Opening this morning, the price of SJC gold in Ho Chi Minh City was listed at 36.64 - 36.72 million VND/tael (buy - sell), an increase of 20,000 VND for buying.
In Hanoi, the price of SJC gold is listed at 36.62 - 36.72 million VND/tael, an increase of 20,000 VND in both directions compared to yesterday's closing price.
At Bao Tin Minh Chau, the price of SJC gold brand was listed at the beginning of the session at 36.63 - 36.73 million VND/tael, an increase of 20,000 VND compared to yesterday.
Bao Tin Minh Chau's Dragon Thang Long gold price decreased by VND20,000 in the selling direction, ranging from VND36.62 - 36.72 million/tael.
DOJI gold listed in Ho Chi Minh City is at 36.64 - 36.72 million VND/tael (buy - sell), an increase of 20,000 VND for buying compared to yesterday.
In Hanoi, DOJI gold price is at 36.62 - 36.72 million VND/tael, up 20,000 VND in both directions compared to the previous trading session.
In the world, since the early morning of August 25 (Vietnam time), spot gold prices have been at 1,206 USD/ounce, up 16 USD compared to yesterday. Meanwhile, December gold prices rose 1.62% to $1,213.30 an ounce.
Ji Ming, a senior analyst at Shandong Gold Group, said that investors are worried about a trade war and that supports the dollar. However, the dollar will strengthen as expected and that will help gold prices increase.
FED Chairman Jerome Powell delivered a speech at an annual meeting of central banks held in Jackson Hole, Wyoming (USA) during the day.
In his speech, Mr. Powell said that the Fed continues to maintain a slow rate hike roadmap and that roadmap is still appropriate and there is no "risk of being too hot" and no pressure on US economic growth.
The basis for the FED to continue to adhere to the interest rate roadmap is the consumer confidence of families, stable business situation, bright job creation level, high income and the purpose of financial stimulus policies.
Mr. Powell's statement strongly confirmed that the agency will continue its quarterly interest rate hike policy along with reduced purchases of central bank assets.
Meanwhile, the US and China have continued to escalate their trade war with a 25% tax rate of over $16 billion on each other's goods despite trade talks being established.
The US has previously started collecting a 25% import tax on 279 Chinese goods with a total value of $16 billion. China's reflective tax will also take effect immediately.
Tensions between the world's two largest economies are increasing risks to the global economy. For investors, the USD is a safe haven in the current situation.
