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11/01/2024

Gold price exceeds 29 million VND

Domestic precious metal prices this morning suddenly increased by more than 200,000 VND per tael thanks to the push from the world market. Meanwhile, USD is trading stably.

This is the first time the domestic gold price has surpassed the threshold of 29 million VND since the crisis  "crazy" in November last year.

After increasing sharply yesterday, reaching 28.80 million VND, this morning, each tael of SJC was strongly adjusted by Saigon Jewelry Company by 200,000 VND, bringing the listed price at the beginning of the day to a high of 28,000 VND. 96-29.01 million VND. Compared to yesterday morning, each tael is now 210,000 VND more expensive to sell and 230,000 VND to buy. At the same time, some jewelry stores in Ho Chi Minh City announced the collection and selling price of SJC gold bars around 28.95-29.02 million VND, the trading distance was up to 70,000 VND.

Although this morning, the price of Than Tai Sacombank (SBJ) gold bars has not yet touched 29 million VND, but this company also listed it at a very high level of 28.95-28.99 million VND per tael. Compared to the beginning of yesterday, the price has increased sharply by 180,000 VND for collection and 200,000 VND for sale.

Thus, compared to August 20 when the selling price touched 28.86 million VND, each tael of gold this morning is 150,000 VND more expensive. And the physical gold trading market that day was also quite exciting. Particularly, Saigon Gold, Silver and Gemstone Company said that in just one day, August 20, the number of collections and sales reached 5,000 taels throughout the system.

By this morning, although the price exceeded 29 million VND, there were not many transactions. However, according to many jewelry store owners, yesterday, the market was quite bustling. The owner of a gold shop at Ba Chieu market (Binh Thanh) said that all day August 25, there were a lot of customers coming to sell gold, 2-3 times more than usual. In particular, people not only sell jewelry but also sell gold bars.

Mr. Ton The Vinh Quyen, Sales Director of Sacombank-SBJ Gold Company, said that in the past few days, when prices continuously increased, people increased their selling. Yesterday, across the SBJ system, the total number of transactions reached about 6,000-7,000 taels, mainly purchases.

According to Mr. Quyen, domestic gold prices have increased sharply in recent days mainly thanks to the push from the USD/VND exchange rate. Meanwhile, world gold prices are still on an upward trend, so domestic prices will certainly increase in the coming time.

 

While the price of gold is increasing rapidly, the free dollar price this morning remains stable. Currently, some foreign currency purchasing points in Hanoi and Ho Chi Minh City list the purchasing price at around 19,500 VND, while the selling price fluctuates at 19,520 VND.

 

Banks' selling price of US dollars is almost unchanged compared to yesterday. Selling price is 19,500 VND. As for the purchasing side, Eximbank currently lists it at 19,430 VND, ACB at 19,450 VND and Vietcombank at 19,475 VND.

World gold prices on August 25 reached a high of 1,241 USD per ounce during the New York session. Then closed the day at 1,240 USD an ounce. The price of gold delivered in December on New York's Comex floor also increased by 7.7 USD, to 1,241.10 USD an ounce.

By Asian trading hours this morning, precious metal prices were continuing to move sideways. As of 9:45 a.m. (Hanoi time), each ounce of gold is equivalent to 1,239.20 USD an ounce. If converted into Vietnamese currency at the exchange rate of 19,500 VND, each amount of international gold is currently equivalent to 29.4 million VND (including 1% import tax).

According to Vnexpress