Domestic gold prices rallied on Thursday morning to set a new record at VND81.25 million (US$3,385.4) per tael for SJC gold bars and VND68.8 million for gold rings, after global prices hit an all-time high of US$2,152.09 per ounce on Wednesday.
One tael is equivalent to 1.33 ounces.
At 9:30 a.m. (local time), SJC gold prices are quoted at VND79.3 million per tael for sellers and VND81.32 million per tael for buyers, up VND300,000 per tael from the previous session.
Similarly, DOJI gold prices saw an increase of VND300,000 per tael to VND79.25 - VND81.25 million per tael.
Meanwhile, Bao Tin Minh Chau Company bought and sold gold rings at VND67.63 - VND68.83 million per tael, a VND200,000 increase over the previous session.
DOJI’s gold rings also inched VND200,000 higher to VND67.50 - VND68.80 million.
Given the growth of the domestic gold bars, the spread between the domestic and global prices is now nearly VND19 million per tael.
Global gold prices’ recent rallies were driven by expectations that the US Federal Reserve would perform a rate cut in June.
Supporting the bet, Fed Chair Jerome Powell indicated a rate cut later this year at congressional testimony on Wednesday.
