By 10 a.m. local time, State-run Saigon Jewelry Company (SJC) and Bao Tin Minh Chau Jewelery and Gemstone Company had raised their SJC gold bar prices by VND1.2 million (US$45.17) per tael in both directions compared with the previous session.
SJC gold was quoted at VND125.6 million (US$4,728) for buying and VND126.6 million (US$4,766) for selling.
Phu Quy Group posted similar increases, listing SJC gold at VND124.6 million (US$4,690) for buying and VND126.6 million (US$4,766) for selling.
With this adjustment, SJC gold set an all-time high of VND126.6 million (US$4,766) per tael.
The price of 9999 plain gold rings also jumped to record levels as Bao Tin Minh Chau lifted its prices by VND1.1 million (US$41.4) to VND118.7 million (US$4,469) for buying and VND121.7 million (US$4,581) for selling.
SJC increased its rates by VND1 million (US$376), quoting at VND118.5 million (US$4,461) and VND121 million (US$4,555), respectively. Meanwhile, Phu Quy Group listed at VND118.3 million (US$4,454) for buying and VND121.3 million (US$4,566) for selling, up VND1.1 million (US$41.4) in both directions.
On the global market, gold closed at US$3,370.3 per ounce in New York on August 22, up US$33 from the previous session. Kitco reported a weekend closing price of US$3,371.23 per ounce. After conversion, the global price was equivalent to VND107.7 million (US$403) per tael, about VND18.9 million (US$712) lower than SJC gold bullion price and VND14 million (US$527) lower than 9999 gold ring price.
Global gold prices surged after U.S. Federal Reserve Chair Jerome Powell’s speech at the Fed’s annual Jackson Hole symposium on August 22 (local time).
