Gold prices in Vietnam set new peaks

By Dinh Vu, Minh Hue
Sat, March 2, 2024 | 3:34 pm GMT+7

The price of SJC-branded gold bullions hit an all-time high of nearly VND81 million ($3,385) per tael Saturday, resulting in an expansion of VND2.2 million ($89.23) per tael this week.

The old peak of VND80 million was set up on December 26, 2023.

At Saigon Jewelry Co., Ltd (SJC), gold bullion prices continuously climbed. As of 10:30 a.m., the price of SJC gold bars in Hanoi was listed at VND78.4-80.92 million (buying-selling) per tael, up to VND1.2 million per tael from Friday.

Similarly, Doji Gold Co. also raised the price of SJC gold bars to VND78.15-80.65 million per tael.

Other than SJC gold bullions, the price of 24-carat gold rings also rose to a new peak to VND66.66-67.86 million ($2,752) per tael.

However, in the early afternoon, gold bullion prices decreased compared to the morning due to rising selling pressure. At 1:40 p.m., SJC listed the buying and selling prices at VND78.1-80.6 million.

Customers buy gold at a Bao Tin Minh Chau gold shop. Photo by The Investor/Trong Hieu.

Customers buy gold at a Bao Tin Minh Chau gold shop. Photo by The Investor/Trong Hieu.

On the international market, gold prices soared from $2,045 per ounce to nearly $2,090 per ounce Friday night. At 9:30 a.m. on Saturday, it stood at $2,083 per ounce.

The greenbacks’ price in the black market Saturday morning also increased by VND30-40 per USD, currently trading at VND25,370-25,440 per USD (buying - selling). At commercial banks, the USD price was VND24,440 - 24,810 per USD.

Gold prices increased sharply as new data on inflation showed that the U.S. Federal Reserve (Fed) was unlikely to cut interest rates in March, and would do so in the second half of 2024.

The U.S. Dollar Index (DXY), which measures the value of USD against a basket of six major currencies (the Euro, Swiss franc, Japanese yen, Canadian dollar, British pound, and Swedish krona), remained at a high level of about 104 points.

Several experts believe that domestic gold prices have risen following the increase in world gold prices. However, the current SJC gold price is significantly different from the international price, so the buying and selling prices of the yellow metal will still depend on the market management policy of the State Bank of Vietnam in the coming time.

Comments (0)
  • Read More
2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman

2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman

The cybersecurity breach that major Vietnamese brokerage VNDirect Securities encountered in 2024 was "an unfortunate incident, but also a lucky chance", chairwoman Pham Minh Huong said on Wednesday.

Finance - Thu, May 29, 2025 | 9:48 am GMT+7

Vietnam prioritizes smart, green seaport projects: Deputy PM

Vietnam prioritizes smart, green seaport projects: Deputy PM

Vietnam encourages smart and green seaport investments, as technical barriers related to CO2 emissions and CO2 taxes begin to be tightened up globally.

Infrastructure - Wed, May 28, 2025 | 10:07 pm GMT+7

New Zealand, Vietnam expand timber trade partnership

New Zealand, Vietnam expand timber trade partnership

New Zealand Forestry and Trade Minister Todd McClay on Tuesday unveiled a new bilateral agreement with Vietnam designed to boost timber exports and remove potential trade barriers in the two countries' forestry sectors.

Companies - Wed, May 28, 2025 | 8:53 pm GMT+7

Norway vows to support Vietnam's energy transition

Norway vows to support Vietnam's energy transition

Norway is committed to supporting Vietnam’s energy transition, Norwegian Ambassador to Vietnam Hilde Solbakken said at a technical seminar held in Hanoi on Wednesday.

Companies - Wed, May 28, 2025 | 8:49 pm GMT+7

Thailand expected to become regional luxury retail hub

Thailand expected to become regional luxury retail hub

Thailand's luxury retail market is valued at $4.4 billion and projected to grow by approximately 5% annually through 2028, placing the country at the forefront of luxury retail in Southeast Asia and seventh in Asia-Pacific, according to property consultant CBRE Thailand.

Southeast Asia - Wed, May 28, 2025 | 8:44 pm GMT+7

Indonesia affirms role as leading global maritime hub

Indonesia affirms role as leading global maritime hub

The Indonesia Maritime Expo, held as part of Indonesia Maritime Week 2025 on May 26-28, is the first large-scale maritime event in the country, aiming to affirm its role as a global maritime hub and promote the sustainable development of the region’s maritime industry.

Southeast Asia - Wed, May 28, 2025 | 8:41 pm GMT+7

Vietnam benchmark VN-Index hits 3-year high

Vietnam benchmark VN-Index hits 3-year high

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), recorded a four-day gaining streak on Wednesday, rising 2.06 points, or 0.15%, to 1,341.87 points - the highest since May 2022.

Finance - Wed, May 28, 2025 | 6:37 pm GMT+7

HSBC launches sustainability improvement loan in Vietnam

HSBC launches sustainability improvement loan in Vietnam

HSBC has introduced its Sustainability Improvement Loan, a new financing solution tailored for businesses with annual turnover less than $550 million, in Vietnam, after launching it in 12 markets including the UK, Middle East, Hong Kong and Singapore last year.

Banking - Wed, May 28, 2025 | 6:15 pm GMT+7

CMA CGM, Saigon Newport to jointly develop deep-sea terminal in northern Vietnam

CMA CGM, Saigon Newport to jointly develop deep-sea terminal in northern Vietnam

France's CMA CGM Group, a global player in sea, land, air, and logistics solutions, has signed a partnership agreement with Vietnam's Saigon Newport Corporation (SNP) to develop a deep-water terminal in Hai Phong city, northern Vietnam.

Infrastructure - Wed, May 28, 2025 | 5:01 pm GMT+7

Japan’s chipmaker Rapidus pledges semiconductor workforce training for Vietnam

Japan’s chipmaker Rapidus pledges semiconductor workforce training for Vietnam

Rapidus Corporation, a semiconductor manufacturer of Japan, has affirmed its readiness to train semiconductor workforce for Vietnam.

Economy - Wed, May 28, 2025 | 3:21 pm GMT+7

Corporate leaders offer insight into Vietnam's social housing investment landscape

Corporate leaders offer insight into Vietnam's social housing investment landscape

Corporate leaders explained why they are reluctant to invest in social housing, despite the enormous demand in Vietnam, and recommended solutions. Kim Ngan reports.

Real Estate - Wed, May 28, 2025 | 2:49 pm GMT+7

France’s pharma giant Sanofi to transfer vaccine production tech to VNVC factory in southern Vietnam

France’s pharma giant Sanofi to transfer vaccine production tech to VNVC factory in southern Vietnam

Sanofi will transfer vaccine production technology to a Long An province-based factory of Vietnam Vaccine Joint Stock Company (VNVC), whose construction began on Tuesday.

Companies - Wed, May 28, 2025 | 11:54 am GMT+7

Telco giant Viettel, S Korea’s KT partner to boost AI transformation in Vietnam

Telco giant Viettel, S Korea’s KT partner to boost AI transformation in Vietnam

Vietnam’s military-run telecom heavyweight Viettel has signed a strategic partnership agreement with KT, formerly known as Korea Telecom, to advance AI transformation (AX) in the Southeast Asian nation.

Companies - Wed, May 28, 2025 | 9:21 am GMT+7

Japanese companies should be 'early-bird investors' in Vietnam’s semiconductor industry

Japanese companies should be 'early-bird investors' in Vietnam’s semiconductor industry

Vietnam’s Deputy Prime Minister Nguyen Chi Dung has urged Japanese companies, particularly Kioxia Corporation, to take advantage of current opportunities and invest early in Vietnam’s emerging semiconductor industry.

Industries - Tue, May 27, 2025 | 10:03 pm GMT+7

French firms should invest more in renewable energy, infrastructure, agriculture: Vietnam's Deputy PM

French firms should invest more in renewable energy, infrastructure, agriculture: Vietnam's Deputy PM

French companies should enhance their business ties with Vietnam in the fields of high technology, sustainable development, renewable energy, infrastructure, transportation, and agriculture, says Deputy Prime Minister Ho Duc Phoc.

Investing - Tue, May 27, 2025 | 9:39 pm GMT+7

S Korean chipmaker Hana Micron to cut capacity at northern Vietnam plant on order shortage

S Korean chipmaker Hana Micron to cut capacity at northern Vietnam plant on order shortage

South Korean semiconductor player Hana Micron Vina Co. plans to reduce the initial capacity of its plant in Vietnam’s northern province of Bac Ninh by one-third due to a lack of orders.

Industries - Tue, May 27, 2025 | 4:55 pm GMT+7