HCMC – Gold prices in Vietnam surged to an all-time high this morning, September 6, with Saigon Jewelry Company (SJC) quoting gold bars at VND135.4 million per tael, up VND1 million from yesterday.
As of 9:00 a.m., SJC gold bars were quoted by DOJI Group at VND133.9 million per tael for buying and VND135.4 million for selling, up VND1 million per tael on both ends compared to the previous session.
Bao Tin Minh Chau also listed SJC gold bars at the same price range of VND133.9–135.4 million per tael, with a spread of VND1.5 million per tael, marking a similar VND1 million increase in both directions.
Plain gold rings also climbed by VND1 million, with SJC listing them at VND127.7-130.2 million per tael. DOJI Group quoted plain gold rings at VND127.7 million per tael for buying and VND130.7 million for selling.
Over the past two weeks, domestic gold prices have risen by about VND10 million per tael, an increase of nearly 8%.
On the global market, spot gold reached a record US$3,600 per ounce. Based on Vietcombank’s exchange rate, this equals VND115.1 million per tael. The price gap between domestic and international gold remains around VND20 million per tael.
Prime Minister Pham Minh Chinh has ordered tighter oversight of the gold market to prevent hoarding, price manipulation, and speculation. Speaking at a government meeting this morning, September 6, he said inspectors from both the State Bank of Vietnam and the Government must step in and address irregularities if necessary.
The PM also highlighted the need for timely policy responses to developments in gold, real estate, and stock markets.
The Government recently issued Decree 232, allowing selected banks and enterprises to import and produce gold bars. Around eight banks and three jewelry firms – PNJ, DOJI, and SJC – are expected to meet the capital requirements to participate.
Analysts believe the new rules could gradually narrow the price gap between domestic and global markets to around VND4-5 million per tael, compared to the current difference of nearly VND20 million. However, they warned that the impact will take time to materialize.
