On the morning of 8/6, Saigon Jewelry Company (SJC) listed gold bar prices at 145.6 - 149.6 million VND per tael, a decrease of 600,000 VND compared to last week. The buy-sell spread for gold bars has widened to 4 million VND per tael.

Plain gold rings also saw a similar decrease this morning. SJC lowered the buy-sell price for gold rings to 145.4 - 149.4 million VND per tael. PNJ and DOJI both listed plain gold rings at 145.6 - 149.6 million VND.

Gold bar prices are now 20% lower than their peak of 191 million VND per tael, set in early March. Furthermore, year-to-date gains have been erased, with domestic gold prices currently 3 million VND per tael lower than at the start of the year.

Domestic gold prices have fallen more rapidly than international prices, significantly narrowing the gap between the two markets over the past two months.

Internationally, gold was trading around 4,317 USD per ounce at the same time. Converted at Vietcombank's selling exchange rate, this is equivalent to 137.3 million VND per tael, 12.3 million VND lower than domestic prices.

Silver bars and ingots also saw a slight decrease, trading around 2.5 - 2.6 million VND per tael, which is equivalent to 68 - 70 million VND per kg. Specifically, Phu Quy and DOJI listed silver prices at approximately 2.56 - 2.64 million VND per tael, while Sacombank - SBJ quoted silver at 1.59 - 2.68 million VND. Compared to the peak set in late January, silver prices are currently 40% lower.

In the foreign exchange market, Vietcombank is buying and selling USD at 26,097 - 26,407 VND, only about 0.1% higher than at the start of the year. Meanwhile, the black market US dollar is trading around 26,400 - 26,420 VND.

Quynh Trang