On the morning of 21/8, Saigon Jewelry Company (SJC) listed the price of gold bars at 124.4 - 125.4 million VND per tael, a 600,000 VND increase compared to the previous day. PNJ, Bao Tin Minh Chau, and state-owned banks also raised their gold prices to similar levels. The difference between the buying and selling price is about 1 million VND per tael.
The selling price of gold bars briefly exceeded 125 million VND on 18/8 before fluctuating and eventually rising again.
SJC also increased the price of plain gold rings by 600,000 VND per tael, listing them at 117.3 - 119.8 million VND. PNJ and DOJI listed this type of gold at 117.3 - 120.3 million VND.
Meanwhile, Bao Tin Minh Chau listed plain gold rings at 117.5 - 120.5 million VND per tael, 200,000 VND higher on the buying side and 200,000-700,000 VND higher on the selling side compared to other brands.
Domestic gold prices are following the upward trend of the international market. At the close of trading on 20/8, the spot price of gold increased by 33 USD per ounce to 3,346 USD. However, this morning, it decreased by 6 USD to 3,340 USD per ounce. Converted at Vietcombank's selling exchange rate, the world gold price is equivalent to 106.9 million VND per tael, 18.5 million VND lower than the domestic price.
The market is improving as the US dollar weakens, making gold cheaper for buyers using other currencies. The Dollar Index fell 0.13% to 98.2 points.
Investors are currently awaiting the annual conference of the US Federal Reserve (Fed) in Jackson Hole, Wyoming, from 21-23/8. Last year, Fed Chair Jerome Powell hinted at interest rate cuts at this forum. "If Mr. Powell expresses a dovish view, the price of gold will be further supported, as it does not pay interest. The precious metal will have to surpass 3,350 USD to return to 3,400 USD per ounce," said Bob Haberkorn, a market strategist at RJO Futures.
Despite the Dollar Index falling, the VND/USD exchange rate in Vietnam has surged. The central exchange rate at the State Bank of Vietnam is 25,273 VND, up 10 VND from yesterday.
Commercial banks also simultaneously raised the USD price to the permitted ceiling, which is also the highest level ever. Vietcombank listed the exchange rate at 26,140 - 26,530 VND. At BIDV, the USD price rose to 26,211 - 26,536 VND. Eximbank's rate is around 26,160 - 26,636 VND.
Trong Hieu
