Gold bar price exceeds 123 million VND

Each tael of gold today increased by 2 million VND, approaching the old peak set in mid-April, with a difference of 16.5 million VND compared to the world price.

On August 2, Saigon Jewelry Company (SJC) listed the price of gold bars at 121.5 - 123.5 million VND, an increase of 1.6 million VND for buying and 2.1 million VND for selling compared to yesterday. Other brands also raised the price of gold bars accordingly.

The price of gold rings at SJC increased to 116.5 - 119 million VND, an increase of 1.9 million VND in both directions. Bao Tin Minh Chau increased the price of gold rings to 117.2 - 120.2 million VND. At Phu Nhuan Jewelry Company (PNJ), plain rings increased to 117 - 119.5 million VND.

The domestic market rose following international developments. At the end of the trading session on August 1, the world spot gold price increased by 73 USD to 3,361 USD per ounce, the highest price in the past week. The precious metal rose due to the less optimistic US employment report and the import tax recently announced by Donald Trump.

Converted according to Vietcombank exchange rate, the world gold price is currently equivalent to 106.9 million VND per tael, 16.5 million VND lower than domestic gold bars.

Gold bars at SJC headquarters in District 3, March 2025. Photo: Quynh Tran

At the same time, domestic silver prices also increased slightly. Phu Quy Gold Investment Joint Stock Company listed silver bars at 1.419 - 1.463 million VND per tael. At Ancrat Vietnam Joint Stock Company, silver bars were listed at 1.408 - 1.443 million VND per tael. At Saigon Thuong Tin Bank Jewelry Company (SBJ), silver bars were listed at 1.445 - 1.48 million VND.

The State Bank is finalizing the Draft Amendment to Decree 24, which mentions the removal of the monopoly on gold bars. Instead, the management agency will control the market by granting import limits and licenses for each time to qualified credit institutions and enterprises.

Experts have repeatedly pointed out that the monopoly of SJC gold bars and the lack of supply are the reasons for the high difference in domestic and international gold prices, sometimes up to nearly 20 million VND per tael. The State Bank's annual import quota for businesses will help increase market supply. At the same time, people will have more choices, the market will be more competitive, contributing to limiting the difference in gold prices between products and brands.

Source: https://baohatinh.vn/gia-vang-mieng-vuot-123-trieu-dong-post292975.html