Gold prices have seen a significant increase, with the gap between domestic SJC gold and global gold prices narrowing to just over 4 million VND per tael. Currently, SJC gold is being purchased at 141.1 million VND per tael and sold at 144.1 million VND per tael, reflecting a rise of 100,000 VND per tael compared to early this morning.

Similarly, gold rings are being bought at 140.6 million VND per tael and sold at 143.6 million VND per tael, also up by 100,000 VND per tael in both buying and selling prices. The price difference for gold rings is approximately 3 million VND per tael.

On the global market, gold is currently priced at 4,397.3 USD per ounce, marking a 1.29% increase over the past 24 hours, equivalent to a rise of 55.88 USD per ounce. When converted at the current exchange rate, excluding taxes and fees, global gold is equivalent to about 139.7 million VND per tael, leaving a difference of around 4.4 million VND per tael between domestic and global prices.

The rise in gold prices was particularly noticeable at the end of trading on Monday in the U.S., as the market balanced weak employment data from the previous week with a recovery in oil prices, treasury yields, and expectations of a potential interest rate hike by the Federal Reserve. Additionally, Iran's recent stance has dampened optimism regarding a swift reopening of the Strait of Hormuz, as Tehran demands compensation related to U.S. attacks.

As traders reassess the timeline for resuming oil tanker operations through the Strait, oil prices have risen, contributing to higher crude oil prices and treasury yields. The possibility of the Federal Reserve raising interest rates has partially recovered after a decline last Friday, yet gold continues to maintain its upward momentum despite the stronger interest rate environment.

Investors are also awaiting the U.S. Consumer Price Index (CPI) data set to be released on Wednesday and the Producer Price Index data on Thursday for clues about the Fed's interest rate outlook. Economists surveyed by Reuters predict that the July CPI will increase by 3.4% year-on-year, down from a 3.5% rise in June. Analysts suggest that if inflation data cools, it will strengthen the likelihood of the Fed keeping interest rates steady, allowing gold prices to continue rising.

While gold faces several short-term risks, its long-term upward momentum remains intact. Statistics from Baird Strategas indicate that capital flows from ETFs are returning to gold following a strong price increase since last Wednesday. Moreover, central banks continue to show stable demand for gold. According to the latest survey by the World Gold Council, 89% of currency reserve managers expect the amount of gold held by central banks globally to increase in the coming year, with 45% anticipating that their own institutions will continue to purchase more gold, a record high in the survey.

The U.S. dollar is currently under pressure as investors are increasingly interested in the prospect of a peace agreement between the U.S. and Iran. If a deal is reached, the current crisis could de-escalate, potentially restoring normal operations in the Strait of Hormuz. In this context, the demand for safe-haven assets, including the U.S. dollar, is trending downward. The U.S. Dollar Index (DXY), which measures the greenback's performance against six major currencies, stands at 99.6. The State Bank of Vietnam has maintained the central exchange rate of the Vietnamese dong against the U.S. dollar at 25,463 VND.