Gold price reached a 6-year peak of 43 million VND/tael.

World gold price developments in the past few days.

US-China trade tensions and the dovish stance of Federal Reserve Chairman Jerome Powell have pushed the precious metal higher. After the opening, the world gold price fell, currently stable at around $1,546 an ounce. Last Friday, the gold price also increased by nearly $30. So far, gold has increased for 4 consecutive weeks.

In the domestic market, this morning, the price of SJC gold bars also reached a 6-year peak when it exceeded 43 million VND. DOJI Group listed the buying and selling price of SJC gold bars at 42.2 - 43.2 million VND per tael. Compared to the end of last week, this price increased by 200,000 VND for buying and 600,000 VND for selling.

At Phu Nhuan Jewelry Company (PNJ), gold prices also increased sharply. The buying price increased by VND550,000 to VND42.45 million per tael. The selling price increased similarly to VND42.95 million.

The price of each tael of SJC gold bar has been increasing continuously recently.

Kitco's survey of analysts, investment experts, gold traders and bank leaders shows that 67% predict gold prices will continue to rise this week. Only 6% think prices will fall. The rest expect prices to remain stable.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that while Powell is reluctant to start a new easing cycle, the worsening trade war will create enough pressure for the central bank to act. "The uptrend in gold is pretty solidly established. The support at $1,500 and $1,480 is really strong," he said.

In the foreign exchange market, the central exchange rate announced by the State Bank this morning is 23,114 VND per USD, down 13 VND compared to the end of last week. The buying and selling price of the US dollar at Vietcombank is currently around 23,150 - 23,270 VND.

Last weekend, China announced retaliatory tariffs on $75 billion worth of US imports, ranging from 5% to 10%. Hours later, US President Donald Trump announced an additional 5% tariff on about $550 billion worth of Chinese goods. At the G7 Summit yesterday, he also hinted at regrets for not imposing higher tariffs on China.