Gold Prices Surge in Vietnam as SJC Gold Increases Significantly
Updated at 4:00 PM: Gold businesses across Vietnam have massively adjusted the price of SJC gold upwards compared to earlier today.
Specifically, Saigon Jewelry Company is now listing the price of SJC gold at 82.9-85.1 million VND/tael, an increase of 400,000 VND per tael in both buying and selling directions.
At Bao Tin Minh Chau, the price of SJC gold is currently listed at 82.95-84.85 million VND/tael, up by 350,000 in the buying direction and 200,000 VND in the selling direction.
DOJI has made a slight adjustment of 100,000 VND per tael, bringing the price to 82.6-84.9 million VND/tael.
PNJ has also adjusted the price of SJC gold upwards to 82.9-85.1 million VND/tael, an increase of 300,000 VND per tael.
Mi Hong Gold has also seen a significant increase, with 900,000 VND in the buying direction and 600,000 VND in the selling direction, currently standing at 83.3-84.5 million VND/tael.
VietinBank Gold is now listing the price of SJC gold at 82.9-85.12 million VND/tael.
In contrast to the rising trend of SJC gold prices, the price of plain gold rings has slightly decreased, with an average reduction of 100,000 VND per tael. Saigon Jewelry Company is currently listing the price of plain gold rings at 73.3-75 million VND/tael. DOJI is listing the price at 73.85 -75.65 million VND/tael. Mi Hong gold shop is holding it at 71.8-73.1 million VND/tael. The price of this precious metal at PNJ is 73.4-75.1 million VND/tael. At VietinBank Gold, the price of plain gold rings is currently held at 73.35-75.05 million VND/tael.
Recently, the State Bank of Vietnam announced that it will continue to auction gold bars at 9:00 AM tomorrow, May 3, 2024. The auction will be conducted at a fixed price. The estimated amount of gold bars to be auctioned is similar to previous sessions at 16,800 taels. The amount of gold bars in each transaction lot is 100 taels. The reference price for calculating the deposit value is 82.9 million VND/tael.
The most recent auction was held on April 25, where the NHNN offered 16,800 taels of gold bars for auction, but it was canceled due to only one entity submitting a bid.
Globally, according to Vietnam time, gold prices have plunged significantly, currently trading at $2304 USD/ounce. Compared to midday on May 2, the price of gold has dropped by $16. Converted to Vietnamese currency, the current world gold price stands at around 70.6 million VND/tael, which is lower than gold rings by approximately 4 million VND. Currently, the converted world gold price based on the listed exchange rate is around 71.3 million VND/tael, lower than the SJC gold bar by approximately 13.9 million VND/tael.
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Specifically, **at 9:00 AM**, at Saigon Jewelry Company, compared to the closing price before the holiday, **the price of SJC gold** decreased by 500,000 VND in the buying direction and 520,000 VND in the selling direction, to 82.5-84.7 million VND/tael. The price of plain gold rings at this business was also adjusted down by 300,000 VND per tael, currently listed at 73.5-75.2 million VND/tael.
Gold prices listed at Saigon Jewelry Company.
Meanwhile, the price of SJC gold at PNJ was adjusted down by 400,000 VND per tael in both buying and selling directions, to 82.6-84.8 million VND/tael. Similarly,** the price of plain gold rings ** decreased by 400,000 VND per tael, currently standing at 73.4 -75.1 million VND/tael.
DOJI is currently listing SJC gold at 82.6-84.8 million VND/tael, with no adjustment compared to the closing price before the holiday. However, the business has increased the price of plain gold rings by 200,000 VND per tael, currently at 75-76.7 million VND/tael.
Bao Tin Minh Chau, during the holidays, the price of SJC gold and plain rings continued to fluctuate as they remained open for business. Today, the gold shop is listing the price of SJC gold at 82.6-84.65 million VND/tael, a decrease of 350,000 VND in the buying direction and 250,000 VND in the selling direction compared to yesterday morning. Similarly, the price of plain gold rings continued to decline by 400,000 VND per tael in the buying direction and 600,000 VND per tael in the selling direction compared to early this morning, currently standing at 73.78-75.38 million VND/tael.
In the Ho Chi Minh City area, Mi Hong gold shop is listing the price at 82.4-83.9 million VND/tael. The price of plain gold rings is currently at 71.8-73.2 million VND/tael.
SJC gold price trend for the past week. Chart: CAFEF
According to a recent announcement by the General Statistics Office, as of April 25, the average world gold price stood at 2,322.36 USD/ounce, an increase of 8.54% compared to March 2024, as rising geopolitical tensions in the Middle East prompted investors to seek gold as a safe haven. In Vietnam, the gold price index for April 2024 increased by 6.95% compared to the previous month. This figure represents a 17.01% increase compared to December 2023 and a 28.62% increase compared to the same period last year. The average gold price index in Vietnam for the first four months of 2024 increased by 20.75%. The report notes that domestic gold prices have fluctuated in line with global gold prices.
On the global stage, according to Vietnam time, gold is currently trading at $2325.4 USD/ounce, an increase of $6 compared to the closing price the previous day. Converted to Vietnamese currency, the world gold price is equivalent to 71.3 million VND/tael, still lower than the domestic gold price by 13.4 million VND.
 The world gold price reached a record high of $2,431.29 USD/ounce on April 12, thanks to strong buying from central banks coupled with demand from Chinese retail investors. However, prices have since fallen more than 5% as tensions in the Middle East have eased and expectations of the US cutting interest rates early this year have dimmed.
