Gold price surpasses 120 million VND/tael despite world gold price decrease

People line up to wait their turn to buy gold. Photo taken at Mi Hong gold shop on the afternoon of April 17 - Photo: TTD

Three days, gold price increased by 12 million VND/tael

World gold price today, April 18, ended the early trading week at 3,329 USD/ounce, down about 27 USD/ounce compared to yesterday's peak.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 104.75 million VND/tael.

Thus, in just 3 days, the price of SJC gold bars has increased by 12 million VND/tael - a record increase in many months.

Today, SJC Company listed the selling price of gold bars at 120 million VND/tael, an increase of 2 million VND/tael compared to yesterday. The buying price is 117 million VND/tael. The difference between the buying and selling price of SJC gold bars is 3 million VND/tael.

Meanwhile, the listed price of 9999 gold rings at SJC Company is 117 million VND/tael (sell) and 114 million VND/tael (buy).

At PNJ Company, the buying and selling price of SJC gold bars this morning also increased to the same level as the price at SJC Company, selling at 120 million VND/tael, buying at 117 million VND/tael. The selling price of 9999 gold rings at PNJ Company was 117 million VND/tael, buying at 113 million VND/tael.

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings is currently at 119.5 million VND/tael, buying price is 116.5 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 15.25 million VND/tael higher, while at the beginning of April the difference was only about 4.5 million VND/tael.

The price of gold rings at many gold shops has been pushed up very high due to limited supply - Photo: TTD

Why is the domestic gold price skyrocketing?

The price of SJC gold bars has continuously increased rapidly in recent days due to limited supply and increased purchasing power.

Goldman Sachs recently predicted that gold prices would rise to $4,000 an ounce thanks to the buying power of central banks and ETFs in the face of recession risks. Last week alone, the world gold price increased by more than $250 an ounce.

According to experts, the continuous peaking of domestic and international gold prices has triggered a return of gold buying power, especially for gold rings. However, due to the scarcity of supply, the price of gold rings has been pushed higher and higher.

According to records, in recent days, although demand has increased, supply at many large gold companies is very limited. At peak times, people queue for several hours but can only buy 1-2 taels of gold per person.

In fact, it is not difficult to produce gold rings. However, because for more than ten years the State Bank has not granted licenses to businesses to import raw gold through official channels, and the police have dismantled many illegal gold rings, the supply of raw gold on the market is very scarce.

Therefore, gold rings have gone from being abundant to becoming scarce, and the price of gold rings has gone from being 7-8 million VND/tael different to being sold at the same price as gold bars at many times.

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Source: https://tuoitre.vn/gia-vang-vuot-moc-120-trieu-dong-luong-du-vang-the-gioi-giam-20250418110020696.htm