Gold rebounds to above VND66 million per tael

The price of SJC gold in Vietnam made a U-turn, climbing to more than VND66 million per tael (1.2 ounces) while the global gold price moved inversely, so SJC gold is currently nearly VND18 million per tael higher than the global gold price.

After two days of strong fluctuations, the SJC gold price jumped by more than VND1 million per tael compared to the end of the previous day on July 20.

Saigon Jewelry Company quoted gold price at VND64.5 million per tael for buying and VND66.3 million per tael for selling at around 4 p.m. in Ho Chi Minh City, an increase of VND1.1 million per tael in the buying rate and VND1 million per tael in the selling rate.

At the same time in Hanoi, Phu Quy Group listed SJC gold price at VND64.1 million per tael for buying and VND66.1 million per tael for selling, up VND1.1 million per tael in the buying rate and VND1.2 million per tael in the selling rate.

The gap between the buying and selling prices was still kept at VND1.6-2 million per tael by gold traders but narrowed compared to the level of VND1.5-3 million the previous day.

On the world gold market, bullion closed slightly higher at US$1,713.8 an ounce in New York. At about 4 p.m. on July 20 (Vietnam time), the spot gold price on the Kitco floor dropped by about $4 an ounce to $1,709.8 an ounce. This price after conversion is equivalent to VND48.5 million per tael, VND17.8 million per tael lower than the SJC gold price.