September 22 Afternoon: Ring Gold and SJC Gold Prices Surge, Global Gold Hits New Peak

As of the afternoon update on September 22, domestic gold prices surged as global gold prices surpassed the $3,700 per ounce mark.

At Bao Tin Minh Chau, the price of smooth gold rings increased by 600,000 VND per tael to 127.8-130.8 million VND per tael. Similarly, DOJI saw a rise of 500,000 VND per tael to 127.3-130.3 million VND per tael.

Gold prices for SJC gold also rose uniformly by 600,000 VND per tael to 131.6 – 133.6 million VND per tael.

In the international market, spot gold prices set a new record at $3,717 per ounce, up approximately $30 per ounce.

————————-

Opening on the morning of September 22, SJC gold bars were traded at 131.0-133.0 million VND per tael, unchanged from the previous weekend.

Specifically, Bao Tin Minh Chau traded smooth gold rings at 127.2 – 130.2 million VND per tael, up 100,000 VND per tael on the buying side and unchanged on the selling side. DOJI and PNJ both listed at 126.8 – 129.8 million VND per tael, unchanged on the buying side and down 100,000 VND per tael on the selling side. Meanwhile, SJC Company applied a price of 126.8 – 129.6 million VND per tael, unchanged. Mi Hong gold shop listed at 128.0 – 129.5 million VND per tael.

In the international market, gold prices are approaching the $3,700 per ounce mark. Last week, this precious metal also set a new record at $3,708 per ounce.

According to Kitco News, Philippe Gijsels, Chief Strategist at BNP Paribas Fortis, stated that gold prices in the short term could fluctuate around $3,600 per ounce but are unlikely to drop significantly as the Fed has restarted its easing cycle. He emphasized that investors are just beginning to return to the market, and amidst widespread economic uncertainty, he expects a strong buying wave when prices adjust. “Although the price increase seems excessive with a nearly 40% rise, we are still in the early stages of a bull market,” he said. “With all the global uncertainties, the demand for gold remains high, and prices could easily reach $4,000 by the end of this year or early 2026.”

Christopher Vecchio, Head of Futures and Forex Strategy at Tastylive.com, also noted that gold retains its significant value as it continues to dominate global financial markets as a core monetary asset. “Is gold at $3,700 per ounce still a buying opportunity? In this environment, the answer is definitely yes,” he affirmed. “I’m still trying to find reasons to be bearish on gold, but that scenario hasn’t materialized yet.”

Vecchio added that even at high prices, central banks will continue to buy gold as confidence in the USD diminishes. He pointed out that the U.S. government is pressuring the Fed to aggressively cut interest rates even as inflation rises, while national public debt continues to grow at an unsustainable rate. “Central banks will continue to gradually diversify away from the USD, and their only real option is gold,” he stressed.