On 28/8, Saigon Jewelry Company (SJC) listed gold bar prices at 126.7 - 128.2 million VND per tael, a 700,000 VND increase in buying price and a 200,000 VND increase in selling price compared to yesterday. The difference between buying and selling prices narrowed to 1.5 million VND per tael. Other brands also raised their gold bar prices accordingly.

Plain gold rings also saw a slight increase. SJC listed these at 120.1 - 122.6 million VND per tael, up 200,000 VND. Phu Nhuan Jewelry Company (PNJ) reported prices at 120.1 - 123 million VND per tael. Bao Tin Minh Chau traded plain rings at 120.2 - 123.2 million VND per tael.

The stronger rise in domestic gold prices compared to the global market maintains the significant price gap. In the international market, spot gold hovered around 3,385 USD per ounce. Converted at Vietcombank's exchange rate, this equates to 108.3 million VND per tael. Consequently, domestic gold bar prices are nearly 20 million VND higher than global prices, while the difference for plain rings is nearly 15 million VND per tael.

Domestic silver prices are also currently near their peak. Phu Quy Gold Investment Joint Stock Company listed silver bars at 1.485 - 1.53 million VND per tael. Ancarat Precious Metals Joint Stock Company set silver prices around 1.47 - 1.51 million VND per tael.

Decree 232, amending several articles of Decree 24/2012 on gold trading management, removes the gold bar monopoly. The regulatory authority will grant licenses for gold bar production to businesses and banks that meet capital and other requirements. Experts hope this policy will bring domestic gold bar prices closer to global levels in the future.

Quynh Trang