At Saigon Jewelry Company (SJC), the price of gold bars is currently bought at 68.25 million VND and sold at 68.95 million VND per tael. This level increased by 450,000 VND on the buying side and 250,000 VND on the selling side, compared to the end of yesterday.
DOJI Gold, Silver and Gemstone Group also raised the purchase price to 68 - 68.9 million VND per tael. At Phu Nhan Jewelry Company (PNJ), the price of gold bars is listed at 68 - 68.8 million VND.
People buy gold at a store in Binh Thanh district on May 18, 2020. At this time, SJC gold reached more than 49 million VND per tael. Photo: Quynh Tran
The price of gold rings also increased by about 250,000 VND per tael compared to yesterday. Specifically, gold rings of 9999 type 1 and above are currently bought for about 56.5 million VND per tael and sold for about 57.5 million VND.
From the end of March to the end of August, the domestic gold price did not change significantly despite world fluctuations, sometimes even exceeding 2,000 USD an ounce. However, the domestic gold price has recently had a stronger adjustment. As of today, SJC gold price has increased nearly 2.15% in just one month.
On the international market, spot gold price reached 1,945.6 USD per ounce late this morning, up 0.7% compared to yesterday. This is a positive signal after many consecutive sessions of price decline. If converted according to Vietcombank exchange rate, the world gold price is equivalent to 56.43 million VND per tael, 12.5 million VND lower than the domestic price.
According to Reuters , international gold prices are supported by the weakening USD and the trend of buying safe-haven assets after the United Auto Workers union struck at three automakers in Detroit. Besides, expectations that the US may temporarily suspend interest rate increases also further supported precious metal prices.
While the greenback weakens in international markets, the exchange rate between USD and VND continues to increase. The central exchange rate announced by the State Bank this morning was at 24,036 VND, an increase of 36 VND compared to yesterday. This level continues to be at the highest peak in history.
At commercial banks, the USD/VND exchange rate also increased sharply. Vietcombank listed USD buying and selling prices around 24,055 - 24,425 VND, an increase of 35 VND in both directions compared to yesterday. While BIDV is trading at 24,115 - 24,415 VND per USD, Vietinbank lists the exchange rate at 24,060 - 24,400 VND.
In recent days, the exchange rate has been under pressure due to international developments and a sharp drop in VND interest rates. The weakening yuan and the difference in interest rates between the dong and the US dollar are said to have a relatively large impact.
