Gold price hits new record in Vietnam
The price of SJC gold bars in Vietnam continued to rise on Wednesday, up by VND4.5 million ($173.7) per tael from the previous day, while plain gold rings increased by VND3.5 million.
A customer buys gold at a Bao Tin Minh Chau store in Hanoi. Photo courtesy of VNA.
At 10am, Saigon Jewelry Company (SJC) listed gold bar prices at VND 120.5-122.5 million ($4,688-4,767) per tael. This marked an increase of VND 4.5 million in buying and selling prices compared to April 21.
A tael is equivalent to 1.2 ounces.
Other gold retailers, including PNJ and Bao Tin Minh Chau, also adjusted their gold prices in line with SJC.
With this adjustment, gold bars reached a new all-time high. The price gap between buying and selling remained at VND 2 million.
SJC listed plain gold ring prices at VND 116.5-119.5 million per tael.
Bao Tin Minh Chau also raised prices for this item to VND 119.5-122.5 million per tael.
The price gap between buying and selling plain gold rings is maintained at VND 2.5-3 million per tael by retailers.
At 9.30am, Bao Tin Minh Chau’s two gold stores on Tran Nhan Tong street were packed with people lining up to buy gold.
Each customer was allowed to buy only one mace (one-tenth of a tael) per transaction.
Staff reported that around 200 queue numbers had already been distributed at that point.
Domestic gold prices surged immediately following a new record high in the global gold market.
By the close of trading on April 21, the global spot gold price had jumped to $3,423 per ounce.
In the morning session of April 22, prices continued climbing, reaching a new all-time high of $3,448 per ounce.
Gold prices are rising due to a weakening US dollar and growing demand for safe-haven assets amid escalating trade tensions between the US and China.
Analysts say volatile tariff measures and ongoing trade disputes are fuelling capital inflows into gold, especially in Asia’s retail markets.
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