SJC gold bar price skyrockets, about to reach historical peak?

(NLDO) – The price of SJC gold bars and gold rings continues to remain at a sky-high level, approaching the historical peak.

Increase the price of SJC gold bars

On the morning of August 7, the domestic gold market continued to witness high prices, although trading was not too active. Saigon Jewelry Company (SJC) listed the buying price of gold bars at VND122.4 million/tael, while the selling price remained unchanged at VND123.8 million/tael.

Notably, the buying price was adjusted up by VND200,000 compared to yesterday, a rare move in the context of a sluggish market. Thanks to that, the difference between buying and selling SJC gold bars was narrowed to VND1.4 million/tael, instead of over VND2 million as in the previous period.

This adjustment is considered to be aimed at stimulating buying power from people while the market is still quite stagnant. Many gold holders continue to tend to “hoard their goods”, waiting for clearer signals about price fluctuations. Meanwhile, buyers are also cautious as the scarce supply of gold bars shows no signs of improvement.

Domestic gold price widens gap with world

SJC gold bar price is 16 million VND higher than world price

Not only gold bars, the price of gold rings and 99.99% jewelry gold also remained high and stable. At SJC company, plain gold rings were traded at 116.8 million VND/tael for buying and 119.3 million VND/tael for selling. Meanwhile, PNJ Company kept the selling price of plain gold rings at up to 120 million VND/tael, higher than the general level.

The domestic gold price is currently close to its historical peak, only a few hundred thousand VND per tael away and is much higher than the world gold price. At 9:00 a.m. this morning, the international gold price was recorded at around 3,379 USD/ounce, a slight increase of about 5 USD/ounce compared to the previous session.

The rise in world gold prices was supported by the weakening of the US dollar. After surging to the 100-point mark, the highest level in many weeks, the DXY index fell to 98.2 points, helping the price of the precious metal benefit.

However, the price gap between domestic and international gold continues to widen. Converted according to Vietcombank exchange rate, the world gold price is equivalent to about 107.5 million VND/tael, lower than SJC gold bars by more than 16 million VND/tael. This gap is considered "rare" and causes many concerns about the imbalance between supply and demand in the domestic market.

Source: https://nld.com.vn/gia-vang-cao-chot-vot-dong-thai-la-cua-cac-cong-ty-vang-196250807093658798.htm