Gold price bounces back

The prices of SJC-branded gold bars rose by VND1.5 million ($60.6) per tael on September 17 compared to the previous day.

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 VND82 million ($3.317) per tael.

In the global market, the gold price climbed to $2,587.98 per ounce, equal to VND78 million per tael, at 10am on the same day.

At this level, gold prices in Vietnam are around VND4 million ($161.8) 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.