Saigon Jewelry Company, Bao Tin Minh Chau Jewelry Company, and Doji Group listed the SJC gold bar price at 123.2 – 124.4 million VND per tael, the same as yesterday.
After the SJC gold bar price surged to a historical peak, gold bar traders narrowed the buy-sell spread to 1.2 million VND per tael instead of 2 million or even 3 million as before.
Many experts opined that the SJC gold bar price is at its highest level ever. However, due to the scarce gold supply in the market, traders narrowed the buy-sell spread to attract more gold bars.
Narrowing buy-sell spread of SJC gold bars.
The surge in gold bar prices widened the gap between gold bar and gold ring prices. Specifically, gold rings are now priced 2 to nearly 5 million VND per tael lower than gold bars, whereas this gap used to be much narrower.
Bao Tin Minh Chau Jewelry Company listed the gold ring price at 117.8 – 120.8 million VND per tael, the highest in the market. Phu Quy Group listed the gold ring price at 117 – 120 million VND per tael.
Meanwhile, the world gold price remained unchanged at 3,397 USD/ounce.
Expert Tran Duy Phuong predicted that the domestic gold price would soon reach a new record.
According to Mr. Phuong, the world gold price is in an upward adjustment phase towards the 3,400 USD/ounce range, after which it is likely to decrease. However, in addition to being influenced by the world gold price, the domestic gold price is also pressured by the lack of gold material imports for production. Therefore, it is difficult for the domestic gold price to decrease significantly and narrow the gap with the world gold price.
“The domestic gold price is quite independent and only partially follows the world gold price. It depends on domestic demand, while the supply in the market is scarce. Therefore, even if the world gold price drops further, it will not significantly affect the domestic gold price,” said Mr. Phuong.
In the currency market, this morning, the State Bank of Vietnam listed the central exchange rate at 25,228 VND/USD. The reference exchange rate at the State Bank of Vietnam was listed at 24,017 – 26,439 VND/USD (buying – selling).
USD prices at banks fluctuated around 26,044 – 26,404 VND/USD. In the “black market,” USD prices hovered around 26,398 – 26,478 VND/USD.
The Sky-High Gold Price: The Curious Strategies of Gold Companies
The SJC gold bar and ring prices continue to soar, reaching unprecedented heights and edging ever closer to historical peaks.
The Golden Rush: Prices Soar to Record Highs
This afternoon (August 5th), the SJC gold bar price surged to 123.8 million dong per tael, just 200,000 dong shy of the historical peak on April 22nd. The State Bank of Vietnam has announced that it will continue to coordinate with ministries and sectors to ensure transparency and take strict action against speculation and market manipulation in the gold market.
The Central Bank Tightens its Net Injection, Leading to a Significant Drop in Overnight Interbank Interest Rates
“Following a week of aggressive net injections via open market operations, the State Bank of Vietnam (SBV) scaled back its liquidity support to VND 4,958 billion in the week of July 28 to August 4. This development was largely due to substantial maturities in the term lending channel.”
“Vietnam’s Central Bank Meets With Commercial Banks to Discuss Interest Rates”
The State Bank of Vietnam (SBV) has instructed credit institutions to follow the directives of the Government, the Prime Minister, and the SBV itself, with a key focus on maintaining stability in deposit interest rates. Institutions are also encouraged to further reduce operating expenses, embrace digital transformation, and be prepared to share a portion of their profits to lower lending rates.
The Price of Gold Today, August 3rd: A Rare Prediction for Gold’s Week Ahead
For the first time, an overwhelming 94% of experts surveyed predict a continued rise in gold prices in the international market today.
