Vietnamese Gold Prices Continue to Rise Amid Strong Demand

Gold prices continued to rise on August 25th, with a buying and selling spread remaining high. According to the price list of Saigon Jewelry Company Limited (SJC), gold bars of 1 tael, 10 taels, and 1kg were listed at VND 147.6 million/tael for buying and VND 150.6 million/tael for selling. This represented a price increase of VND 600,000/tael in both directions compared to the previous day.

The buy-sell spread remained at VND 3 million/tael, while SJC gold (5 tael) was priced at 147.6 million VND/tael for buying and 150.62 million VND/tael for selling. The difference between the buying and selling prices was 3.02 million VND/tael.

Gold jewelry, in particular, saw a significant price increase, with SJC 99.99% pure gold rings of 1, 2, and 5 taels listed at 147.1-150.1 million VND/tael. The buy-sell spread for these products was 3.1 million VND/tael.

Economic experts advised people not to borrow money to buy gold and to consider the buy-sell spread before making a decision. They also suggested diversifying into deposits, stocks, mutual funds, or investments in production and business to help spread risk and limit speculation and hoarding of gold.