Domestic gold prices skyrocket to nearly VND92 million per tael

Saigon Gold and Jewelry Company rated each tael of SJC gold at VND89.5 million for buying and VND91.8 million for selling at 11 a.m, up more than VND2 million per tael from the May 9 transactions.

Elsewhere, prices of gold bars at Bao Tin Minh Chau Company were quoted at VND89 million and VND91.20 million per tael for buying and selling, up around VND2 million per tael over the previous session.

Bao Tin Minh Chau Company’s gold rings also inched up by VND1 million to reach VND75.02 million and VND76.52 million per tael for buying and selling.

This sudden rise has largely been fueled by robust increases in global gold prices. The price of gold on the world market was traded at US$2,353 per ounce on the gold exchange Kitco, up US$43 per ounce compared to the previous trading session.

Efforts by the State Bank of Vietnam to control the heating up of the domestic gold market through gold bullion auctions seem not to bring about positive effects. The central bank has so far held two out of five announced auctions, but gold prices have kept galloping over the past days.

The disparity between the domestic and global gold prices is widening, now standing at nearly VND20 million per tael.