Gold price breaks all records, reaching 126.6 million VND/tael

At the end of the trading week, the world gold price was at 3,373.3 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 107.9 million VND/tael.

World gold prices increased sharply after the FED signaled a rate cut

World gold prices suddenly increased by 33 USD/ounce, equivalent to 1.055 million VND/tael after the speech of the FED Chairman at the annual conference in Jackson Hole, Wyoming.

In his speech, Mr. Powell referred to “profound changes” in tax, trade and immigration policies. As a result, “the balance of risks appears to be shifting” between the dual goals of maximizing employment and stabilizing prices.

While acknowledging that the labor market remains strong and the economy has shown “resilience,” Mr. Powell said downside risks are rising. At the same time, he warned that tariffs are creating a risk of a return to inflation — a stagflation scenario the Fed needs to avoid.

With the Fed's benchmark interest rate now 1% lower than it was last year and unemployment remaining low, conditions allow the Fed to "proceed cautiously as it considers changing the policy stance."

Experts say this is the clearest hint yet of an expected rate cut at the September meeting.

Dow Jones increased nearly 850 points, setting a new record after the Fed Chairman's speech, world gold prices also increased sharply.

Domestic gold prices are increasingly different

Today, August 23, the selling price of SJC gold bars increased by 1.2 million VND/tael compared to yesterday, to 126.6 million VND/tael - also the highest price ever. The buying price of SJC gold bars also increased to 125 million VND/tael.

Notably, in recent days, the difference between buying and selling prices has been narrowing, currently only 1 million VND/tael due to the scarce supply of gold in the market.

The selling price of 9999 gold rings at SJC Company today also increased to 121 million VND/tael, buying at 118.5 million VND/tael.

Compared to the price of SJC gold bars, the price of 9999 gold rings is 5.6 million VND/tael lower for selling and 6.5 million VND/tael lower for buying.

Compared to the converted world gold price, the price of SJC gold bars is 18.7 million VND/tael higher.

This is a very high difference compared to the target of reducing the difference between domestic and world gold prices to around 1-2% as directed by the Prime Minister .