At around 9:30 a.m., SJC gold bars at Saigon Jewelry Company (SJC) and Phu Quy Group both fell by VND300,000 (US$11.5) per tael in both buying and selling prices compared to the previous session, quoted at VND182 million (US$6,980) per tael for buying and VND185 million (US$7,089) per tael for selling.
Plain gold rings at these two companies also dropped by VND300,000 (US$11.5) per tael, trading at VND181.5 million (US$6,955) per tael for buying and VND184.5 million (US$7,070) per tael for selling.
Meanwhile, Bao Tin Minh Chau increased its 9999 gold ring prices by VND300,000 (US$11.5) per tael in both directions, listing them at VND181.8 million (US$6,971) per tael for buying and VND184.8 million (US$7,086) per tael for selling, the highest on the market. The price gap between buying and selling SJC gold bars and 9999 gold rings now stands at VND3 million (US$115) per tael.
From early morning, at Tran Nhan Tong “gold street” in Hai Ba Trung Ward, the capital city of Hanoi, despite the rain, numerous people patiently queued to purchase gold; some customers shared that they had lined up since 4 a.m. This year, gold shops continued opening from 6 a.m. to meet demand, focusing on smaller products such as 0.1 tael, 0.3 tael and 0.5 tael pieces.
Similarly, large number of residents in Ho Chi Minh City still flocked to gold and silver shops despite the rain.
In Ho Chi Minh City, silver retailers such as SBJ and Ancarat delivered physical silver immediately to customers, eliminating the months-long waiting period seen previously.
For gold, SJC limited sales to a maximum of three taels of SJC gold bars per person per day and three taels of 9999 gold rings per person per day. Meanwhile, PNJ, SBJ and Doji Group sold God of Wealth gold products and gold rings without quantity restrictions.
While gold prices declined, silver prices rose sharply by about VND1.9–2.8 million (US$72.85-107.37) per kilogram depending on the company.
Specifically, Phu Quy listed silver at VND3.378 million (US$129.5) per tael for buying and VND3.482 million (US$133.5) per tael for selling. One-kilogram bars were traded at VND90.079 million (US$3,456) per kilogram for buying and VND92.853 million (US$3,563) per kilogram for selling, up more than VND2.1 million (US$80.7) per kilogram in both.
Kim Phuc Loc SBJ 999 silver was traded at VND3.513 million (US$135.1) per kilogram for buying and VND3.615 million (US$138.9) per kilogram for selling. The one-kilogram bars were quoted at VND93.680 million (US$3,599) per kilogram for buying and VND96.400 million (US$3,701) per kilogram for selling, up around VND1.92 million (US$73.7) per kilogram.
The current difference between buying and selling prices of silver is VND102,000–105,000 (US$3.92-4.03) per tael and VND2.73–2.78 million (US$104.8-106.7) per kilogram.
Global silver prices on February 26 (Vietnam time) rose to US$89.19 per ounce, up about US$3 per ounce compared to the previous session.
>>>Below are photos from gold and sliver shops in Hanoi and Ho Chi Minh City on the morning of February 26, the God of Wealth Day.
