Domestic gold prices recorded a dramatic turnaround on September 10, with both gold bars and plain round rings rebounding sharply across major trading systems including Công ty Vàng bạc Đá quý Sài Gòn (SJC), DOJI, and PNJ. According to market surveys conducted at 11:30 AM, the recovery followed a turbulent preceding session that saw sharp downward pressure.
Gold Prices Rebound Sharply Across Major Brands
For SJC gold bars, most enterprises aggressively raised quotations. SJC, DOJI, and Phú Quý all implemented uniform increases of 1.2 million dong per tael in both buying and selling directions. PNJ recorded the strongest upward adjustment on the buying side with a surge of 1.6 million dong per tael, alongside a 1.2 million dong increase on the selling side. Mi Hồng also lifted its rates by 1.2 million dong across both directions, reaching the highest buying level in the survey group at 145 million dong per tael and 146.5 million dong per tael for selling.
The lone exception among major distributors was Bảo Tín Minh Châu, which held its gold bar buying price steady at 143.6 million dong per tael while cutting its selling price by 1 million dong down to 146.6 million dong per tael. Across the board following these adjustments, most major entities listed SJC gold bars uniformly at 143.6 million dong per tael for buying and 146.6 million dong per tael for selling.
Plain Round Ring Prices and Brand Variations
Plain round rings likewise maintained an upward trajectory, though the magnitude of gains varied significantly across individual brands, ranging from 300,000 dong to 1.2 million dong per tael.
* SJC: Raised ring prices by 1.2 million dong in both directions, establishing buying and selling rates at 143.1 million and 146.1 million dong per tael. * Phú Quý: Advanced by 1.2 million dong across both directions, bringing listings to 143.6 million dong (buy) and 147 million dong (sell). * PNJ: Increased the buying price by 1.2 million dong to 143.2 million dong per tael and the selling price by 1.1 million dong to 146.5 million dong per tael. * Mi Hồng: Advanced by 1.2 million dong to reach 150 million dong buying and 146.5 million dong selling. * Bảo Tín Minh Châu: Added 400,000 dong to each direction, lifting transactions to 144 million dong buying and 148 million dong selling. * DOJI: Applied a more cautious adjustment of 300,000 dong in both directions, positioning its ring prices at 144 million dong buying and 148 million dong selling.
Global Market Pressures and Macroeconomic Factors
Internationally, precious metals have navigated a volatile landscape driven by shifting macroeconomic indicators, currency fluctuations, and geopolitical tensions. Spot gold previously experienced sharp pullbacks, slipping below the 4,400 USD per ounce threshold to trade around 4,356 USD per ounce, according to Kitco data.
Market sentiment continues to be heavily influenced by surging crude oil prices, elevated US Treasury yields, and strengthening expectations regarding the monetary policy of the US Federal Reserve. Traders have priced in approximately a 60% probability that the Fed will enact an interest rate hike at its upcoming policy meeting, bolstered by stronger-than-expected employment figures from the previous month where the unemployment rate held steady at 4.1%.
Additional pressure on metal valuations stemmed from energy market developments, including military actions involving oil infrastructure in the Gulf region and the Strait of Hormuz, which pushed Brent crude prices toward 100 USD per barrel. Meanwhile, the yield on 10-year US Treasury notes hovered near 4.8%. Investors are closely monitoring crucial inflation reports, including the Producer Price Index (PPI) and the Consumer Price Index (CPI), which serve as key data points ahead of the central bank’s rate decision.
