The price of SJC gold bars increased by 1 million VND on the morning of August 20th, reaching 81 million VND per tael, the highest since the State Bank of Vietnam changed its market stabilization method.
Saigon Jewelry Company (SJC) is listed on the stock exchange. gold price Gold prices are at 79-81 million VND per tael, an increase of 1 million VND in both buying and selling prices. This is the highest level since the State Bank of Vietnam changed its market stabilization method at the beginning of June, by selling gold directly to four state-owned banks and SJC, instead of auctioning it.
According to regulations, the four state-owned banks and SJC are allowed to sell at a maximum markup of 1 million VND compared to the price they purchase from the State Bank. Thus, the selling price from the regulatory authority to the trading units is approximately 80 million VND per tael.
Several other brands, such as DOJI Gold and Gemstone Group, have also adjusted the selling price of this type of gold to match that of SJC.
After a sharp increase at the end of the week, gold rings are stabilizing in the price range above 78 million VND. This morning, each 24K plain gold ring is trading at 76.8 - 78.2 million VND, 200,000 VND lower than the end of last week.
The surge in gold prices occurred as the precious metal on the international market remained stable at its peak, above $2,500. At the close of trading on Monday, each ounce of spot gold was at $2,504. Converted using the Vietcombank exchange rate, this is approximately 76 million VND. Therefore, the price of gold rings in Vietnam is currently about 2 million VND higher than the world price, while the price of gold bars is nearly 5 million VND higher.
Precious metals rose after the US Commerce Department released weaker-than-expected economic data. The number of new homes built in the US fell more sharply than economists had predicted. Prior to this, data on unemployment and inflation also supported the possibility of the Federal Reserve (Fed) cutting interest rates next month.
The gold market benefits from a low-interest-rate environment, as the precious metal does not pay fixed interest. Demand for safe haven assets has also recently increased amid escalating conflicts in the Middle East and the ongoing Russia-Ukraine conflict.
Domestically, Vietcombank and VietinBank have announced a delay in the delivery of gold bars to customers. Buyers will receive their gold bars two working days after successful registration and transaction. According to Vietcombank, this change is due to the process of transporting, delivering, and managing gold bars. Agribank, BIDV, and SJC have not yet announced any changes and continue to apply the online scheduling and same-day delivery method upon successful transaction.
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