Just after noon on July 9, the selling price of SJC gold bars was listed at 76.98 million VND per tael by both SJC and commercial banks. Some enterprises offered a buying price of 74.98 million VND per tael.
Since its peak of 92 million VND in early May, the price of SJC gold bars has decreased by approximately 15 million VND per tael. However, compared to the beginning of the year, the price is still about 2.4 million VND higher.
Meanwhile, the trading price of 24K gold rings and jewelry stood at around 74.3 million VND per tael for buyers and 75.9 million VND per tael for sellers.
The price of gold rings is just over 1 million VND away from its historical peak of nearly 77 million VND. Since the beginning of the year, the price of gold rings has increased by nearly 13 million VND per tael.
Gold ring prices have increased by about 20%, while SJC gold bar prices have risen by only about 3% since the beginning of the year.
The domestic gold market is currently quite subdued following the State Bank’s efforts to stabilize the market and narrow the gap with world gold prices. World gold prices are currently about 3.3 million VND per tael lower than gold rings and about 4.3 million VND per tael lower than SJC gold bars.
Gold expert Tran Duy Phuong attributed the increase in gold ring prices to the recent strong upward trend in world gold prices. The price of gold rings is directly influenced by fluctuations in world gold prices, while SJC gold bars are tightly controlled by the regulatory agency for “stabilization” and thus struggle to keep pace with global prices.
