Gold prices jump by nearly one million dong.

Each ounce of gold increased by nearly one million dong this morning due to yesterday's rise in global prices. The gap between domestic and international gold prices has widened further.

At 8:50 AM this morning, DOJI Group announced the retail price of SJC gold bars at 43.40 - 43.62 million VND. Compared to the end of August 21st, the price increased by 500,000-620,000 VND respectively, and compared to the beginning of the day, the selling price increased by as much as 800,000 VND.

Similarly, gold prices at Phu Nhuan Jewelry Company this morning also followed the upward trend. As of 9:17 AM, SJC gold there stood at 43.60 million VND, 200,000 VND higher than the buying price. PNJ brand gold was listed at 43.40 - 43.55 million VND per tael. Compared to 9 AM yesterday, the selling price of SJC gold here is 930,000 VND higher.



Domestic gold prices surged unusually high to 43 million VND in the middle of yesterday, and continued to rise to 43.6 million VND this morning. Photo: TB

The global market saw an increase of approximately $15 this morning compared to the same time on August 21st, equivalent to less than 390,000 VND per tael (approximately 37.5 grams) when converted to Vietnamese currency. Simultaneously, domestic prices jumped by 800,000 to 930,000 VND, further widening the gap between domestic and international gold prices. Currently, the difference between domestic and international gold has reached 2.4 million VND (calculated using the bank exchange rate and including all costs). This gap far exceeds the 2 million VND difference from yesterday afternoon and 1.8 million VND from the end of last week.

Meanwhile, world gold prices just reached their highest level in over three months, following news that the European Central Bank intervened to help Italy and Spain. During the session, the price briefly jumped to $1,641.20, the highest since the beginning of May. As of 9:00 AM Hanoi time, each ounce was equivalent to $1,639.20, up $0.60 from the opening price.

Yesterday, the media buzzed with reports that the ECB might be planning in detail to prevent borrowing costs from rising further in Spain and Italy. Investors will continue to await the US Federal Reserve meeting later today to see if the Fed will launch any easing package.

According to Vnexpress - NT