SJC gold bars up to 92 million VND, about 19 million VND/tael higher than world price

Gold prices continued to increase this morning, each tael was nearly 3 million VND more expensive than yesterday, up to 92 million.

The price of SJC gold bars was continuously changed by businesses for more than two hours. At noon, Saigon Jewelry Company (SJC) updated the price list at 89.7 - 92 million VND per tael for buying and selling. This is the highest price ever.

Previously, at 8:36 a.m., Saigon Jewelry Company (SJC) listed the buying and selling price of gold bars at VND88.2 - 90.5 million per tael for buying and selling. One hour later, the price changed for the second time, increasing by VND300,000, to VND90.8 million per tael.

At 10:30, SJC updated the price list at 91.5 million, an increase of 700,000 VND.

Thus, each tael of this type of gold is nearly 3 million VND more expensive than late yesterday afternoon.

Gold price list at SJC Company headquarters (Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City)

The price of this type of gold at other businesses has also been adjusted. Phu Nhuan Jewelry Company (PNJ) listed it at 88.8 - 91.9 million VND, an increase of 1.1 million VND for buying and selling compared to the beginning of the hour. Meanwhile, at DOJI Jewelry Group, the precious metal is sold for around 90 million VND per tael, an increase of more than 1 million VND compared to the opening.

Gold rings also went up. At SJC, each tael of plain rings was around 76 million VND, an increase of 800,000 VND in selling price.

Domestic gold prices rose in line with the global market. Each ounce of gold gained nearly $40 after the May 9 session, closing at $2,345 an ounce - the highest level in the past two weeks. The precious metal jumped after the US Department of Labor announced that the number of unemployment claims rose to 231,000 last week. This figure was higher than economists' forecasts in a Reuters survey, raising expectations that the US Federal Reserve (Fed) would cut interest rates soon after keeping them unchanged for the sixth time.

The increase has caused the domestic and international price gap to be around VND18.5 million per tael.

Since late April, the State Bank has been auctioning gold bars with the aim of increasing supply to reduce the price gap with the world. But so far, domestic gold has been increasing continuously, the gap with the international market has widened.

After the bidding rounds, the management agency supplied 6,800 taels of gold bars to the market, accounting for a small proportion of the total number of bids (84,000 taels). Most of the units participating in the bidding sessions were not satisfied with the floor price set by the State Bank.

Representatives of all parties and experts said the high bidding price for gold bars makes businesses vulnerable to risks when having to spend large amounts of capital in a volatile world context.

If they want to reduce the difference with international prices, according to experts, operators need to sell at prices close to or lower than the domestic market.

In the foreign exchange market, the official USD/VND exchange rate increased slightly. At Vietcombank, the USD price increased by 10 VND, up to 25,154 - 25,484 VND. The US dollar on the free market increased by 20 VND compared to yesterday, hovering around 25,670 - 25,750 VND.

Source