher

In Vietnam, SJC gold bars opened at 131.60–133.60 million VND/tael, up 600,000 VND compared to yesterday morning. Based on the latest global close and Vietcombank’s USD selling rate, world gold equates to 120.70 million VND/tael domestically.

SJC gold rings traded at 127.30–130.00 million VND/tael, PNJ’s Kim Bảo 999.9 bars at 127.30–130.30 million VND/tael, and Bảo Tín Minh Châu rings at 127.80–130.80 million VND/tael. The USD/VND rate at Vietcombank was 26,188–26,448.

Prime Minister orders tighter gold market control

At a recent policy advisory meeting, Prime Minister Phạm Minh Chính directed ministries to strengthen gold market management, prevent speculation, hoarding, and smuggling, and ensure supply-demand balance without allowing policy abuse.

He also called for effective implementation of Decree No. 232 (August 26, 2025), which amends Decree No. 24/2012 on gold trading management. Ministries were tasked with issuing detailed guidance to enforce the new rules.

To safeguard macroeconomic stability, the Prime Minister stressed proactive risk management, targeted fiscal stimulus, and flexible monetary policy aligned with real market conditions.