Vietnam’s Gold Bar Prices Soar Amid Stable Global Bullion Rates and Looming Fed Decision
The price of gold bars in Vietnam witnessed a surge on last Friday morning, while global bullion rates continued to remain steady. The Saigon Jewelry Company saw a 0.72% increase in its gold bar pricing, reaching VND154.9 million (US$5,875.79) per tael. The same rate was quoted by PNJ and Doji jewelers as well.
For this year so far, the bullion has observed a significant gain of 83.9%, and is currently valued at VND21 million per tael above the global rates. The price of gold rings also saw an increase of 0.39%, reaching VND152.5 million per tael. It is noteworthy that a tael is equivalent to 37.5 grams or 1.2 ounces.
Performance of SJC Gold Bars
The price of SJC gold bars was recorded to be VND 121.5 million per tael on April 24, 2025.
Globally, the prices of gold remained largely unchanged on Friday. This stability can be attributed to the increase in U.S. Treasury yields offsetting the influence of a weaker dollar. Investors are keenly awaiting key inflation data, which could provide directional cues for the Federal Reserve’s policy roadmap ahead of its meeting next week.
Spot gold remained steady at $4,215.92 per ounce, and was headed for a 0.3% weekly decline. The U.S. gold futures for December delivery saw a slight increase of 0.1%, reaching $4,245.70 per ounce.
The dollar was close to a five-week low against major peers, which made gold priced in greenback more appealing to overseas buyers.
Over 100 economists polled predict that the Federal Reserve is likely to reduce its key interest rate by 25 basis points in its upcoming meeting next week. This step is aimed at supporting a slowing labor market. Lower interest rates typically favor non-yielding assets like gold.
According to Kunal Shah, head of research at Nirmal Bang Commodities, “the market is awaiting fresh triggers that might come in the form of the Federal Reserve’s actions. Gold is currently consolidating after a brief run in November, but the trend going forward appears to be on the rise.”
Questions & Answers
What was the recent rise in the price of gold bars in Vietnam?
The price of gold bars in Vietnam rose by 0.72% recently.
What is the current trend in the global gold market?
The global gold market is currently experiencing a phase of consolidation, with a potential upward trend in the near future.
How might the upcoming Federal Reserve meeting impact the gold market?
Decisions made at the upcoming Federal Reserve meeting, particularly concerning interest rates, could provide fresh triggers for the gold market. A reduction in the key interest rate could favor non-yielding assets like gold.