Gold prices surge after Fed signals; Vietnam sees record domestic highs

Powell signaled a possible interest rate cut at the U.S. central bank's meeting next month, pointing to shifting risks between inflation and the jobs market, Reuters reported.

U.S. stocks rose, Treasury yields declined, and the dollar weakened in reaction.

Spot gold closed the week at $3,373.3 per ounce, equating to about VND107.9 million per tael using current bank exchange rates. 

The $33 gain translates to roughly VND1.055 million per tael, according to local traders.

Domestic markets responded intensively with SJC gold bars hitting a record selling price of VND126.6 million per tael on Saturday—a VND1.2 million increase from the previous day—and the buying price rising to VND125 million per tael. 

The bid-ask spread also tightened to just VND1 million per tael amid constrained supply.

Meanwhile, prices for SJC 9999 gold rings reached VND121 million per tael for selling and VND118.5 million per tael for buying, remaining notably lower than bar prices by VND5.6 million and VND6.5 million, respectively.

Vietnam's SJC bars now trade at a premium of VND18.7 million per tael over the global rate—well above the government's targeted differential of 1–2 percent.

A gold tael in Vietnam equals approximately 1.2 troy ounces.

USD = VND26,295