Domestic gold price kept unchanged amid increasing global price

The price of SJC-branded gold bars in the domestic market was kept unchanged on August 9 compared to the previous day amid the increase of the global price.

The four State-owned commercial banks, namely Agribank, BIDV, VietinBank and Vietcombank, and the Saigon Jewelry and Germ Stone Co. (SJC) sold the gold bars to the public at VND78.5 million ($3,102) per tael.

In the global market, the gold price skyrocketed to $2,420.8 per ounce on August 9.

At this level, gold price in Vietnam was around VND5 million ($197.6) a tael higher than world price.

Experts said the global gold price bounced back following expectations of strong interest rate cut by the U.S. Federal Reserve next month.