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Wednesday, June 26, 2024

SJC gold prices soar to new highs despite SBV’s moves

The Saigon Times

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HCMC – SJC gold prices surged by VND700,000 to an all-time high of VND85.8 million per tael today, May 3, even though the State Bank of Vietnam (SBV) had taken steps to stabilize the gold market.

Doji, a jewelry firm in Hanoi, listed its gold rings at VND83.5 million per tael for buying and VND85.5 million per tael for selling, the highest levels ever. A tael equals 37.5 grams or 1.2 troy ounces.

Bao Tin Minh Chau, also a Hanoi-based jewelry business, raised its gold ring prices to VND83.5 million for buying and VND85.8 million for selling.

In HCMC, the Saigon Jewelry Company (SJC) quoted its gold ring buying and selling prices at VND83.5 million and VND85.8 million per tael, respectively.

The global gold price rose to US$2,307.3 per ounce, equivalent to around VND70.4 million per tael. The domestic gold price was over VND15 million per tael higher than the international level.

The price surge occurred at around noon, after the State Bank of Vietnam’s cancellation of a gold auction.

The SBV has made efforts to lower domestic gold prices by holding a gold auction to increase the supply of the yellow metal on the market. However, the auction failed to attract as enough bidders as required. This is the third cancellation of such an auction.

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