Domestic gold prices are likely to set another new record as it reached VND47.85 million a tael as of 11:45am today as world price has topped US$1,880 an ounce this morning.
Domestic price rose by VND700,000 a tael compared with the closing of yesterday session, while world price dropped to $1,872 an ounce as of 11:44am.
The bid and ask price difference of gold bullion is recorded at VND300,000 a tael.
Saigon Jewelry Co (SJC), Vietnam biggest gold trader, said it had adjusted prices 9 times since today’s opening session.
Although domestic gold price constantly fluctuated, there were few transactions recorded at private gold shops as most consumers have sold out when the price hit VND40 million and could not afford to buy back this time.
Dollar selling prices at banks today were quoted at the ceiling rate of VND20,824 a dollar, while the buying price at the black market was VND20,824 a dollar and selling price VND21,000 a dollar.