Gold Surges Toward $4,400 as Trump Says U.S. Nearly Controls Strait of Hormuz

Gold prices staged a sharp reversal on Sept. 2, dropping to $4,282 an ounce before climbing toward $4,400 by evening. The price reached $4,395.30, equivalent to about 139.2 million Vietnamese dong per lượng at listed bank exchange rates.

The rebound came after U.S. President Donald Trump said he was satisfied with Washington’s position in its conflict with Iran and claimed the United States was nearly in full control of the Strait of Hormuz.

The move followed a steep correction that had lasted almost a week. From near $4,700 an ounce, gold had fallen as much as $416, or about 13.2 million dong per lượng. The article also linked downward pressure to a harder U.S. stance toward Iran and inflation comments by Federal Reserve Chair Kevin Warsh at the Jackson Hole conference, which suggested the central bank could raise interest rates.

Vietnamese gold companies were operating through a public holiday, so major firms including SJC and PNJ did not post prices. Mi Hồng listed SJC gold bars at 145.5 million dong per lượng for selling and 144 million for buying. Ancarat kept its selling price at 148.8 million dong and buying price at 145.8 million dong.

Silver also rose, reaching $64.90 an ounce globally, or about 2.06 million dong per lượng. Ancarat listed silver at 2.294 million dong for selling and 2.225 million for buying. SBJ listed 2.256 million and 2.184 million dong, while Phú Quý listed 2.269 million and 2.201 million dong.