The price of a SJC-branded gold bullion surpassed VND121 million (US$4,659) per tael, narrowing the gap with global gold prices to around VND16 million (US$616) per tael, down from nearly VND20 million (US$767) per tael last week.
As of 9:45 a.m. on May 22, the SJC gold bullion was traded at VND119.3 million (US$4,593) for buying and VND121.3 million (US$4,670) for selling at Saigon Gold and Jewelry Company (SJC), Phu Nhuan Jewelry Company (PNJ) and Bao Tin Minh Chau Jewelry Company, an increase of VND800,000 (US$30.8) for buying and VND300,000 (US$11.5) for selling compared to yesterday.
Phu Quy Group also increased its buying and selling prices by VND300,000 (US$11.5) per tael, trading at VND118.3 million (US$4,555) per tael for buying and VND121.3 million (US$4,670) per tael for selling.
The current price of 9999 gold rings has been adjusted to increase.
Phu Nhuan Jewelry Company increased the price of gold rings by VND800,000 (US$30.8) per tael for buying and VND300,00 (US$11.5) per tael for selling, trading gold at approximately VND113 million (US$4,351) per tael for buying and VND115.5 million (US$4,447) per tael for selling.
Meanwhile, SJC raised its gold prices by VND500,000 (US$19.3) per tael for both buying and selling, listing at VND112.5 million (US$4,335) per tael for buying and VND115.5 million (US$4,447) per tael for selling.
Phu Quy Group increased its gold prices by VND300,000 (US$11.5) per tael on both buying and selling, trading at VND112.8 million (US$4,344) per tael for buying and VND115.9 million (US$4,462) per tael for selling.
Similarly, Bao Tin Minh Chau Jewelry Company raised its prices by VND300,000 (US$11.5) for both buying and selling, listing at VND114.8 million (US$4,424) per tael for buying and VND117.8 million (US$4,535) per tael for selling.
On the global gold market, the spot gold price on Kitco closed at US$3,343.4 an ounce at 10:15 a.m. on May 22 (Vietnam time), increasing by US$40 an ounce from the previous session.
After conversion at the current exchange rate, this price is equivalent to VND105.3 million (US$4,054) per tael, which is about VND16 million (US$616) and VND10.5 million (US$404) to VND12.5 million (US$481) lower than SJC gold and 9999 gold ring prices respectively.
Global gold prices have increased for the third consecutive session, surpassing the US$3,300 per ounce mark because the US dollar has weakened, and concerns over economic and geopolitical instability are growing.
