SJC Gold Bar Price Hits Record High
At noon on August 25, SJC gold bars were listed at large enterprises such as PNJ, SJC, and DOJI at 125.9 million VND per tael for buyers and 126.9 million VND per tael for sellers.
SJC Gold Bar Street Price Hits All-Time High
Meanwhile, at some small shops in Ho Chi Minh City and the provinces, the price of SJC gold bars was pushed up to a high of 127.4 million VND per tael for buyers and 128.2 million VND per tael for sellers, 1.3 million VND higher than the large gold companies. This is a record high for SJC gold bars. However, buying and selling SJC gold bars at these shops is not easy.
“Today’s selling price is 128.4 million VND per tael, and the buying price is 126.9 million VND. Customers who want to buy must make a 10% deposit and wait about 2 days to receive the gold,” said a Ho Chi Minh City gold shop employee.
Some other shops only traded 99.99% gold rings, listing them at around 106.9 million VND per tael for buyers and 112 million VND per tael for sellers.
SJC gold bar price reaches a historical peak
Low Buy-Sell Spread, High Risk
According to Decree 24/2012 of the State Bank, only licensed banks and enterprises are allowed to trade SJC gold bars. It is considered a violation for small gold shops to trade gold bars without a permit.
However, in recent days, as the price of SJC gold bars has continued to surge, the market has entered a vibrant phase. The demand for exchanges on social groups and networks has also increased, despite the peak prices.
Gold expert Tran Duy Phuong opined that the buying and selling of SJC gold bars by some unlicensed gold shops could be considered a “black market,” hence the limited transaction volume, and they usually only deal with regular and close customers. The selling price is high, but the buying price is also high, with a low buy-sell spread of about 800,000 VND per tael. The question is whether customers are willing to buy at the high prices offered by these gold shops.
“There are customers who want to buy tens of taels of SJC gold bars, but they have to be regular customers, which reduces the risk for both the buyer and the gold shop. If people buy SJC gold bars on social groups or online, they face greater legal risks and the possibility of purchasing low-quality, fake, or fraudulent gold bars,” warned gold expert Tran Duy Phuong.
The demand for buying and selling gold on social groups remains vibrant
SJC gold bar prices have been on the rise in recent days
The Golden House Raises Buying Price for Gold Bars
This morning, several gold shops adjusted their buying prices for gold bars, with an average increase of VND 200,000 per tael compared to the same time yesterday morning.
“The State Bank’s Strategy to Control the Price Differential of Domestic Gold Bars and Global Prices”
On October 22, the SBV announced the direct sale of SJC gold bars to four state-owned joint-stock commercial banks and the Saigon Jewelry Company Limited at a price of VND 88,000,000 per tael.
Should You Buy Gold Now?
This morning (October 27th), gold ring prices continued to soar, reaching an all-time high of 89 million VND per tael. SJC gold bars also hit a four-month high. However, experts advise investors to exercise caution and refrain from succumbing to herd mentality.
The Golden Opportunity: Can Jewelry Businesses Keep Up with Soaring Gold Prices?
The number of businesses registering for certification to produce artisanal gold jewelry has seen a recent surge in Ho Chi Minh City.
The Golden Surprise
As of the evening of September 27th, the SJC gold bar price was listed by the Saigon Jewelry Company (SJC) at 81.5 million VND per tael for buying and 83.5 million VND per tael for selling, maintaining the highest level in many months.
