On the morning of 9/9, Saigon Jewelry Company (SJC) increased the price of gold bars by 700,000 VND compared to the previous day, listing it at 133.8 - 135.8 million VND per tael. The buy-sell spread is two million VND.

DOJI, PNJ, and Bao Tin Minh Chau listed the precious metal at similar rates. Since the beginning of September, the price of gold bars has increased by more than five million VND.

The price of SJC's 24k gold rings also rose by 600,000 VND compared to the previous day, to 128.3 - 130.8 million VND per tael. PNJ and DOJI listed this item at 128.3 - 131.3 million VND, while Bao Tin Minh Chau bought and sold this type of gold at around 133.8 - 135.8 million VND per tael.

Domestic gold prices have risen in line with global trends. At the close of trading on 9/9, the spot price of gold increased by more than 52 USD, reaching 3,638 USD per ounce. This morning, it continued to rise by nearly 16 USD, reaching 3,651 USD per ounce. Converted at Vietcombank's selling exchange rate, the world gold price is equivalent to 116.6 million VND per tael. The difference between domestic and global gold prices is more than 19 million VND per tael.

At the government meeting on 6/9, Deputy Governor of the State Bank of Vietnam Doan Thai Son explained that the recent gold price increase was due to the sharp rise in global gold prices. At the same time, market expectations and sentiment that gold prices will continue to rise have led to a significant increase in demand for gold among consumers. Another reason is the scarcity of domestic supply due to the State Bank's temporary suspension of selling SJC gold to the market amid the transition to a new management mechanism.

The State Bank branches in Ho Chi Minh City and Dong Nai have advised people to be cautious when buying gold. Given the complex developments in the market, the Government Inspectorate, together with the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Public Security, and the State Bank, will establish an inspection team to examine credit institutions and gold trading businesses. This is being done at the request of Permanent Deputy Prime Minister Nguyen Hoa Binh and a report will be submitted to the Prime Minister in September.

Starting 10/10, the monopoly on gold bar production will be abolished, according to the Decree amending Decree 24 of the Government. Instead, the State Bank will grant licenses to buy, sell, and trade gold to qualified businesses and banks.

Trong Hieu