【Vietnam】Gold Prices on the Morning of July 11: Sharp Increase Compared to the Beginning of the Month

This morning (July 11), the price of gold bars in the domestic market rose sharply by 2.5 to 3.5 million VND per tael compared to July 1. Meanwhile, the upward trend in global gold prices reversed at the end of the week, falling to around $4,100 per ounce.

As of 4:00 AM today, the price of gold bars at major businesses has continuously increased compared to the beginning of the month. Specifically, the buying price is 2.5 – 3.5 million VND/tael higher than on July 1, and the selling price is 3.2 – 3.5 million VND/tael higher.
Currently, gold bar prices from various brands are as follows:
– **SJC, DOJI, PNJ, Bao Tin Manh Hai:** All these brands’ prices remained stable at 146.9 million VND/tael (buy) and 149.9 million VND/tael (sell). Compared to July 1, prices for all these brands increased by 3.5 million VND/tael in both directions.
– **Phu Quy:** Listed at a buying price of 146.3 million VND/tael and a selling price of 149.9 million VND/tael; compared to the beginning of the month, the buying price increased by 3.3 million VND and the selling price by 3.5 million VND.
– **Bao Tin Minh Chau:** Traded at 145.0 million VND/tael (buy) and 149.9 million VND/tael (sell); the buying price increased by 2.5 million VND and the selling price by 3.5 million VND.

Although the overall trend shows a sharp increase, due to differences in buy-sell margins among various distributors, individual investment efficiency varies significantly. If purchased on July 1 and sold this morning, buyers from Mi Hong would have received the highest profit (about 1.4 million VND/tael), while customers of Bao Tin Minh Chau would have temporarily incurred a loss of about 1.4 million VND/tael.

On the same day, the price of 9999 gold rings at Bao Tin Manh Hai was the highest. Details of gold ring prices at the start of the day:
– **Bao Tin Manh Hai:** 146.9 million VND/tael (buy) – 149.9 million VND/tael (sell).
– **SJC:** 146.9 million VND/tael (buy) – 149.6 million VND/tael (sell).
– **Doji Hanoi (Hung Thinh Vuong Ring):** 146.0 million VND/tael (buy) – 149.5 million VND/tael (sell).
– **PNJ:** 145.7 million VND/tael (buy) – 149.2 million VND/tael (sell).

– **Bao Tin Minh Chau (Thang Long Gold Dragon):** 145.0 million VND/tael (buy) – 149.0 million VND/tael (sell).
For gold jewelry, domestic prices currently fluctuate around 4.6 million to 14.8 million VND/tael (equivalent to 12.2 million to 39.6 million VND/ounce), depending on the gold content and brand.

As of 4:00 AM today (Vietnam time), the spot gold price on the world market was $4,100.1 per ounce, down $22.3 per ounce (about 0.5%) from the previous session. According to Vietcombank’s exchange rate (26,474 VND/USD), the world gold price is about 130.9 million VND per ounce (excluding taxes and fees), which is about 19 million VND per ounce lower than the SJC gold bar price in Vietnam.
Global gold prices fell at the end of the week due to a sharp increase in oil prices amid tensions between the US and Iran. Rising energy prices have fueled fears of a return of inflation, leading the market to speculate that the US Federal Reserve (Fed) will further tighten monetary policy. Currently, there is about a 62% probability of a Fed rate hike in September. Since gold is a non-yielding asset, the risk of rising interest rates has put significant pressure on the precious metal’s price, causing it to fall.
In the same trading session, the US gold futures contract for August also fell 0.7% to $4,110.60 per ounce. In other precious metals markets, silver prices fell 0.4% to $59.73 per ounce; meanwhile, platinum prices rose 0.4% to $1,617.45 per ounce, while palladium prices rose 2.2% to $1,274.94 per ounce.
Investors are currently cautiously awaiting US inflation data, as well as statements from Fed Chairman Kevin Warsh next week, for further signals on the direction of monetary policy.

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