SJC Gold Bars Hit VND146m as Global Prices Rebound
Saigon Jewelry Company's SJC gold bars gained to VND146 million per tael yesterday, even as local prices have fallen 4.45% since January 1.
Vietnam Gold Prices See Friday Gain
Saigon Jewelry Company (SJC) gold bars saw a 0.41% increase on Friday, September 11, trading at VND146 million (US$5,632.17) per tael. This rise followed a broader upward trend in global precious metal markets. Despite this daily gain, Vietnam's domestic gold prices have experienced a 4.45% decline since the start of 2026. Separately, gold rings also saw movement, falling 1.14% to VND146.9 million per tael on the same day.
Global Market Rebound Amid Rate Hike Talk
International spot gold prices firmed by over 1% on Friday, reaching $4,363.01 per ounce, recovering from recent losses. This global rebound occurred despite robust US inflation data. Strong inflation figures typically bolster expectations for an interest rate hike by the US Federal Reserve (Fed), which is anticipated to meet next week. However, the metal still registered an approximate 1.5% decrease for the week overall.
Trader Sees Short-Term Base
Independent metals trader Tai Wong noted gold's swift recovery after a brief dip. Wong suggested that the US Consumer Price Index (CPI) data might be solidifying expectations for a Fed rate hike. He observed that market volatility remained somewhat contained, with a 70% probability of a rate increase already factored in by traders. Wong's analysis points to gold establishing a short-term price base following its recent retreat.
Vietnam's gold market participants should monitor the Federal Reserve's upcoming interest rate decision next week. A confirmed rate hike could introduce further volatility, potentially influencing domestic gold prices despite their recent Friday rebound.
Given the 4.45% year-to-date decline in the local market, any sustained global price weakness driven by higher US rates could pressure SJC gold values, impacting local investors holding the precious metal.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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