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Domestic gold prices continue shooting up

The Saigon Times

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HCMC – The domestic gold price spike has shown no signs of abating as the metal shot up to over VND89 million per tael today, May 9, according to local media reports.

This afternoon, Saigon Jewelry Company (SJC) in HCMC continued to adjust its gold bar price, setting them higher than other businesses. Each tael of SCJ gold was capped at VND86.8 million for buying and VND89.1 million for selling, which was VND1.5 million higher than yesterday’s close.

At other businesses, such as DOJI and PNJ, the selling price of gold ranged from VND88 million to VND88.8 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.

At 10 a.m. this morning, SCJ quoted its gold bar prices at VND86.4 million for buying and VND88.7 million for selling.

At Bao Tin Minh Chau Company in Hanoi, the price of gold bars was fixed at VND86.4 million per tael for buying and VND88.45 million per tael for selling.

Since the State Bank of Vietnam held its first gold auction on April 23, the price of SJC gold bars has been consistently rising at a faster pace than on the international market. The auction’s objective to increase the supply of gold bars and reduce price differentials with the world seems difficult to realize.

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