The price of SJC gold bars on the morning of August 20 increased by 1 million, to 81 million VND per tael, the highest since the State Bank changed the way it stabilized the market.
Saigon Jewelry Company (SJC) listed gold price The price of gold pieces is at 79 - 81 million VND per tael, up 1 million VND in both buying and selling directions. This is the highest level since the State Bank changed the way to stabilize the market from the beginning of June, through selling gold directly to 4 state-owned banks and SJC, instead of bidding.
According to regulations, the four state-owned banks and SJC are allowed to sell at a maximum difference of 1 million VND compared to the price they buy from the State Bank. Thus, the selling price from the management agency to business units is about 80 million VND per tael.
Some other brands, such as DOJI Gold and Gemstone Group, also adjusted the selling price of this type of gold to be equal to SJC.
After a strong increase at the end of the week, gold rings remained stable at a price of over 78 million VND. This morning, each tael of 24K plain rings was traded at 76.8 - 78.2 million VND, 200,000 VND lower than last weekend.
The increase in gold bars occurred when the precious metal in the international market was flat at the peak, above 2,500 USD. At the end of the first session of the week, each ounce of world gold was at 2,504 USD. Converted according to Vietcombank exchange rate, world gold is about 76 million VND. Thus, the price of domestic gold rings is currently about 2 million VND higher than the world price, while gold bars are nearly 5 million.
Precious metals rose after the US Commerce Department released weaker-than-expected economic data. New home construction in the US fell more than economists had predicted. Earlier, unemployment and inflation figures also supported the possibility of the US Federal Reserve cutting interest rates next month.
The gold market has benefited from a low interest rate environment, as the precious metal does not pay fixed interest. Demand for safe havens has also increased recently, amid escalating conflicts in the Middle East and the ongoing Russia-Ukraine war.
Domestically, Vietcombank and VietinBank have announced a delay in the delivery of gold bars to customers. Buyers will receive gold bars 2 working days after the time of registration and successful transaction. According to Vietcombank, this change is due to the process of transporting, receiving and managing gold bars. Agribank, BIDV and SJC have not announced any changes, still applying the online appointment and same-day gold delivery upon successful transaction.
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