At the end of the trading session on July 8, the price of SJC gold bars was listed by large enterprises at 119-121 million VND/tael (buy - sell), an increase of 500,000 VND in both buying and selling directions compared to before.
The price of plain round rings was adjusted up with a similar amplitude, listed at 114.4-116.9 million VND/tael (buy - sell).
The world gold price is currently around 3,298 USD/ounce, down 35 USD. Previously, there was a time when the price increased to nearly 3,345 USD/ounce. Compared to last week, the price of this precious metal has decreased by more than 1.15%. Compared to the beginning of the year, the profit rate is still maintained at over 25%.
SJC gold bar price increased to 121 million VND/tael (Photo: Thanh Dong).
World gold prices fell in the recent session due to pressure from rising US Treasury yields, after President Donald Trump announced new tariff proposals targeting major trading partners such as Japan and South Korea.
Escalating trade tensions have caused investors to turn to the US dollar as a safe haven, thereby weakening the appeal of gold.
However, in the current context, gold prices are still holding steady around the $3,300/ounce threshold, reflecting the market's defensive sentiment against the risk of prolonged trade conflicts and stagnant inflation. Investors are waiting for the minutes of the Federal Open Market Committee (FOMC) policy meeting for clues on the next direction of the US Federal Reserve (Fed).
UBS commodities analyst Giovanni Staunovo said gold is being affected by two opposing forces. On the one hand, the US extending the deadline for trade negotiations has eased demand for safe havens, putting downward pressure on prices. On the other hand, the risk of new tariffs with Asian partners could hurt economic growth, thereby supporting gold prices in the medium term.
Central rate hits peak
The USD-Index - a measure of the greenback's strength against a basket of major currencies - reached 97.51 points, up 0.03% from the previous level.
The State Bank currently lists the central exchange rate at 25,121 VND, up 8 VND from the previous rate. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,864-26,377 VND.
The exchange rate at major banks is 25,960-26,350 VND (buy - sell), up 40 VND for buying and up 45 VND for selling. At mid-sized banks, the USD price is 25,990-26,345 VND (buy - sell), up 75 VND for buying and up 40 VND for selling.
On the free market, foreign currency exchange points buy and sell USD around 26,420-26,500 VND (buy - sell), unchanged from before.
At the State Bank of Vietnam’s press conference on July 8, Mr. Pham Chi Quang, Director of the Monetary Policy Department, said that while the USD-Index has decreased by about 10% since the beginning of 2024, the Vietnamese Dong (VND) has still depreciated by 2.7-2.8% against the USD. The main reason is that Vietnam maintains a low interest rate level to support economic growth.
However, the consequence is that when VND interest rates are low, the domestic currency becomes less attractive in the eyes of investors, especially in the context of the USD offering higher yields. This causes many financial institutions to tend to switch to holding USD.
Along with that, the overall balance of payments is still in a good surplus, but foreign capital flows have fluctuated strongly and have been net withdrawn from the stock market since 2024.
In just 6 months, foreign investors have disbursed about 267,600 billion VND into the Vietnamese stock market, but sold up to 308,300 billion VND. Thus, the net withdrawal value reached about 40,700 billion VND, equivalent to 1.5 billion USD.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-mieng-len-121-trieu-dongluong-ty-gia-trung-tam-lap-dinh-moi-20250709070847472.htm
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