Gold Jumps as Trump Announces Multi-Million-Ton Russian Diesel Deal
International gold prices climbed by $61.1 per ounce, or roughly 1.5 percent, to settle at $4,195.6 per ounce at the close of the trading week. Converted at prevailing Vietnamese bank exchange rates, that benchmark translates to approximately 131.9 million dong per tael.
The catalyst for the rally was a statement by US President Donald Trump on his Truth Social platform on October 9, in which he revealed a supply arrangement with Moscow. Under the deal, Russia is set to deliver more than 300,000 tonnes of diesel fuel to the American and global markets immediately, followed by an additional 500,000 tonnes in November and a further one million tonnes shortly thereafter. Trump also noted that Russia could potentially release up to three million more tonnes in the near term, contingent on the operational status of its domestic refineries.
Market analysts view the announcement as a positive factor for both gold and silver in the weeks ahead, arguing that the geopolitical shift and the energy-supply implications create a supportive backdrop for precious metals.
Fed Rate-Hike Odds Collapse; Gold Reclaims Two Consecutive Sessions
Sentiment among commodity strategists is notably optimistic, particularly after gold briefly breached the $4,200-per-ounce mark during the final session. The advance marked the second straight weekly gain following a dip to a two-month trough that had been driven by a simultaneous rise in US Treasury yields and the dollar index.
According to data from the CME Group's FedWatch Tool, futures-market participants now assign a probability of just over 17 percent to a Federal Reserve rate increase, a sharp reversal from the nearly 80 percent odds priced in at the end of September. The dramatic shift in rate expectations has eased the headwind on non-yielding assets such as gold.
As background, the article notes that at 9:30 p.m. local time on September 23, international gold had slipped by $77 per ounce to $4,282, a move attributed to a wave of monetary-tightening cycles being initiated by several major central banks around the world.
Vietnam Domestic Gold and Silver Prices
On the domestic front, SJC-branded gold bars were quoted at 144.8 million dong per tael for sales and 141.8 million dong for purchases. The 9999 gold-ring product traded 500,000 dong lower per tael on the selling side at 144.3 million dong, with buy-back at 141.3 million dong.
Among other major dealers, Ancarat listed selling prices at 144.3 million dong and buying at 144.8 million dong per tael. Mi Hong, meanwhile, quoted 143.5 million dong for sales and 142 million dong for purchases.
The spread between the domestic market and the converted international benchmark stood at 12.9 million dong per tael, underscoring the persistent premium that Vietnamese buyers pay over the global price.
Silver followed gold higher, finishing the week at $60.7 per ounce, equivalent to roughly 1.9 million dong per tael at current exchange rates. Domestic silver quotes varied slightly by dealer: Ancarat posted 2.167 million dong for sales and 2.102 million dong for buys; SBJ listed 2.169 million dong and 2.103 million dong respectively; and Phu Quy quoted 2.181 million dong on the selling side against 2.116 million dong for purchases.
