On the morning of August 12, SJC gold bars were priced by Saigon Jewelry Company (SJC) at 122.7 million VND per tael for buyers and 123.9 million VND per tael for sellers, maintaining stability from the previous day.
Meanwhile, the price of 99.99% gold jewelry and gold rings unexpectedly fluctuated, with businesses adjusting rates to around 116.5 million VND per tael for buyers and 119 million VND per tael for sellers, a decrease of 400,000 VND from the previous day.
Consequently, within just two days, the price of gold rings has dropped by nearly 1 million VND per tael, declining faster than SJC gold bars.
The price of 99.99% gold rings is falling rapidly in line with global trends.
In the international market, gold prices retreated to 3,350 USD per ounce, a decrease of about 20 USD per ounce from the previous session. This decrease occurred as the US Dollar Index (DXY) continued its recovery, trading at around 98.4 points on the morning of August 12 (Vietnam time).
SJC gold bars are priced 17 million VND higher than global rates
Investors rushed to sell gold after US President Donald Trump’s social media announcement that gold would not be subject to import taxes. Previously, there were speculations that the US might impose high taxes on imported 100-ounce and 1-kilogram gold bars. Concerns about potential gold taxation drove up the price of the precious metal over the weekend.
Currently, the global gold price, when converted according to the listed exchange rate, is approximately 106.7 million VND per tael, which is significantly lower than the SJC gold bar price by 17.2 million VND per tael. This disparity between domestic and global gold prices has been notably high in recent months.
The Central Bank Pumps Over 11 Trillion VND into the Open Market
Between August 4 and August 11, the State Bank of Vietnam (SBV) continued its four-week streak of net injections into the open market, primarily through new issuances in the form of term deposit offerings.
“Gold Prices Surge to Record Highs: Should You Invest Now or Hold Off?”
The surge in SJC gold bar prices, rising by 3-4 million VND per tael within just a few days, has sparked a buying frenzy among Vietnamese citizens, who are eager to capitalize on the opportunity for profitable returns.
The Price of Gold Soars to New Heights: Afternoon Update, August 7th
“On August 7th, the price of gold took an unexpected surge across prominent jewelry brands, breaching the significant threshold of VND 124 million per tael.”
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.
9 Commodity Groups and Services that Increased CPI by 0.11% in July
The housing, utilities, fuel, and construction materials group witnessed the highest increase, with a 0.36% surge, contributing to a 0.07 percentage point rise in the overall CPI.
