Domestic gold price increases after week-long standstill

The prices of SJC-branded gold bars rose by VND1 million ($39.6) per tael on August 20 after being kept unchanged for one week.

The four State-owned commercial banks, namely Agribank, BIDV, Vietcombank and Vietinbank, and the Saigon Jewelry and Germ Stone Co. (SJC) listed the selling prices of the gold bars at VND81 million ($3.213) per tael.

In the global market, the gold price skyrocketed to $2,501.8 per ounce at 9am on the same day.

At this level, gold prices in Vietnam are around VND5 million ($198.3) a tael higher than global price.

The four banks and the SJC have been solely permitted to directly purchase SJC gold bars from the central bank to sell to the public from June 3 as part of measures to stabilize the gold market.