Gold price increased by more than half a million dong

Today, jewelry stores increased their buying prices by about 600,000 VND per tael, and their selling prices by 300,000 VND, helping to narrow the gap between the two prices.

On the morning of March 26, Saigon Jewelry Company (SJC) listed gold price piece at 96.5 - 98.2 million VND, an increase of 600,000 VND in buying price and 300,000 VND in selling price compared to yesterday. The difference between buying and selling price narrowed to 1.7 million VND per tael.

Each tael of gold ring also increased by several hundred thousand dong this morning. SJC raised the price of plain rings to 96.4 - 98 million dong, 600,000 dong higher for buying and 300,000 dong higher for selling. At PNJ, plain rings are listed at 96.4 - 98.8 million dong, while at Bao Tin Minh Chau, they are listed at 96.6 - 98.9 million dong per tael.

Compared to the peak of more than 100 million VND set a week ago, each tael of gold is currently about 2 million VND lower.

On the international market, each ounce of spot gold is anchored at over 3,000 USD per ounce. At 11:00 (Hanoi time), the world gold price was trading at 3,016 USD per ounce, converted at Vietcombank's selling rate, equivalent to 93.7 million VND per tael. Currently, the difference between domestic and world gold prices is around 4.5 million VND per tael.

Gold has recorded a return of 66.6% over the past 1.5 years. And if we count from when the precious metal was still around VND51 million in September 2022, each tael of gold has doubled in value in less than 3 years.

This is the period when domestic gold prices have increased the most in the past 14 years, and experts consider it rare. The increase is due to three factors: the US cut USD interest rates, increased geopolitical tensions, and buying power from central banks.

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