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Friday, June 14, 2024

Local gold prices soar to new highs

The Saigon Times

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HCMC – The domestic gold bar price spike has shown no signs of abating as the yellow metal this morning, March 12, shot up to a new high of VND82.5 million per tael.

Saigon Jewelry Company (SJC) in HCMC bought SJC-brand gold at VND80.5 million per tael and sold it at VND82.5 million at around 10 a.m. today, up by VND300,000 against yesterday. A tael is equivalent to 37.5 grams or 1.2 troy ounces.

Doji, a major jewelry firm based in Hanoi, listed its gold bar buying price at VND80 million per tael and its selling price at VND82.15 million.

At Bao Tin Minh Chau, also in Hanoi, the price of gold bars ranged from VND80.5 million to VND82.4 million.

SJC gold rings were quoted at VND69 million per tael for buying and VND70.25 million per tael for selling, increasing by VND100,000 and VND150,000 compared to the previous day, respectively.

Gold ring prices at Bao Tin Minh Chau remained stable at between VND70.1 million and VND71.4 million.

Since the beginning of the year, gold bar prices have surged by VND8.5-9.5 million per tael, up by 11.5-13.5%. Meanwhile, 24K gold ring prices have risen by VND7 million, or 11.5%, per tael.

The Government has told the State Bank of Vietnam, which is the country’s only agency that makes SJC-brand gold bars, to find ways to deal with price volatility on the gold market.

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