Gold bar price on the morning of September 8 decreased after the Prime Minister's direction

Gold bar prices fell on the morning of September 8 following the Prime Minister's directive. Photo: Minh Quyet/VNA

Gold bar prices fell on the morning of September 8 after the Prime Minister 's directive. Photo: Minh Quyet/VNA

Specifically, at 9:20 a.m., Saigon Jewelry Company (SJC) and DOJI Group listed the price of gold bars at 133.1 - 135.1 million VND/tael (buy - sell); down 800,000 VND/tael for buying and down 300,000 VND/tael for selling compared to the closing price of last weekend (September 6). Thus, the gap between buying and selling prices of gold bars is 2 million VND/tael.

Bao Tin Minh Chau Company listed the price of gold bars and gold rings at 127.8 - 130.8 million VND/tael (buy - sell); keeping the listed price for both buying and selling unchanged compared to the closing price of last weekend.

Similarly, Saigon Jewelry Company (SJC) listed the price of gold rings at 127.7 - 130.2 million VND/tael (buy - sell); keeping the listed price for both buying and selling unchanged compared to the closing price at the end of last week.

DOJI Group listed the price of gold rings at 127.7 - 130.7 million VND/tael (buy - sell); keeping the listed price for both buying and selling unchanged compared to the closing price of last weekend.

Previously, in the Government meeting on September 6, Prime Minister Pham Minh Chinh directed that there should be no manipulation, hoarding, or price hikes in the gold market. If necessary, he requested that both the State Bank and the Government inspectors get involved.

The Prime Minister requested Deputy Prime Ministers and relevant agencies to promote a higher sense of responsibility, grasp the situation more thoroughly and firmly in the field of management and responsibility, especially with new developments and emerging issues, analyze more thoroughly, propose appropriate tasks and solutions, and respond to policies promptly, flexibly and effectively.

Previously, the Government issued Decree No. 232/2025/ND-CP dated August 26, 2025 amending and supplementing Decree 24/2012/ND-CP on management of gold trading activities.

In the world market, at the beginning of the session on September 8, gold prices in Asia were traded near the record high of the previous session, when the weak US employment report increased expectations of the US Federal Reserve (Fed) cutting interest rates.

In Singapore, at 5:52 a.m. on September 8, Vietnam time, the spot gold price increased by 0.2% to $3,592.91/ounce. Thus, the gold price is less than $10 away from the recent peak of nearly $3,600/ounce, after increasing by 1.5% at the end of the previous session.

Earlier, a key U.S. jobs report showed hiring slowed while unemployment rose to its highest level since 2021. The developments have increased expectations for a rate cut. Lower borrowing costs tend to boost the appeal of gold, which does not pay interest.

The precious metal also received support from strong safe-haven demand amid concerns about the future of the US central bank.

President Donald Trump's increasingly vocal criticism of the Fed has heightened concerns about its independence. Trump has vowed to win a majority at the central bank soon and lower interest rates. Investors are awaiting a key ruling on whether Trump has the legal basis to remove Fed Governor Lisa Cook.

According to experts at Goldman Sachs, the price of gold could reach nearly $5,000/ounce if the Fed loses its independence. At that time, investors will lose confidence in US government bonds, and if they only transfer a small portion of their capital to gold for shelter, the price will be pushed up very high.

Gold prices have more than doubled over the past three years, as growing geopolitical, economic and global trade risks have fueled demand for safe havens.

Source: VNA

Source: https://baodongnai.com.vn/kinh-te/202509/gia-vang-mieng-sang-8-9-giam-sau-chi-dao-cua-thu-tuong-47d033f/