Vietnamese Gold Prices Struggle to Keep Pace with Global Surge

Global gold prices have surged in recent weeks, but surprisingly, SJC gold prices in Vietnam are lagging behind. On August 21st, the buying price of SJC gold bars at major brands was approximately 1.4 million VND/ounce lower than the converted global gold price.

This unusual development occurred amidst a sharp increase in global gold prices, with spot gold prices reaching $4,590 per ounce, the highest level in over three months. In just about three weeks, the price of gold worldwide has increased by nearly $600 per ounce, equivalent to about 15%, from around $4,000 per ounce to over $4,500.

However, domestic gold prices are rising at a slower pace than world gold prices. The State Bank of Vietnam's measures to increase the supply of SJC gold bars and stricter requirements regarding invoices, payments, and transaction transparency have led to a more synchronized market.