Vietnam Gold Prices Converge with Global Markets

The difference between domestic and world gold prices has been narrowing rapidly in recent weeks. According to data from August 1st to August 24th, while international gold increased by more than $568 USD/ounce, equivalent to about 18 million VND/tael when converted, SJC gold price only increased by 8 million VND/tael.

The world gold price started at $4,041.7 USD/ounce on August 1st and rose to $4,610.1 USD/ounce by August 24th, a increase of about 14.1%. The selling price of SJC gold bars increased from 141 million VND/tael to 149 million VND/tael during the same period, an increase of about 5.7%.

The difference between domestic and world gold prices decreased by nearly 10 million VND/tael over the past three weeks. On August 1st, SJC gold price was nearly 13 million VND/tael higher than the converted world gold price, but by August 24th, the difference was only about 2.8 million VND/tael.