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SJC gold bars set a record of nearly 86 million VND

University (General) May 3, 2024 16:58

Each tael of SJC gold bar this afternoon rapidly increased by 700,000 VND to an all-time high of 85.8 million VND.

Giá vàng miếng lại lập đỉnh lịch sử, sắp chạm 86 triệu đồng/lượng. (Ảnh: Minh Đức).
Gold bar price hits historic peak, about to reach 86 million VND/tael

Opening on the morning of May 3, the price of SJC gold bars was almost the same as yesterday. However, the closer to noon, the faster the price of gold bars increased.

At 11:30, Saigon Jewelry Company (SJC) raised the buying and selling price of gold bars to 83.5 - 85.8 million VND, 700,000 VND higher per tael than yesterday. This is the record high price of SJC gold bars ever.

Gold bar auctions are a solution proposed by the State Bank with the hope of increasing supply and thereby reducing the gap between gold bar prices and the world. However, the new phase auctions have been repeatedly canceled or "unsold". This morning, the 4th auction was also canceled because only one unit voted to bid.

The goal of narrowing the price of gold bars and international prices in the short term is also challenged. In the past two weeks, the price of gold bars in the country has been moving in the opposite direction to the world.

At 11:30 a.m. Hanoi time, the world gold price was around 2,305 USD per ounce, converted according to Vietcombank's selling rate, equivalent to 70.7 million VND per tael. Accordingly, each tael of domestic gold bars is currently 15 million VND higher than the international price. Meanwhile, domestic gold rings maintain a difference of 4-5 million VND compared to the world price.

University (General)
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SJC gold bars set a record of nearly 86 million VND