The Price of Gold Soars: Banks Warn of Scams

Saigon Jewelry Company listed the SJC gold bar price at VND 117.5 – 119.5 million per tael for buying and selling, unchanged from yesterday morning.

Other gold bar traders also kept the selling price of SJC gold bars at VND 119.5 million per tael.

The price of gold rings increased slightly. Specifically, Phu Quy Jewelry and Gold Company listed the price of gold rings at VND 113.3 – 116.3 million per tael for buying and selling, an increase of VND 100,000 per tael in both directions compared to yesterday morning. Bao Tin Minh Chau Jewelry Company listed the price of gold rings at VND 114.5 – 117.5 million per tael…

At the same time, the world gold price was listed at $3,335 per ounce, up $6 per ounce from yesterday morning. The SJC gold bar price is still higher than the world gold price by about VND 14 million per tael.

Although the SJC gold bar price remains stagnant, it is still hovering near the VND 120 million per tael mark, and supply in the market remains limited.

Regarding the gold market, Vietcombank has recently warned of fraud schemes in gold bar trading activities. The bank stated that recently, there have been many cases of fraud by individuals impersonating well-known gold bar, jewelry, and craft trading brands such as SJC, Doji, Bao Tin Minh Chau, Phu Quy, and others, using various deceptive tactics.

These individuals post fake information about gold prices, promotional programs, high discounts, and large gifts to attract buyers…

They also send fake messages and emails impersonating the company or its leaders to notify customers of prizes, collect customer and citizen data, and perform illegal activities.

In a recent advisory, Vietcombank announced that from August 27, 2024, the bank will only sell gold bars to customers through the VCB Digibank application and will discontinue the services of booking gold bar purchases on its website and over-the-counter payment transactions for SJC gold bar purchases.

Vietcombank will only contact and receive transaction instructions through the official website of the bank.

According to Agribank’s advisory, customers should only buy and sell gold at licensed establishments, with a signboard clearly stating “Location licensed by the State Bank to trade in gold bars” and publicly displaying a certified copy of the license for trading in gold bars issued by the State Bank in a conspicuous place.

Do not provide personal information, account details, or OTP codes to anyone, even if they claim to be bank or partner company employees.

In the currency market, this morning, the State Bank listed the central exchange rate at VND 25,055 per USD, down VND 3 from yesterday morning.

Banks also lowered the USD price compared to the previous session. Specifically, the USD price at Vietcombank was listed at VND 25,957 – 26,307 per USD, down VND 3 in both buying and selling directions compared to yesterday morning.

In the free market, USD transactions revolved around VND 26,378 – 26,478 per USD, down VND 1 in the buying direction and down VND 21 in the selling direction compared to yesterday morning.