Domestic gold bar prices reach new high

October 21, 2024 - 11:55

Global gold prices have also increased due to expectations that the US Federal Reserve will cut interest rates next month.

Gold bars produced by Saigon Jewelry Company (SJC). Gold prices in Việt Nam continue to increase following global gold prices. — VNA/VNS Photo Minh Quyết

HÀ NỘI — The price of gold bars in Việt Nam has reached a new high of nearly VNĐ88 million (US$3,500) per tael on Monday morning.

At 9am Monday, Saigon Jewelry Company (SJC) – the only legal gold producer in the country – listed the buying and selling price of SJC gold bars at VNĐ86-88 million per tael, up VNĐ2 million ($80) per tael compared to Sunday.

DOJI Gold and Gems Group also announced the selling price of SJC gold bars at VNĐ86-88 million, an increase of VNĐ2 million per tael for both buying and selling prices compared to the previous closing.

The adjustment of SJG gold bar prices follows the steady rise of global gold prices in order to maintain a reasonable difference between domestic and global gold markets, avoiding significant disparities with global gold prices as seen previously.

The global price of gold reached new highs and surpassed the $2,700 per ounce mark on October 18.

On Monday morning it was listed at $2,721 per ounce on the global gold trading platform Kitco, the highest in history.

The steady rise in gold prices is attributed to expectations that the US Federal Reserve will cut interest rates next month, along with uncertainties surrounding the US presidential election and conflicts in the Middle East.

For gold rings, no significant price changes were observed in the domestic market compared to Sunday. SJC kept the buy/sell prices at VNĐ84-85.7 million ($3,329-3,397) per tael, while DOJI Group kept them at VNĐ84.7-85.7 million per tael.

Gold ring prices have increased by over VNĐ7 million ($277) per tael over the last three months. On July 19, the buy/sell prices were listed at around only VNĐ76-77 million ($3,012-3,051) at most gold trading companies. — VNS

Gold prices increase after period of stagnation

The selling price for gold bars at SJC is listed at VNĐ82 million ($3,331), an increase of VNĐ1.5 million ($61) per tael from Monday.

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Throughout the last week, the price of the precious metal steadied, resulting in subdued trading.

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Residents in large cities have been lining up to buy SJC gold bars at outlets set up by commercial banks since yesterday, with many saying they have not been able to finalise any purchases. Meanwhile, bank representatives claimed there is no shortage of the precious metal and that domestic gold demand will be met.

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