On the morning of 29/1, Saigon Jewelry Company (SJC) listed gold bar prices at 187.2 - 190.2 million dong per tael. This represents an increase of 5.5 million dong for buying and 6 million dong for selling compared to yesterday, marking a record high for the precious metal.
Other major brands have also implemented similar price adjustments. Since the beginning of the year, gold bar prices have climbed by over 24%.
For plain gold rings, SJC raised its prices by 5.5 million dong, reaching 186.8 - 189.8 million dong. PNJ and Doji are trading this item around 186.5 - 189.5 million dong, while plain rings at Bao Tin Manh Hai are transacting at 186.7 - 189.7 million dong.
Domestic gold prices are closely following international market movements. Each ounce of global spot gold has increased by over $112, now trading above $5,500. When converted using Vietcombank's selling exchange rate, international gold is equivalent to 175 million dong, indicating a 16 million dong premium for domestic prices.
The current surge in gold prices is primarily driven by sustained buying from central banks, investment funds, and a broader demand for high-quality assets. Tony Sycamore, a market analyst at IG, noted these factors as key contributors to gold's upward momentum.
The State Bank of Vietnam (SBV) recently explained to voters in Ha Noi and Lam Dong that the rise in domestic gold prices is a direct consequence of the global upward trend. Furthermore, the central bank suggested that widespread predictions of continued global price increases are prompting gold holders to limit their sales.
A sluggish corporate bond market, high real estate prices, and low deposit interest rates within Vietnam have also contributed to increased speculative and hoarding sentiment for gold. The SBV clarified that gold is not an essential commodity and is not subject to price stabilization regulations under current law. Consequently, the State Bank of Vietnam will only intervene to stabilize the market if price fluctuations adversely affect the foreign exchange market, exchange rates, and monetary policy.
Silver bar and ingot prices have also seen a significant increase of nearly 5%. Phu Quy Gold Investment JSC listed silver prices around 4.4 - 4.5 million dong per tael, equivalent to approximately 117 - 121 million dong per kg. At Sacombank - SBJ, silver bars reached 4.53 - 4.65 million dong per tael.
