SJC gold bars up to nearly 80 million VND

The price of SJC gold bars increased by 800,000 VND on the morning of August 1, while gold rings were nearly half a million VND more expensive per tael, after world prices jumped.

Early this morning, Saigon Jewelry Company (SJC) increased the selling price of gold bars by VND800,000, to VND79.8 million per tael. The buying and selling margin is VND2 million, corresponding to a buying price of VND77.8 million.

The State Bank website has not updated today's gold selling price, however, according to regulations, banks and SJC are allowed to sell at a maximum of 1 million VND higher than the State Bank's price. Accordingly, the gold selling price from the management agency is at 78.8 million VND.

Gold bars at other licensed brands such as Bao Tin Minh Chau, DOJI, PNJ... also increased to 77.8 - 79.8 million VND, similar to SJC.

Along with the price of gold bars, the price of gold rings also increased sharply in the same direction as the world price. Gold price 24K gold rings at SJC this morning increased by 350,000 VND in both buying and selling directions, up to 76.3-77.65 million VND per tael. The price of gold rings is currently more than 2 million VND higher than the price of gold bars.

At the close of trading on July 31, the world spot gold price jumped by 37 USD to 2,447 USD per ounce. This morning, the precious metal continued to increase to 2,454 USD.

Markets rose after US Federal Reserve Chairman Jerome Powell signaled that he could discuss interest rate cut at its September meeting. Powell asserted that they are “increasingly confident that action can be taken at the upcoming meeting,” as long as inflation data continues to cool.

Converted according to Vietcombank exchange rate this morning, each tael of gold on the international market is traded at about 75 million VND per tael, nearly 5 million lower than the price of SJC gold bars.

Bob Haberkorn, senior market strategist at RJO Futures, said the Fed’s rate cut and risks in the Middle East could push gold to $2,700 an ounce in the near future. The last time gold peaked was in mid-July, at $2,468.

In the domestic market, state-owned banks Vietcombank and BIDV announced changes in their gold bar purchase registration policies, selling only to customers who have opened accounts. account at the bank. This change is explained to improve service quality and customer information management, as well as develop cashless payments.

The Ho Chi Minh City People's Committee has also established a working group to ensure security for the local gold market. This group will collect and analyze information on the buying and selling situation, as well as inspect and examine establishments that trade in gold bars and produce and trade jewelry.

Source