Gold bar prices drop sharply after Prime Minister's directive

DNVN - In the context of the world gold price remaining close to a record high, the domestic market on the morning of September 8 recorded a cooling down of gold bar prices following the direction of Prime Minister Pham Minh Chinh on preventing manipulation, hoarding, and price hikes. The listed selling price was 135.1 million VND/tael, 300 thousand VND/tael lower than the end of last week.

Illustration photo. Photo: Internet

At 9:20 a.m., Saigon Jewelry Company (SJC) and DOJI Group announced the price of gold bars at 133.1 - 135.1 million VND/tael (buy - sell), a decrease of 800 thousand VND/tael for buying and 300 thousand VND/tael for selling compared to September 6. Thus, the difference between buying and selling prices of gold bars is currently at 2 million VND/tael.

At Bao Tin Minh Chau Company, the price of gold bars and gold rings remained at 127.8 - 130.8 million VND/tael (buy - sell), unchanged from the weekend.

The price of gold rings listed by SJC remained stable at 127.7 - 130.2 million VND/tael (buy - sell), remaining unchanged compared to the closing session on September 6.

DOJI Group also kept the price of gold rings at 127.7 - 130.7 million VND/tael (buy - sell), unchanged from the weekend session.

At the Government meeting on September 6, Prime Minister Pham Minh Chinh requested that the situation of gold market manipulation, hoarding and price hikes in the market not be allowed to recur, and emphasized that if necessary, both State Bank and Government inspectors will be mobilized to participate in handling the matter.

The Prime Minister also directed Deputy Prime Ministers and relevant agencies to demonstrate greater responsibility, closely follow developments in the management field, especially with outstanding issues, thereby providing appropriate solutions and flexible, timely and effective policy responses.

Previously, on August 26, 2025, the Government issued Decree No. 232/2025/ND-CP to amend and supplement Decree 24/2012/ND-CP on management of gold trading activities.

In the international market, at the beginning of the session on September 8, gold prices in Asia were traded close to the record peak of the previous session, in the context of a weak US employment report reinforcing expectations that the US Federal Reserve (Fed) will cut interest rates.

In Singapore, at 5:52 a.m. on September 8, Vietnam time, spot gold prices increased 0.2% to $3,592.91/ounce, just under $10 lower than the peak of nearly $3,600/ounce, after jumping 1.5% at the end of the previous session.

Earlier, key US employment data showed a slowdown in hiring, while the unemployment rate rose to its highest level since 2021. This development boosted market expectations for an early Fed rate cut, as lower borrowing costs typically make non-yielding gold more attractive.

In addition, the precious metal also benefited from increased safe-haven demand amid concerns about the future direction of the US central bank.

President Donald Trump’s continued criticism of the Fed has raised concerns about its independence. Trump has vowed to quickly gain a majority at the Fed and lower interest rates, while investors are waiting to see if he has the legal basis to remove Fed Governor Lisa Cook.

According to Goldman Sachs, the price of gold could reach nearly $5,000/ounce if the Fed loses its independence. At that time, the confidence of investors in US government bonds will decline, and just a small part of the capital flow moving to gold will be enough to push the price very high.

Gold prices have more than doubled over the past three years, fueled by continued geopolitical, economic and global trade uncertainties, which have fueled demand for safe havens.

Cao Thong

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-mieng-giam-manh-sau-chi-dao-cua-thu-tuong/20250908011108654