Domestic gold prices continue to surge

At around 9:15 a.m. on November 21, the prices of the SJC-branded bullion at Saigon Jewelry Company Limited (SJC), Phu Nhuan Jewelry Company (PNJ) and Doji Group surged VND1 million (US$39.37) for buying and VND500,000 (US$19.68) for selling per tael compared with yesterday to VND83.9 million (US$3,303) per tael and to VND86.2 million (US$3,394), respectively.

Four state banks comprising the Bank for Investment and Development of Vietnam (BIDV), the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), the Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam Bank for Agriculture and Rural Development (Agribank) listed each tael of the SJC-branded gold bullion at VND86.2 million (US$3,394), which was up VND500,000 (US$19.68) over yesterday.

Regarding 9999 gold rings, the prices were up nearly VND1 million (US$39.37).

Accordingly, Saigon Jewelry Company (SJC) rated 9999 gold rings at VND83.6 million (US$3,293) for buying and VND85.6 million (US$3,372) for selling, up VND900,000 (US$35.45) for buying and VND700,000 (US$27.57) for selling compared to the previous session on November 20.

Phu Nhuan Jewelry Company (PNJ) lifted gold ring prices by VND500,000 (US$19.68) to VND84.6 million (US$3,332) per tael for buying and VND300,000 (US$11.8) to VND85.5 million (US$3,368) per tael for selling.

In the global gold market, the spot gold price from New York last night rated US$2,649.6 per ounce, up US$18.8 compared to the previous trading session.

Recently, on November 21 morning (Vietnamese time), the spot gold price from Kitco surged to US$2,654.6 per ounce, increasing an additional US$7 over the spot gold price from New York. After conversion, this price is equivalent to approximately VND81.6 million (US$3,214) per tael, about VND4.6 million (US$181) per tael lower than the domestic SJC gold price and about VND3.8 million (US$149.6) to VND4.4 million (US$173.2) per tael lower than the price of 9999 gold rings.