Gold prices increased by 2.5 million VND per tael.

The price of SJC gold bars and gold rings both surged by 2.5 million VND in this morning's trading session (May 29) to recover to the 160 million VND/ounce mark.

The price of gold bars and gold rings both increased by more than 2 million VND per tael in the morning trading session on May 29. Photo: Viet Linh .

In the current trading session in the domestic market, Saigon Jewelry Company Limited (SJC) listed the price of gold bars at 157 - 160 million VND/ounce (buy - sell). This price has increased by 2.5 million VND compared to the closing price of the previous trading session (May 28). The difference between the buying and selling price remains unchanged at 3 million VND/ounce.

At the same time, Phu Nhuan Jewelry Joint Stock Company (PNJ), DOJI Group, Phu Quy Group, Bao Tin Minh Chau, Bao Tin Manh Hai, Mi Hong Company, etc., also simultaneously raised the trading price of gold bars to match SJC, currently selling at 160 million VND/ounce.

On the daily price chart, this is a rare strong increase for SJC gold bars this past week. In just the two trading sessions prior, this commodity experienced a continuous sharp decline, losing up to 4 million VND per ounce.

Despite a strong recovery this morning, the price of gold bars has not yet fully recouped the losses of the past week. Compared to 7 days ago, the price is still 2.4 million VND/ounce lower, and adding the buy-sell spread, those who bought gold a week ago are still losing over 5 million VND per ounce.

SJC gold bar prices surge sharply.
Source: SJC.
Label		March 29	March 30th	March 31	1/4	2/4	3/4	4/4	5/4	April 6th	7/4	April 8th	April 9th	April 10th	April 11th	April 12th	April 13th	April 14th	April 15th	April 16th	April 17th	April 18th	April 19th	April 20th	April 21	April 22nd	April 23	April 24th	April 25th	April 26	April 27	April 28	April 29	April 30th	1/5	2/5	3/5	4/5	5/5	6/5	7/5	8/5	9/5	May 10th	May 11th	May 12th	May 13th	May 14th	May 15th	May 16th	May 17th	May 18th	May 19th	May 20th	May 21st	May 22nd	May 23	May 24th	May 25th	May 26th	May 27th	May 28th	May 29th
Purchase price	million VND/ounce	169.8	170.8	171.9	173.7	170	170	171.5	171.5	170.1	169.5	171	168.5	169.7	169.4	169.4	168.5	170	170	167.7	167.5	168.5	168.5	168.3	168.1	167.5	166.7	165.5	166.3	166.3	166.3	164.5	163	163	163	163	163	163.3	162	163	164.5	164.5	164.5	164.5	162.2	162.5	162	162	161	161	161	160.5	160.8	158.5	160.5	159	158.5	158.5	159	158.5	157.7	154.5	157
Selling price		172.8	173.8	174.9	176.7	173.5	173.5	174.5	174.5	173.1	172.5	175	171.5	172.7	172.4	172.4	171.5	173.5	173.5	171.2	171	172	172	171.3	170.6	170	169.2	168	168.8	168.8	168.8	167.5	166	166	166	166	166	166.3	165	166	167.5	167.5	167.5	167.5	165.2	165.5	165	165	164	164	164	163.5	163.8	161.5	163.5	162	161.5	161.5	162	161.5	160.7	157.5	160

Businesses also applied the same sharp increase to plain gold rings, with prices rising by more than 2 million VND per tael this morning.

After adjustments, PNJ, DOJI, Phu Quy, Bao Tin Minh Chau, and Bao Tin Manh Hai are listing the buying price of gold rings around 156.8-157 million VND/ounce and the selling price around 159.8-160 million VND. Mi Hong Company, however, is listing the price of 999 gold rings at 157-158.5 million VND/ounce.

The surge in domestic gold prices is primarily driven by developments in global gold prices.

Specifically, world gold prices have recovered to above $4,500 per ounce, an increase of nearly $10 compared to this morning's opening price and more than $50 compared to yesterday morning. The precious metal rebounded thanks to cooling oil prices following news that the US and Iran have reached an agreement to extend the ceasefire.

In addition, the recently released US personal consumption expenditure (PCE) data showed that the index increased by 0.4% in April and by 3.8% over the past 12 months, in line with market expectations. This data provided some support for gold as it suggested that the US Federal Reserve (Fed) might keep interest rates unchanged instead of further tightening monetary policy.

Source: https://znews.vn/gia-vang-tang-2-5-trieu-dong-moi-luong-post1655172.html