Commodities
Vietnamese Gold Prices Surge on Global Price Increases
The Vietnamese gold market experienced a significant surge on August 22 as SJC gold bar prices rose to VND147.6 million per tael, marking the highest level since July 16.
This increase was driven by a sharp jump in global gold prices, which surpassed USD4,600 per ounce in the previous trading session.
The gap between SJC gold prices and global gold prices has narrowed to around VND1-2 million per tael, down from VND3.2 million on August 21.
Dr. Ngo Minh Hai, Vice President of Ho Chi Minh City University of Economics and Finance (UEF), attributed the narrowing gap to increased direct supply and market controls implemented by the State Bank of Vietnam.