Gold bar price close to 123 million VND per tael

On the morning of May 8, Saigon Jewelry Company (SJC) listed the price of gold bars at 120.7 - 122.7 million VND, an increase of 500,000 VND per tael compared to yesterday. The difference between the buying and selling price is 2 million VND. PNJ also listed gold bars in SJC while Vietinbank and Bao Tin Minh Chau had prices half a million VND lower.

Although the price of gold bars increased, SJC and PNJ did not adjust the price of plain rings compared to yesterday. Accordingly, the two companies sold this product at 115.5 - 118 million VND per tael. The difference between buying and selling prices is 2.5 million VND.

Bao Tin Minh Chau alone listed the price of plain rings 3 million VND higher than SJC and PNJ, at 118 - 121 million VND per tael.

Domestic gold prices are rising following the trend in the international market. In the morning session of May 8, the world gold price reached 3,403 USD per ounce, up 1.2% compared to yesterday. Converted according to Vietcombank exchange rate, the price of this precious metal is equivalent to about 107 million VND per tael, nearly 16 million VND lower than the domestic price.

In a report for questioning sent to the National Assembly on May 5, the State Bank said the reason for the rapid increase in SJC gold bar prices and the high difference since the beginning of April was due to the expectation that world prices would continue to increase after the US tariff policies. Another reason was that the supply of gold bars in the market had not increased since the beginning of the year. In addition, the regulator did not rule out the possibility that some businesses and individuals were taking advantage of market fluctuations to speculate, inflate prices, and profit.

In the coming time, the State Bank will soon amend Decree 24/2012 on gold market management according to simplified procedures. This agency will also coordinate with relevant ministries (Ministry of Public Security, Ministry of Industry and Trade, Ministry of Finance) to increase inspection and supervision of gold trading enterprises, stores, distribution agents and gold bar trading.

Source: https://baohatinh.vn/gia-vang-mieng-sat-moc-123-trieu-dong-mot-luong-post287405.html