In Vietnam, SJC gold bar price hits record high of $4,440 per tael

Combined with the morning session’s VND3-million ($116) jump, the price of SJC gold bars has surged by a staggering VND6.5 million ($252) per tael in a single day.

This historic spike came as global gold prices neared the $3,300-per-ounce mark.

At 2:30 pm (local time), global gold prices climbed to $3,298 per ounce, up $69 from the previous day.

Based on current exchange rates, global gold is priced at around VND103.46 million per tael.

On Wednesday morning, the Vietnamese gold market witnessed a dramatic surge, with the selling price of SJC-branded gold bars jumping by VND3 million ($116) per tael, to an unprecedented VND111 million ($4,300).

However, the price quickly leapt to VND114.5 million per tael in the afternoon.

The buying price of SJC gold bullion also rose sharply, from VND108.5 million ($4,200) to VND112 million ($4,336) per tael.

The prices of 9999 gold rings followed suit.

SJC, the largest gold firm in Vietnam, quoted gold rings at VND113.3 million ($4,388) for selling and VND110.3 million ($4,272) for buying.

Phu Nhuan Jewelry JSC (PNJ) matched the market momentum, quoting gold bullion at VND114.5 million per tael for selling and VND112 million ($4,335) for buying.

PNJ-branded 9999 gold rings are trading at VND113.2 million ($4,380) per tael, with a buyback rate of VND110.2 million ($4,264).

Residents rush to buy and sell gold

Since early last week, SJC gold bar prices have risen by a total of VND12.6 million ($488.5) per tael, a record-breaking climb over a 10-day period.

Those who purchased gold when it was trading around VND90 million ($3,480) per tael are now reaping significant profits.

Despite a steep buy-sell gap of VND2.5 million ($96.8) per tael, recent buyers have still seen considerable returns, prompting many to seize the opportunity and sell.

As observed by a Tuoi Tre (Youth) newspaper reporter on Wednesday, large crowds gathered at the SJC headquarters on Nguyen Thi Minh Khai Street in District 3, Ho Chi Minh City.

People queued patiently to sell gold, mostly SJC gold bars, with some selling a single tael, while others offloaded larger amounts.

Conversely, there was also notable interest in buying 9999 gold rings.