On 22/7, Saigon Jewelry Company (SJC) listed the price of gold bars at 120-122 million VND per tael (1.2 ounces), unchanged for buying and up 500,000 VND for selling compared to the previous day. Several other brands also adjusted gold bar prices accordingly. While the adjustment wasn't substantial, it represents the highest price in two months.

SJC also increased the price of plain gold rings by 500,000 VND per tael for both buying and selling, to 115-117.5 million VND. Phu Nhuan Jewelry Company (PNJ) listed the price at 116-119 million VND per tael. At Bao Tin Minh Chau, plain gold rings were traded at 116.3-119.3 million VND per tael.

Domestic gold prices rose as the precious metal increased by nearly 50 USD in the global market at the start of the week, mainly due to uncertainty surrounding the approaching US import tariff increase. Gold is currently trading around 3,388 USD per ounce, equivalent to 107.5 million VND per tael based on Vietcombank's selling exchange rate. The difference between domestic and global gold bar prices is 14.5 million VND per tael.

Currently, global silver prices are also hovering near their highest point in over a decade, around 38.7 USD per ounce. In the past month, domestic silver bar and investment silver prices have also increased by over 6%.

Phu Quy Gold Investment Joint Stock Company listed silver bars this morning at approximately 1.48-1.53 million VND per tael. At Ancrat Vietnam Joint Stock Company, silver bars were traded around 1.47-1.5 million VND per tael. At the same time, Saigon Thuong Tin Bank Jewelry Company (SBJ) listed silver bars at 1.49-1.52 million VND.

Silver bars and investment silver products have only been promoted by a few major domestic brands in the past year. Currently, one tael of silver is equivalent to 1.23% of the value of one tael of gold. According to leaders of jewelry businesses, the current buy-sell spread for silver is also small, facilitating liquidity.

Quynh Trang