An employee holds an SJC-branded gold bar at a jewelry shop in Vietnam. Photo: T.H.
Global spot gold jumped from below $5,400 an ounce to above $5,600 within minutes overnight before easing back to $5,513.7 an ounce by 9:00 am (Vietnam time), which at bank exchange rates equates to about VND177.43 million per tael.
In the domestic market, Saigon Jewelry Company (SJC) raised its selling price by VND6.1 million ($234) from the previous close, while the buying price climbed VND5.6 million ($215) to VND187.3 million ($7,187) per tael.
SJC gold prices have risen nearly VND20 million ($767) per tael on the selling side in just over a week, marking one of the sharpest short-term gains in recent years, while 99.99-percent gold rings also jumped VND6.1 million ($234) to VND189.8 million ($7,283) per tael.
Analysts said bullion has been propelled higher by escalating geopolitical risks, including renewed concerns over a potential U.S. strike on Iran after President Donald Trump reiterated warnings if Tehran fails to return to nuclear talks, a move that helped push gold up more than $300 an ounce in a single day.
Markets showed little reaction to the U.S. Federal Reserve's decision to hold interest rates steady, which had been widely expected.
Silver prices also rose, with global silver at $117.9 an ounce, while domestic silver prices posted gains of around VND165,000–208,000 ($6.3–8) per tael at major dealers, amid strong demand despite delivery times stretching several months.
