Gold trading businesses have increased their buying prices more significantly than their selling prices, narrowing the gap between buying and selling to below VND2 million (US$78.2) per tael.
At 9:30 a.m. on March 23, SJC-branded gold bullion price at Phu Nhuan Jewelry Company and Saigon Jewelry Company surged by VND600,000 (US$23.4) for buying and VND300,000 (US$11.7) for selling compared to the previous session yesterday, listing the buying gold price at VND96.5 million (US$3,778) per tael and the selling gold price at VND98.2 million (US$3,846).
Both Bao Tin Minh Chau Jewelry Company and Phu Quy Gold Investment Joint Stock Company also raised the buying price by VND600,000 (US$23.4) per tael and the selling price by VND300,000 (US$11.7) per tael, listing gold bullion at VND96.6 million (US$3,783) per tael for buying and VND98.2 million (US$3,846) per tael for selling.
Mi Hong Gold Shop in Ho Chi Minh City increased both buying and selling prices by VND300,000 (US$11.7) per tael, listing at VND96.8 million (US$3,793) per tael for buying and VND98 million (US$) per tael for selling.
This morning, Saigon Jewelry Company increased the price of 9999 gold rings by VND600,000 (US$23.4) per tael for buying and VND300,000 (US$11.7) per tael for selling compared to yesterday afternoon, briefly recovering at VND96.4 million (US$3,767) per tael for buying and VND98 million (US$3,829) per tael for selling.
Both Bao Tin Minh Chau Jewelry Company and Phu Quy Gold Investment Joint Stock Company also raised the buying price and the selling price, trading at VND96.6 million (US$3,783) per tael for buying and VND98.8 million (US$3,863) to VND98.9 million (US$3,873.1) per tael for selling.
Phu Nhuan Jewelry Company kept the price of 9999 gold rings unchanged from yesterday, trading at VND96.1 million (US$3,755) per tael for buying and VND98.7 million (US$3,859) per tael for selling.
After adjustments on March 26 morning, the highest price of 9999 gold rings is currently at VND98.9 million (US$3,873.1) per tael, about VND2 million (US$78.2) per tael lower than the peak recorded last week.
On the global gold market, the price for New York spot gold closed on the night of March 25 at US$3,019.7 per ounce, up US$8.2 per ounce from the previous session.
As of March 26 morning (Vietnam time), spot gold on the Kitco hit US$3,022.7 per ounce, an increase of US$3 per ounce compared to the New York closing price. After conversion, this price is equivalent to VND94 million (US$3,671) per tael, which is around VND4.2 million (US$164) per tael lower than SJC-branded gold bars and around VND4.9 million (US$191) per tael lower than 9999 gold rings.
