Gold bar price hits 4-month high

Each tael of SJC gold bar increased by one million VND this morning to 86 million VND, the highest in the past 4 months, while plain rings also set a record of 84 million VND.

This is the highest price of gold bars in the past 4 months, since the State Bank intervened in the "pricing" policy of gold bars (although still lower than the historical peak of 6.4 million VND).

Compared to the beginning of June, each tael of gold bars has increased by about VND6 million per tael, equivalent to an increase of 7.5%, lower than the increase of over 11% of plain rings. At the same time, the difference between the buying and selling prices of SJC gold bars is also around VND2 million per tael, much higher than that of plain rings.

This morning, gold price Rings at major brands also increased by several hundred thousand per tael compared to yesterday and set a new record, in some places up to 84 million VND.

At SJC, plain rings increased to 82.4 - 83.7 million VND, an increase of 400,000 VND per tael. DOJI and Bao Tin Minh Chau listed prices at 83.2 - 84.1 million VND. PNJ increased to 83 - 84 million VND per tael. The difference between buying and selling prices between brands is currently 1-1.5 million VND per tael.

On the international market, each ounce of gold is trading around 2,667 USD, converted according to Vietcombank's selling rate equivalent to 80.8 million VND per tael. Domestic gold prices are 3-5 million VND per tael higher than world prices.

In the past, actual gold transactions were insignificant, because the purchase of gold bars and plain rings was limited in quantity. Registering to buy gold bars at the 5 units authorized by the State Bank was not easy, time-consuming, and the maximum quantity was only 1-2 taels. Plain rings at major brands were also often in short supply.

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