This morning, May 16th, Saigon Jewelry Company (SJC) listed the price of gold bars at 118.5 million VND/ounce (buying) and 120.8 million VND/ounce (selling), an increase of 3 million VND and 2.6 million VND respectively compared to the closing price of the previous session.
This upward trend has helped gold bar prices recover significantly after weakening in the early days of May. However, compared to the historical peak set on April 23rd, the current price of gold bars is still about 3 million VND lower per ounce.
Along with SJC, other major gold trading businesses such as Phu Nhuan Jewelry Joint Stock Company (PNJ), Phu Quy Group, Mi Hong, DOJI Group, Bao Tin Minh Chau, Bao Tin Manh Hai… also quickly adjusted their listed prices upwards in line with the general market trend.
The buying price for SJC gold bars at these businesses is currently around 119 million VND/ounce, while the selling price fluctuates close to 121 million VND.
Not only gold bars, but the price of 99.99% pure gold rings weighing 1-5 taels also recorded a sharp increase this morning.
SJC is currently listing gold rings at 112.5 - 115.5 million VND/ounce, an increase of 2 million VND compared to the previous session. This is one of the strongest price increases for gold rings in recent times.
At other businesses, the price of gold rings has also been adjusted upwards by 1-2 million VND per tael.
After adjustments, PNJ and Phu Quy listed gold ring prices at 112.5 - 115.5 million VND/ounce; Mi Hong traded at 113 - 115 million VND/ounce; while Bao Tin Minh Chau and Bao Tin Manh Hai traded around 114.5 - 117.5 million VND/ounce.
The strong surge in the domestic gold market today is mainly due to the breakout in global gold prices.
In the early hours of May 16th (Vietnam time), the spot gold price on the international market surged to $3,252 per ounce, an increase of $132 compared to the lowest point of the previous session at $3,120 per ounce.
This strong recovery is taking place as global investors are stepping up buying activity to take advantage of low prices after a period of heavy profit-taking.
Source: https://baohaiduong.vn/gia-vang-mieng-tang-gan-3-trieu-dong-luong-411686.html
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