Gold bars rise by 1 million dong per tael as major brands lift prices

Gold bar selling prices in Vietnam rose by 1 million dong to 174.5 million dong per tael on April 3, according to postings by major local brands.

Domestic gold prices increase

On the morning of April 3, Saigon Jewelry Company (SJC) quoted gold bar prices at 171–174.5 million dong per tael. Other brands adjusted their prices in a similar range.

Plain round bars also increased by 1 million dong. SJC listed 170.8–174.3 million dong per tael. Bao Tin Minh Chau and Bao Tin Manh Hai traded the item around 169.5–172.5 million dong per tael, while PNJ quoted 169.4–172.9 million dong per tael.

Global gold falls amid dollar strength and oil-driven inflation concerns

International markets were closed for the Easter holiday. Earlier on April 2, world gold prices fell by more than $200 at times before recovering and closing at $4,678 per ounce, down nearly 2.3%.

The decline was attributed to a stronger US dollar and a rise in oil prices after President Donald Trump said the United States would continue attacks on Iran, which raised inflation concerns and reinforced expectations that interest rates would remain higher.

Market focus on Middle East developments

David Meger, Director of Metals Trading at High Ridge Futures, said the market is focusing on President Trump’s remarks that the Middle East conflict could last another 2–3 weeks. “So far, there are no signs that energy conditions will be resolved soon,” he said.

Turkey gold reserve reduction weighs on sentiment

Additional pressure came from news that the Central Bank of Turkey reduced its gold reserves to 702.5 tonnes. Over the past two weeks, the agency sold more than 118 tonnes of gold to mitigate the negative impact from the Middle East conflict on the domestic market.

Gap between world and domestic prices narrows

Converted at Vietcombank’s rate, world gold is equivalent to 148.7 million dong per tael. As a result, the domestic gold price differs from the world price by nearly 26 million dong per tael, narrowing the gap compared with a few days earlier.

Why domestic prices rose despite weaker world prices

Domestic gold increased even as world prices fell, according to Huỳnh Trung Khánh, Vice Chairman of the Vietnam Gold Trading Association. He said domestic prices follow global trends but do not move in lockstep because the two markets are not fully connected. “Domestic gold prices may fall less or rise more than the world because domestic demand is very high while supply is limited,” Khánh said.

Silver prices also rise

Silver bars and silver coins rose 2.7% from the previous day. Phú Quý listed silver at 2.74–2.82 million dong per tael, equivalent to 73.1–75.3 million dong per kg. Ancarat traded at 2.73–2.82 million dong, while Sacombank - SBJ quoted 2.74–2.84 million dong per tael.