On the morning of April 18, Saigon Jewelry Company (SJC) listed gold bar prices at 168,5 - 172 million dong per tael. This adjustment reflects a significant one million dong increase, pushing prices to 172 million dong per tael for major brands. The spread between buying and selling prices widened to 3,5 million dong, higher than the 2 million dong level maintained since early April. Other gold brands made similar adjustments across the domestic market.
Plain gold rings at SJC also experienced a one million dong increase, reaching 168 - 171,5 million dong per tael. PNJ, DOJI, and Bao Tin Minh Chau offered the same selling price for plain gold rings as SJC, but their buying prices were 500,000 dong higher.
Domestic gold prices surged in response to the upward movement in international markets. By the end of the trading session on April 17, global spot gold had increased by over 40 USD, reaching 4,829 USD per ounce.
The international market's positive momentum was primarily driven by a weakening US dollar. Additionally, Iran's complete reopening of the Hormuz Strait after a 10-day ceasefire contributed to lower oil prices. This development helped ease inflation concerns, providing positive support for metal prices.
Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals, highlighted the reopening of the Hormuz Strait as a significant event. "This leads investors to anticipate interest rate cuts, a positive signal for gold", Peter said, adding that metal prices could soon return to the 5,000 USD mark.
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Gold bar transactions at SJC Nguyen Thi Minh Khai on God of Wealth Day. Photo: Thanh Tung |
Converted using Vietcombank's exchange rate, global gold is equivalent to 154 million dong per tael. Consequently, each tael of domestic gold is about 18 million dong higher than the global price. This gap has narrowed compared to the record 30 million dong difference observed in late March.
In a related development, Dao Xuan Tuan, Director of the Foreign Exchange Management Department, stated on April 14 that the State Bank of Vietnam had received 11 applications for gold bar production licenses. The regulatory body will strictly review these applications to ensure compliance.
Silver bar prices also saw an increase of 2%. Phu Quy listed this metal at 3,04 - 3,12 million dong per tael, equivalent to 74,9 - 83,4 million dong per kg. Ancarat and Sacombank - SBJ conducted transactions around 3,01 - 3,11 million dong.
Trong Hieu
