Gold Bar Price Increase
On August 7th, the domestic gold market continued to witness high price stability, despite modest trading volumes. Saigon Jewelry Company (SJC) listed the buying price of gold bars at VND 122.4 million per tael, while the selling price remained at VND 123.8 million per tael.
Notably, the buying price was adjusted upwards by VND 200,000 from the previous day, a rare move in a subdued market. This narrowed the buy-sell spread for SJC gold bars to VND 1.4 million per tael, down from over VND 2 million in the previous period.
This adjustment is seen as a strategy to stimulate buying activity among the populace in a stagnant market. Many gold holders continue to hoard their assets, awaiting clearer signals on price movements. Meanwhile, buyers remain cautious as the scarcity of gold bars shows no signs of abating.
Domestic gold prices widen gap with global market
SJC Gold Bars Trade at a Premium of Over VND 16 Million
Not only gold bars, but gold rings and 99.99% gold jewelry also maintained their high and stable prices. At SJC, plain gold rings were traded at VND 116.8 million per tael for buyers and VND 119.3 million per tael for sellers. Meanwhile, PNJ kept the selling price of plain gold rings at a high of VND 120 million per tael.
Domestic gold prices are nearing historic highs, just a few hundred thousand dong short of the peak. They are also significantly higher than global gold prices. At 9 am today, international gold was trading around $3,379 per ounce, up about $5 per ounce from the previous session.
The rise in global gold prices was supported by a weakening US dollar. After surging to 100 points, its highest level in weeks, the DXY index retreated to 98.2 points, benefiting the precious metal.
However, the price gap between domestic and international gold continued to widen. Based on Vietcombank’s exchange rate, the global gold price is equivalent to about VND 107.5 million per tael, a significant VND 16 million lower than SJC gold bars. This rare disparity has raised concerns about the mismatch between supply and demand in the domestic market.
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