Specifically, by 12:30, the price of gold bars at Saigon Jewelry Company SJC had been adjusted twice with an increase of 1.6 million VND in buying price, up to 121.5 million VND/tael and an increase of 2.1 million VND in selling price, up to 123.5 million VND/tael.
Similarly, Doji Group also sharply increased the buying price of gold bars, to 121.5 million VND, and sold at 123.5 million VND/tael.
Mi Hong Company (HCMC) increased the buying price of gold bars by 1.1 million VND, up to 122 million VND/tael and increased the selling price by 2.1 million VND, up to 123.5 million VND/tael...
Gold bar price increased by more than 2 million VND per tael this morning, August 2. (Illustration photo)
The price of gold rings also increased by 800,000 to 1 million VND/tael. Accordingly, SJC Company listed the buying price at 116.4 million VND, selling price at 119 million VND/tael; Phu Quy Company listed the buying price at 115.7 million VND, selling price at 118.7 million VND/tael; Doji Group has a buying price of 117 million VND, selling price at 119.5 million VND...
Faced with the sudden increase in gold prices, experts say investors need to maintain three strategic principles, because this is not the time to act emotionally but requires calmness, strategy and long-term.
First, prioritize keeping gold in the investment portfolio but it should only account for a maximum of 10% of the asset portfolio for individual investors.
Second, do not follow short-term trends and limit speculation when gold prices fluctuate too strongly.
“ High price increases often come with the risk of rapid adjustment. Small investors should avoid “buying the top” based on news but should wait for the equilibrium point, and closely monitor signals from the Fed in upcoming meetings ,” Dr. Nguyen Tri Hieu advised.
Third, diversify assets and proactively restructure the portfolio. The current period is the time to reposition defensive assets: gold, highly liquid real estate, risk-averse bonds, etc. Individual investors should consider liquidity and safety factors in the face of global variables that have not shown signs of abating.
“ The sharp increase in world gold prices reflects the deep and prolonged instability in the global situation. In the period of “world unrest”, gold is a measure of confidence and a strategic shelter. However, for wise investors, holding gold is to maintain balance, not to chase the peak, but to maintain stability amid unpredictable fluctuations ”, Mr. Hieu stated his opinion.
Why did the price of gold increase suddenly?
On the morning of August 2, the world gold price skyrocketed by 73 USD per ounce, to 3,363 USD, an increase of 2.22%.
Mr. Nguyen Quang Huy - CEO of the Faculty of Finance and Banking, Nguyen Trai University - said that this development reflects the convergence of three key factors:
Firstly, geopolitical instability continues to escalate. Accordingly, the situation between Russia and Ukraine shows no signs of cooling down, while tensions in the Middle East remain simmering with many unpredictable unknowns. The global market therefore continues to maintain a “defensive” state, pushing money to seek safe havens, with gold being the top choice.
Second, the Fed announced that it would not cut interest rates yet. Accordingly, the US Federal Reserve affirmed that it was not in a hurry to loosen monetary policy because US inflation showed signs of rising again. Although in theory this would make the USD stronger, the paradox here is that market sentiment reacted with concerns about slowing growth, so it continued to pour into safe assets such as gold.
Third, the trend of global risk-off capital flows shifting. Large institutional investors have begun to restructure their portfolios, while central banks around the world have increased their physical gold holdings to protect their assets against “grey swan” risks - risks that are difficult to predict but can have serious impacts.
In addition, according to technical analysis, gold recently fell to the oversold zone, creating short-term bottom-fishing demand, leading to the recent strong bounce.
According to Mr. Huy, in this context, domestic gold prices tend to increase following the world trend, but often do not increase in absolute correspondence because they also depend on internal factors such as the USD/VND exchange rate, gold market management policies and supply-demand balance.
“If the world gold price remains high and lasts for a long time, it will put pressure on the domestic market, especially in the gold bar segment. However, the domestic gold price may still differ from the world price, reflecting that the market structure depends a lot on psychology and regulatory policies,” said Mr. Huy.
According to Dr. Nguyen Minh Phong, the gold market improved after the US announced a weaker-than-expected July employment report. According to the information released, in July, the US Department of Labor, the world's largest economy, only created 73,000 new jobs. The previous month, this number was also adjusted down to 14,000.
" These figures are weaker than expected, reinforcing expectations that the Fed will cut interest rates this year. Gold is a non-yielding instrument, so it tends to increase in price in a low interest rate environment. The market currently expects the Fed to cut interest rates twice later this year, starting in September , " said Mr. Phong.
Another reason for the increase in gold prices is a series of new announcements by US President Donald Trump on import tariffs, causing investors to increase their purchases of gold as a safe haven. The new reciprocal tariffs of the US with its trading partners will take effect from August 7.
Source: https://baolaocai.vn/gia-vang-mieng-tang-nong-hon-2-trieu-dongluong-chuyen-gia-khuyen-cao-gap-post878567.html
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