On the morning of 25/3, Saigon Jewelry Company (SJC) listed gold bar prices at 172 - 175 million dong per tael, an increase of nearly 5 million dong compared to the end of yesterday. Other major brands also adjusted their prices in line with this trend.
The price of plain gold rings at SJC increased similarly, reaching 171,8 - 174,8 million dong per tael. Bao Tin Minh Chau listed prices at 172,5 - 175,5 million dong, while Phu Nhuan Jewelry Joint Stock Company (PNJ) traded around 171,9 - 174,9 million dong per tael.
In the international market, the spot gold price increased by 2,7% to 4.583 USD per ounce at 9h30 (Hanoi time). Converted at Vietcombank's selling exchange rate, the world gold price was equivalent to approximately 145,8 million dong per tael (before taxes and fees). The difference between domestic and world gold prices remained around 29 million dong per tael.
Compared to its peak, the domestic gold price is currently about 8% lower. However, compared to the beginning of the year, the precious metal has recorded an 11% performance.
Domestic gold prices recovered in line with the international market's upward trend, but supply from major businesses remains limited. The market almost immediately absorbed the volume of gold sold during the sharp decline on 23/3. In the past two days, major brands have again faced scarcity or run out of plain gold rings and gold bars.
Following the same trend, the world silver price increased by nearly 4% to 73,9 USD per ounce. Domestically, Phu Quy Gold Investment Joint Stock Company listed silver bars and ingots at 2,78 - 2,87 million dong per tael, equivalent to 74 - 76,4 million dong per kg. Sacombank - SBJ traded silver bars at approximately 75 - 77,6 million dong per kg.
Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association (VGTA), stated that gold prices are experiencing unpredictable short-term developments, influenced by oil prices, the US dollar, and ongoing conflicts. He maintains a positive long-term outlook for gold, viewing current movements as short-term fluctuations. However, the expert from the Gold Business Association also advised investors to act cautiously at this time.
Nguyen Huu Huan, a Senior Lecturer at the University of Economics Ho Chi Minh City, also believes gold should be viewed as a risk-hedging asset within a portfolio, with an appropriate proportion, rather than a short-term speculative channel. Investors should avoid chasing prices when they rise and prioritize long-term asset allocation strategies.
Quynh Trang
