Vietnam's Gold Prices Surge as Global Rates Near $4,426

Vietnam's domestic gold prices surged on August 11, with SJC gold bars listed at VND 145.5 million per tael for selling, a significant increase of up to VND 2 million per tael compared to the previous day. The rally was fueled by global gold prices climbing close to USD 4,426 per ounce, narrowing the premium over domestic prices to VND 5-6 million per tael.

Notably, gold ring prices at Bao Tin Minh Chau continued to outperform SJC gold bars, with a selling price of VND 146.4-146.5 million per tael, up by VND 2.2 million per tael from the previous day and nearly VND 1 million per tael higher than the SJC gold bar selling price.

The State Bank of Vietnam's central reference rate increased by VND 25 on August 11, while commercial banks' USD prices decreased, creating a contrasting monetary landscape that indirectly impacts conversion costs and the gold-holding sentiment of the public.