Gold prices surge to record $4,730 per tael in Vietnam

This marked a staggering VND8.5-million ($328) spike in merely two days, fueled by a dramatic global gold rally.

At 10:30 am the same day, global gold prices skyrocketed to $3,484 per ounce, up $155 from the previous weekend.

The hike brought international gold rates close to the $3,500 threshold, far exceeding forecasts by major financial institutions.

Converted at current bank exchange rates, the international gold price equates to approximately VND109.6 million per tael.

Following the surge, SJC, the largest gold firm in Vietnam, raised the selling price of SJC gold bars to VND122.5 million per tael and the buying price to VND120.5 million ($4,650) per tael.

Other gold products followed suit.

SJC’s 9999 gold rings were sold at VND119.6 million ($4,615) per tael and bought at VND116.5 million ($4,495), up VND3.6 million ($139) and VND3.5 million ($135), respectively from the previous rates.

Phu Nhuan Jewelry JSC (PNJ) also quoted SJC gold bars at VND122.5 million for selling and VND120.5 million for buying.

PNJ’s 9999 gold rings sold for VND120 million ($4,630) per tael.

Meanwhile, Bao Tin Minh Chau reported its 9999 gold ringsa were selling for VND122.5 million ($4,730) and being bought for VND119.5 million ($4,613) per tael.

(1 tael = 37.5 grams)