Gold price gap has narrowed

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 71.23 million VND/tael.

Gold prices fell after rising to a two-week high of $2,365 an ounce. Gold prices rose as economic data reinforced the possibility of the US Federal Reserve cutting interest rates this year.

However, gold prices then suddenly plummeted as the US dollar rose to a seven-week high.

Domestically, the listed price of gold bars at SJC Company and 4 banks remains unchanged at 76.98 million VND/tael.

Up to now, these 5 units have switched to selling gold online to avoid queuing to buy gold. Meanwhile, the buying price at SJC Company is 74.98 million VND/tael.

Thus, compared to the converted world gold price, the price of SJC gold bars is 5.75 million VND/tael higher.

The price of gold rings is only 1.63 million VND/tael lower than that of gold bars.

The selling price of 9999 gold rings at SJC Company is currently at 75.35 million VND/tael, buying price is 73.75 million VND/tael. Compared to the converted world gold price, the selling price of 9999 gold rings is 4.12 million VND/tael higher.

According to Tuoi Tre Online , the gap between domestic and world gold prices has narrowed. However, buying gold at banks and SJC Company is not easy because these units also limit the purchase quantity.

With some banks newly implementing online gold sales, the number of customers registering is very large. A bank leader said that at one point the system recorded 140,000 orders simultaneously. Meanwhile, the amount of gold sold each day is limited, so it was sold out within a few minutes of opening.

In the market, after a series of reminders from the State Bank and the involvement of authorities in inspecting the gold market, it is noted that many gold shops in Ho Chi Minh City have clustered together to cope.

When a customer asked to buy gold bars, the gold shop owner said that they were "out of gold" and would not buy or sell gold bars. The gold shop also directed customers to go to banks to buy gold. While before that, this gold shop was still buying and selling gold bars normally.

For details on gold price movements, please refer HERE.