Gold bar prices in Vietnam reached a new peak of nearly VNĐ88 million (US$3,500) per tael on Monday morning. At 9 AM, Saigon Jewelry Company (SJC), the country’s sole legal gold producer, listed the buying and selling prices for SJC gold bars at VNĐ86-88 million per tael, marking an increase of VNĐ2 million ($80) from Sunday.
DOJI Gold and Gems Group also set its selling price for SJC gold bars at VNĐ86-88 million, reflecting the same VNĐ2 million rise for both buying and selling prices. This adjustment follows the global gold price surge, which recently surpassed $2,700 per ounce on October 18, reaching $2,721 per ounce on Kitco, a record high.
The increase in gold prices is largely driven by expectations of potential interest rate cuts by the US Federal Reserve, along with uncertainties surrounding the US presidential election and conflicts in the Middle East.
In contrast, gold ring prices remained stable compared to Sunday, with SJC maintaining buy/sell prices at VNĐ84-85.7 million ($3,329-3,397) per tael, while DOJI Group set prices at VNĐ84.7-85.7 million per tael. Over the past three months, gold ring prices have risen by more than VNĐ7 million ($277) per tael, up from around VNĐ76-77 million ($3,012-3,051) in mid-July.
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