On the morning of September 9, the Saigon Jewelry Company (SJC) listed gold bar prices at 133.8 million VND per tael for buyers and 135.8 million VND per tael for sellers, marking an increase of 700,000 VND from the previous day.
PNJ, DOJI, Bao Tin Minh Chau, and several banks followed suit with their listings for the day.
Gold bar sellers have widened the price gap to 2 million VND per tael.
Similarly, gold rings and 99.99% fine jewelry were listed by businesses at around 128.3 million VND per tael for buyers and 130.8 million VND per tael for sellers, an increase of 600,000 VND from the previous day.
Gold bar prices rose again this morning, following the upward trend of global gold prices
Domestic gold prices rose in tandem with the upward movement of global gold prices. At 9 am Vietnam time, the global gold price stood at 3,645 USD per ounce, approximately 35 USD higher than the previous day’s close, marking an all-time high.
Analysts attribute the surge in gold prices to expectations of the US Federal Reserve (FED) cutting interest rates three times, totaling a 0.75% reduction, in the remaining months of 2022. These expectations were bolstered by the release of the US non-farm payrolls report for August last week.
Currently, global gold prices, when converted using Vietcombank’s listed exchange rate, amount to approximately 116.5 million VND per tael, lagging behind SJC gold bars by about 19 million VND per tael. This gap has narrowed compared to the over 20 million VND difference observed in recent days.
In the domestic market, SJC gold bars and gold rings are expected to stabilize and close the gap with global gold prices following a series of directives from the government regarding measures to stabilize the gold market.
SJC Gold Bar and Global Gold Price Gap Narrows
The State Bank of Vietnam, Branch 2, has issued a document on gold trading to relevant units, including the People’s Committees of wards and communes in Ho Chi Minh City.
According to the management agency, global and domestic gold prices have experienced strong fluctuations and continuous increases, setting new records and breaking previous highs.
To enhance management and limit the impact of non-market factors on the effectiveness of gold market stabilization measures, the State Bank of Vietnam, Branch 2, requests the coordination of units and organizations in Ho Chi Minh City to improve information and propaganda on gold bar trading activities, risk limitation, and prevention of violations.
The State Bank of Vietnam, Branch 2, emphasizes that people should only buy and sell SJC gold bars at licensed credit institutions and enterprises. It also provides detailed information on the list of licensed gold bar trading locations in Ho Chi Minh City, mainly comprising major banks and enterprises such as Sacombank, Eximbank, HDBank, ACB, Nam A, SJC, PNJ, and Mi Hong.
The list of over 800 licensed gold bar trading locations in Ho Chi Minh City can be found here.
Enterprises trading in gold jewelry and fine arts are not allowed to buy and sell gold bars. Any transactions with individuals or organizations in this regard are considered violations and will be subject to penalties.
The Price of Gold Soars Past 140 Million, Experts Warn Against Joining the Buying Frenzy
Investing in gold bullion is a risky move at this time. With the SJC gold price surging far above the global market rate, it’s wise to hold off on purchasing to avoid potential financial pitfalls.
The New Digital Gold Rush: Online Market Prices ‘Surpass’ Listed Enterprises
This morning (August 30th), the SJC gold bar price surged past 130 million VND per tael. Meanwhile, the price of this commodity on the online market soared to over 133 million VND per tael.
The Soaring Price of Gold: An Unexpected Turn of Events
“The SJC gold bar prices soar to new heights as small gold shops push the price to a record high of VND 139 million. This surge has caught the attention of experts, who now warn of potential risks associated with the SJC gold market. With the prices skyrocketing, investors and buyers must stay vigilant and informed to navigate this volatile market.”
The Golden Rush: Soaring Prices Reach New Heights
The soaring price of gold has reached unprecedented heights, with some small gold shops in Ho Chi Minh City selling SJC gold bars at a staggering 133.5 million VND per tael – a record high.
Today, September 3rd: Global Gold Prices Hit Record Highs, Will Domestic Prices Follow Suit?
The global gold price has officially surpassed its previous peak in April, soaring above the $3,500 per ounce mark and setting a new record as investors flock to this precious metal amid growing expectations of a Fed rate cut.
