SJC gold bar price jumps to 128 million VND/tael despite world gold price going down

Despite the removal of the monopoly mechanism, the price of SJC gold bars today, August 27, continued to set a new peak while the world gold price was falling.

SJC gold bar price today jumped to 128 million VND/tael - Photo: TRI DUC

Domestic gold price is 20 million VND/tael higher than world gold price

Tonight, August 27, the world gold price decreased by 13.3 USD/ounce, equivalent to 425,000 VND/tael, to 3,381 USD/ounce.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 108.2 million VND/tael.

Yesterday, the Government issued Decree No. 232 amending and supplementing a number of articles of Decree No. 24 on the management of gold trading activities, including eliminating the State's monopoly on the production of gold bars, the export of raw gold and the import of raw gold.

However, domestic gold prices continued to increase. SJC Company increased the selling price of gold bars by 300,000 VND/tael, to 128 million VND/tael, and this price remained the same throughout the day.

The buying price of SJC gold bars is also high: 126 million VND/tael. Other gold brands such as PNJ, DOJI , Bao Tin Minh Chau also raised the price of gold bars accordingly. The difference between buying and selling prices is 2 million VND/tael.

The selling price of 9999 gold rings at SJC Company also increased by 300,000 VND/tael compared to yesterday, up to 124.4 million VND/tael, buying at 119.9 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 19.8 million VND/tael higher. This is a very high difference and risky for gold buyers at this time.

However, in reality, in recent days, many people have been lining up to buy gold at SJC Company even though the amount of gold sold here is very limited, and the company's security guards have to give out queue numbers to buyers.

The world's largest gold ETF SDPR Gold Trust has been a net buyer since the beginning of the year.

People waiting to buy gold at SJC Company this afternoon, August 27 - Photo: TRI DUC

Before falling tonight, the world gold price had risen to a two-week high after US President Donald Trump fired a governor of the Federal Reserve (Fed). Currently, information related to the Fed is a factor that dominates the gold price at the present time.

Investors are now betting on an 87% chance of a 25 basis point rate cut at the Fed's September meeting, according to the CME Group's FedWatch Tool. Investors are also betting on further rate cuts. So if Fed Chairman Jerome Powell takes a dovish stance on rates at the next meeting and opens the door to another cut later this year, gold prices could move higher.

The world's largest gold ETF, SDPR Gold Trust, continued to net buy 1.4 tons of gold in the third session, raising its holdings to 959.9 tons of gold. In the first two sessions of the week, the fund net bought 3.1 tons of gold. The fund's trend since the beginning of the year has been net buying.

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Source: https://tuoitre.vn/gia-vang-mieng-sjc-vot-len-128-trieu-dong-luong-du-gia-vang-the-gioi-di-xuong-20250827213813416.htm