On 2/8, Saigon Jewelry Company (SJC) listed the gold bar price at 121.5 - 123.5 million VND, increasing by 1.6 million VND for buying and 2.1 million VND for selling compared to yesterday. Other brands also raised their gold bar prices accordingly.
The price of gold rings at SJC rose to 116.5 - 119 million VND, a 1.9 million VND increase in both buying and selling prices. Bao Tin Minh Chau raised the price of gold rings to 117.2 - 120.2 million VND. At Phu Nhuan Jewelry Company (PNJ), plain gold rings reached 117 - 119.5 million VND.
The domestic market followed the international trend. At the close of trading on 1/8, the global spot gold price increased by 73 USD to 3,361 USD per ounce, the highest price in a week. The precious metal rose due to a less optimistic US jobs report and newly announced import taxes by Donald Trump.
Converted at Vietcombank's exchange rate, the world gold price is currently equivalent to 106.9 million VND per bar, 16.5 million VND lower than the domestic gold bar price.
 |
Gold bars at SJC's headquarters in District 3, 3/2025. Photo: Quynh Tran |
Gold bars at SJC's headquarters in District 3, 3/2025. Photo: Quynh Tran
At the same time, domestic silver prices also increased slightly. Phu Quy Gold Investment Joint Stock Company listed silver bars at 1.419 - 1.463 million VND per bar. At Ancrat Vietnam Joint Stock Company, silver bars were listed at 1.408 - 1.443 million VND per bar. At Saigon Thuong Tin Commercial Joint Stock Bank (SBJ), the price of silver bars rose to 1.445 - 1.48 million VND.
The State Bank of Vietnam is finalizing a draft amendment to Decree 24, which addresses the removal of the gold bar monopoly. Instead, the regulatory body will control the market by granting quotas and import permits to eligible credit institutions and businesses.
Experts have repeatedly pointed out that the SJC gold bar monopoly and lack of supply are the reasons for the high price difference between domestic and global gold prices, sometimes reaching nearly 20 million VND per bar. The State Bank granting annual import quotas to businesses will help increase market supply. At the same time, consumers will have more choices, and the market will be more competitive, contributing to limiting the price difference between gold products and brands.
Quynh Trang
