SJC gold price soars to nearly VND 133 million/tael, $900 premium over global market

On the morning of August 30, Saigon Jewelry Company (SJC) listed SJC bullion at VND 129.1–130.6 million/tael, up VND 1.3 million per side compared to the previous day. Meanwhile, 9999 gold rings climbed even faster, rising VND 1.5 million to reach VND 122.5–125 million/tael.

The real shock came from the black market, where SJC gold jumped to VND 131.8 million/tael (buying) and VND 132.8 million/tael (selling). Prices surged by VND 2.8 million overnight, marking the strongest single-day gain ever recorded.

Globally, gold also rallied. Spot gold closed at USD 3,443/ounce, up more than 2% for the week and nearly 5% for the month. December gold futures on the CME rose to USD 3,511/ounce, up nearly 3% on the week. Converted at the official exchange rate, world gold prices equal about VND 110 million/tael (excluding taxes and fees). This leaves official SJC prices about VND 20.6 million higher, while free-market prices are inflated by nearly VND 23 million.

The main driver came from dovish remarks by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium. He emphasized that “the balance of risks has shifted,” signaling that the Fed may prioritize responding to recession and labor market weakness rather than focusing solely on the 2% inflation target.

Subsequent economic data reinforced these expectations. The July Core PCE index rose 2.9%, in line with forecasts. Investors are now almost certain the Fed will cut interest rates by 0.25 percentage points in September, unless upcoming inflation reports (PPI, CPI) surprise on the upside.

Next week’s nonfarm payrolls report will be key. If only around 45,000 jobs are added and unemployment remains at 4.2% as projected, the Fed will have stronger grounds to ease policy. This could continue fueling gold’s short-term rally.