On the morning of 29/8, Saigon Jewelry Company (SJC) listed gold bar prices at 127.4 - 128.9 million VND per tael, a 400,000 VND increase from the previous day and the highest price to date. This marks the sixth consecutive day of price increases for the precious metal.

PNJ, DOJI, Bao Tin Minh Chau, and Vietinbank reported similar gold bar prices to SJC, with a buy-sell spread of 1.5 million VND per tael.

Plain gold rings saw a sharper increase than gold bars. SJC listed these at 120.6 - 123.1 million VND per tael, a 500,000 VND increase. PNJ reported prices at 120.7 - 123.6 million VND per tael, while Bao Tin Minh Chau bought and sold them at 120.8 - 123.8 million VND.

Domestic gold prices rose in tandem with international markets. At the close of trading on 28/8, the global spot gold price increased by 20 USD to 3,416 USD per ounce, the highest since 23/7. This morning, the precious metal decreased by nearly 0.14% to 3,411 USD. Converted at Vietcombank's selling exchange rate, the international gold price is equivalent to 109.1 million VND per tael, nearly 19.9 million VND lower than domestic prices.

Decree 232, which amends Decree 24/2012 on gold trading management, removes the gold bar monopoly. The governing body will grant gold bar production licenses to businesses and banks that meet capital and other requirements. Experts hope this policy will bring domestic gold prices closer to global levels.

The VND/USD exchange rate cooled down after peaking on 27/8. The State Bank of Vietnam announced the central exchange rate at 25,240 VND, down 33 VND after two days.

Commercial banks also lowered USD prices for the second consecutive day. Vietcombank listed the USD at 26,112 - 26,502 VND, 29 VND lower than the previous day. BIDV set the USD price at 26,170 - 26,502 VND, while Eximbank's rate was 26,130 - 26,502 VND.

Trong Hieu