Domestic gold prices up in line with global moves

Gold prices in the domestic market continued to rise on November 19 as global rates remain on an upwards trajectory.

The Saigon Jewelry and Germ Stone Co. (SJC) sold SJC-branded gold bars at VND85 million ($3,330) per tael on the day, up by VND1 million ($39.2) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, the four State-owned commercial banks - Agribank, BIDV, VietinBank, and Vietcombank - offered gold bars at VND84.7 million ($3,320) per tael on November 19, up by VND700,000 ($27.4) per tael against the previous day.

The selling price of gold rings rose by VND900,000 ($35.2) to VND1.45 million ($56.8) per tael compared to the previous day, to VND84 million ($3,293) to VND84.8 million ($3,324) per tael.

Prices in the global market skyrocketed on November 19, to $2,623.54 an ounce, or nearly VND82.5 million per tael.

At this level, gold prices in Vietnam stand at around VND2.5 million ($98.01) a tael higher than the global price.