Domestic gold prices experience sudden surge despite world market fall

According to the latest changes, Saigon Gold and Jewelry Company rated each tael of SJC gold at VND77.8 million for buying and VND79.8 million for selling,

Elsewhere, prices of gold bars at Bao Tin Minh Chau and Phu Nhuan jewelries were also quoted at VND77.8 million and VND79.8 million per tael for buying and selling, respectively.

The sudden surge comes after the State Bank of Vietnam (SBV) announced on July 30 a direct selling price of SJC gold bars to four State-owned commercial banks and Saigon Jewelry Company (SJC) at VND78 million per tael, down VND500,000 compared to the previous week.

The State Bank stated that it will continue to implement a roadmap in order to narrow and control the difference between the domestic selling price of SJC gold bars and the global price of the product at an appropriate level.

Meanwhile, at 5a.m. on August 2, gold in the world market was changing hands at US$2,446.7 per ounce (equivalent to VND73.564 million) on the gold exchange Kitco, down US$1.29 compared to the previous trading session.