Gold prices in Vietnam continued their upward surge on September 3rd, with gold bars and bullion being traded by commercial banks and gold companies at a record high of VND 131.9 million per tael for buyers and VND 133.4 million per tael for sellers. This surge comes after a significant increase of over VND 4 million per tael since the previous trading session.
Some small gold shops even pushed the price of SJC gold up to VND 134.7 million per tael for buyers and VND 135.7 million per tael for sellers, an increase of VND 200,000 per tael from the morning session. This followed a VND 1.5 million increase per tael from the previous day.
This marks the highest recorded price for gold bars and bullion in the Vietnamese market, surpassing all previous records and expert predictions.
Similarly, the price of 99.99% pure gold jewelry and rings also increased, with buying prices listed at VND 125.5 million per tael and selling prices at VND 128 million per tael, an increase of VND 400,000 per tael from earlier in the day.
Queuing to Buy Half a Tael of Plain Gold Rings
Despite the continuous rise in domestic gold prices, setting new record highs, many people still queued to buy gold. According to reporters from Nguoi Lao Dong newspaper, there was a large crowd at the Saigon Jewelry Company (SJC) in the morning. However, due to a temporary shortage of gold bars, many customers opted to queue for plain gold rings instead.
“Each customer is limited to purchasing five units (half a tael) of SJC plain gold rings per day, payable by cash or bank transfer,” an SJC employee announced.
Ms. Diep Minh, a resident of Ban Co Ward in Ho Chi Minh City, shared that before the holiday, she intended to buy one tael of plain gold rings at approximately VND 126 million per tael. However, when she arrived in the morning, she was informed that each person could only buy half a tael, and even then, she had to queue for an hour.
“Many jewelry stores sell gold rings, but I came here specifically for SJC gold bars. Since they were out of stock, I decided to buy the gold rings instead,” Ms. Minh explained.
Our reporter observed that the area designated for selling gold bars was empty, while the queue for purchasing gold rings with cash or bank transfers was long, sometimes extending to the parking lot.
Crowds gathered at SJC on September 3rd as gold prices hit an all-time high.
Speaking to reporters at noon, financial expert Phan Dung Khanh analyzed that the surge in domestic gold prices was influenced by global price movements and a shortage of gold supply in Vietnam. Additionally, exchange rates trended upward, further widening the gap with global prices.
“Global gold prices have officially surged to a new all-time high, surpassing $3,530 per ounce, as safe-haven investment demands resurfaced. Funds may have taken profits from other channels, such as the stock market, which has been on a strong upward trajectory since the beginning of the year, and redirected their investments into gold,” Mr. Khanh explained.
With global gold prices trading at $3,533 per ounce, equivalent to approximately VND 112.8 million, there is now a record-breaking difference of over VND 20 million per tael compared to SJC gold prices in Vietnam.
Customers were limited to purchasing half a tael of plain gold rings per day through bank transfers.
Long queues for purchasing plain gold rings with cash were also observed.
Many individuals shared that they visited daily to queue for gold rings or gold bars amid supply shortages and soaring prices.
In contrast, the area for selling gold bars was empty as SJC temporarily halted transactions due to a lack of stock.
Both SJC gold bars and gold rings are now at their highest prices ever.
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