Gold bar price up to 83.5 million VND/tael

On the morning of September 24, the State Bank changed the selling price of gold bars after 3 days of keeping it unchanged.

Accordingly, the selling price of gold bars on the market was raised by 4 state-owned banks and Saigon Jewelry Company (SJC) by 1.5 million VND compared to yesterday, to 83.5 million VND per tael. At the same time, SJC also raised the buying price by 1.5 million VND, to 81.5 million VND per tael.

Compared to gold bars, plain rings are more sensitive to developments in the international market. In recent days, gold rings have continuously increased and increased by more than 1.5 million VND/tael.

This morning, plain gold has not stopped increasing and is several hundred thousand higher per tael than yesterday, at the same time setting a new record.

SJC listed the price of plain rings at 79.8 - 81.1 million VND/tael. At other brands such as DOJI, PNJ, Bao Tin Minh Chau, the selling price of plain rings increased to 81.2 - 81.4 million VND/tael. It is estimated that plain rings record a profit of 29%, much higher than gold bars (13%).

In the international market, the price of gold is currently hovering around the peak of 2,627 USD per ounce, equivalent to 78.6 million VND/tael according to Vietcombank's selling rate. The difference between domestic and international gold bars is currently nearly 5 million VND/tael.

Forecasts from the world's leading banks are all optimistic about the precious metal. Accordingly, the $2,700 mark is likely to be reached this year or early next year. The main driver for the precious metal's rise is the interest rate cuts by the US Federal Reserve (Fed), plus supporting factors such as geopolitical instability and gold buying from central banks.

Domestic gold prices "heat up" following international trends, but actual transactions are quite quiet.