Precious metal prices surge amid global economic shifts

Precious metal prices, including gold and silver, have seen significant fluctuations driven by global economic indicators and geopolitical tensions.

In Vietnam, SJC gold prices rose by approximately 3 million VND per tael over a week, reaching 141 million VND for buying and 144 million VND for selling. Despite this increase, high spreads between buying and selling prices mean many buyers saw no profit.

Globally, silver prices have remained high, influenced by rising industrial demand—notably a 62.5% year-on-year increase in silver ore imports by China in June—and tensions in the Strait of Hormuz. On the world market, gold prices surged toward 4,341.3 USD per ounce following weaker-than-expected US employment data, which has led analysts to reduce expectations for Federal Reserve interest rate hikes. This shift is expected to weaken the US dollar and further support precious metal prices.