Gold prices surge, reflecting economic uncertainties.
Specific SJC gold shops are now listing prices at 81.5-83.5 million VND per tael, a substantial jump compared to previous rates.
Gold ring prices have also witnessed a notable surge of 200-300 thousand VND per tael, reaching new highs. At SJC Company, these rings are now priced at 79.8-81.2 million VND per tael, reflecting an increase of approximately 300 thousand VND from the previous day’s rates.
Phu Nhuan Jewelry (PNJ) has followed suit with a 300 thousand VND increase, now offering rates of 80.3-81.4 million VND per tael. Similarly, Bao Tin Minh Chau and DOJI have adjusted their prices to 80.08-81.18 million VND and 80.1-81.2 million VND per tael, respectively.
International gold prices reach record highs, influenced by macro and geopolitical tensions.
In the global market, gold prices have just hit an all-time high. On the evening of September 23rd, the precious metal soared to 2,635 USD per ounce, an unprecedented level. When converted to VND based on the current exchange rate, the world gold price corresponds to approximately 79 million VND per tael, excluding taxes and fees.
According to a recent report by analysts at UBS, “Gold has risen more than 25% since the beginning of the year, driven by expectations of lower yields, along with support from macro and geopolitical uncertainties, and the trend of central bank reserve diversification.” UBS attributes the sustained appeal of gold as a risk-averse investment to the prolonged nature of geopolitical tensions. Historically, the yellow metal has outperformed stocks during periods of heightened volatility. Looking ahead, UBS predicts a potential rise in gold prices to 2,700 USD per ounce by mid-2025.
