Editor’s Note
This article highlights a divergence in gold markets on February 7, with domestic Vietnamese prices falling sharply while global prices rose. It also notes an increase in oil prices amid geopolitical tensions.
On February 7, domestic gold prices fell by 700,000 VND per ounce, while global gold prices rose again. Oil prices also increased due to concerns over escalating tensions between the US and Iran.
Compared to the morning of February 6, the price of gold bars today has decreased by 700,000 VND/ounce for both buying and selling.
Brands SJC, Bao Tin Minh Hai, DOJI, PNJ, Bao Tin Minh Chau, and Phu Quy are all listed at the following prices:
Buying price: 173.5 million VND/ounce
Selling price: 176.5 million VND/ounce.
On the morning of February 6, gold prices were recorded at 174.2 – 177.2 million VND per ounce. Thus, after volatile sessions at the start of the week, gold prices have seen a minor decline.
Gold ring prices are also seeing a decline, although the price differences vary by brand.
Bao Tin Minh Hai reported a buying price of 172 million VND/ounce, a decrease of 700,000 VND.
Bao Tin Minh Chau’s price is between 173.5 – 176.5 million VND/ounce, a drop of 700,000 VND/ounce.
Phu Quy’s gold price is 173-176 million VND per ounce, a decrease of 700,000 VND per ounce.
Gold prices at DOJI and PNJ remained stable at 173-176 million VND/ounce, unchanged from yesterday.
Only SJC Gold saw an increase of 1.5 million VND/ounce and was trading at 173-176 million VND/ounce.
These developments indicate slight divergence among brands in the domestic market amid a recovery in international prices.
On the morning of February 7 (Vietnam time), the world gold price was about $4,966 per ounce, an increase of $99 per ounce compared to the previous session.
Based on Vietcombank’s exchange rate (excluding taxes and fees), the world gold price is equivalent to about 156.5 million VND/ounce, approximately 20 million VND/ounce lower than the domestic gold bar price.
International gold prices surged due to bargain hunting, a slightly weaker US dollar, and concerns over US-Iran talks in Oman. The precious metal is likely to gain about 1.3% this week.
CIBC Bank estimates that the average gold price in 2026 could reach $6,000 per ounce, significantly higher than the October 2025 estimate of $4,500 per ounce. Factors such as high inflation, rising public debt, and declining confidence in fiat currencies will continue to provide long-term support for gold.
In the energy market, oil prices rose again in the final trading session of the week.
Brent crude rose 0.74% to reach $68.05 per barrel.
WTI crude oil price increased 0.41% to $63.55 per barrel.
This rally came as markets worried that talks between the US and Iran in Oman were insufficient to reduce the risk of conflict. The Strait of Hormuz – a shipping route for about one-fifth of global oil consumption – remains a critical focal point under watch.
However, throughout the week, oil prices remained under pressure due to oversupply concerns. Saudi Arabia lowered the price of Arab Light crude for delivery to Asian customers in March 2026 to its lowest level in nearly five years, marking the fourth consecutive month of price declines.
Domestic retail fuel prices effective from 3:00 PM on February 5:
E5RON92 Gasoline: Not exceeding 18,439 VND/liter
RON95-III Gasoline: Not exceeding 18,880 VND/liter
Diesel 0.05S: Not exceeding 18,453 VND/liter
Kerosene: Not exceeding 18,390 VND/liter
Fuel Oil 180 CST 3.5S: Not exceeding 15,150 VND/kg
The Ministry of Industry and Trade and the Ministry of Finance adjusted domestic retail fuel prices from 3:00 PM on February 5. Specifically, the price of E5RON92 petrol increased by 100 VND/liter; RON95 petrol price increased by 35 VND/liter; diesel price increased by 280 VND/liter; kerosene price increased by 214 VND/liter; and fuel oil price increased by 517 VND/kg.
According to the Ministry of Industry and Trade, the global oil market during this price adjustment period was influenced by several key factors: OPEC+ maintaining oil production levels in March; a strong US dollar; tensions between the US and Iran; a decrease in US crude oil inventories; and the ongoing military conflict between Russia and Ukraine. These factors have caused global oil prices to fluctuate in recent days, rising and falling based on specific products.
