Gold prices increased by more than half a million dong.

Today, jewelry shops increased their buying price by approximately 600,000 VND per tael, while their selling price edged up by 300,000 VND, narrowing the price difference between the two.

On the morning of March 26th, Saigon Jewelry Company (SJC) listed its shares. gold price Gold bars are priced at 96.5 - 98.2 million VND, an increase of 600,000 VND on the buying side and 300,000 VND on the selling side compared to yesterday. The buy-sell spread has narrowed to 1.7 million VND per tael.

The price of gold rings also increased by several hundred thousand dong this morning. SJC raised the price of plain gold rings to 96.4 - 98 million dong, 600,000 dong higher for buying and 300,000 dong higher for selling. At PNJ, plain gold rings were listed at 96.4 - 98.8 million dong, while Bao Tin Minh Chau raised the price to 96.6 - 98.9 million dong per tael.

Compared to the peak of over 100 million VND set a week ago, each ounce of gold is currently about 2 million VND lower.

On the international market, spot gold is trading above $3,000 per ounce. At 11:00 AM (Hanoi time), the world gold price was trading at $3,016 per ounce, equivalent to 93.7 million VND per tael (approximately 37.5 grams) using the Vietcombank selling exchange rate. Currently, the difference between domestic and international gold prices is around 4.5 million VND per tael.

Gold has recorded a return of 66.6% over the past 1.5 years. And if calculated from when the precious metal was still around 51 million VND in September 2022, each ounce of gold has doubled in value in less than 3 years.

This period marks the strongest increase in domestic gold prices in the past 14 years, and is considered rare by experts. The surge is fueled by three factors: the US lowering USD interest rates, increased geopolitical tensions, and buying pressure from central banks.

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