Gold prices in Vietnam saw a modest decline of VND 200,000 per tael (approx. 37.5 grams) on the morning of August 4th, although prices remained near record highs. Meanwhile, the central exchange rate and USD rates at commercial banks also saw minor adjustments.
SJC Gold Slides, Still Hovering at Elevated Levels
As of 9:20 AM, Saigon Jewelry Company (SJC) and Doji listed SJC gold at VND 121.7–123.3 million per tael (buy/sell). Phu Quy reported slightly lower buying prices at VND 120.5–123.3 million per tael, down VND 200,000 from the previous session.
Gold jewelry prices also followed a similar downward trend. At Phu Quy, gold rings were quoted at VND 116–119 million per tael. Meanwhile, Bao Tin Minh Chau kept prices unchanged at VND 117.2–120.2 million per tael.
Notably, the spread between buying and selling prices remains significantly high. For SJC gold, the gap is around VND 2 million per tael, while gold jewelry sees a spread as high as VND 3 million.
Global Gold Prices Inch Up, Still Lower Than Domestic Levels
In international markets, gold hovered around USD 3,355 per ounce, up USD 3 from the previous session. When converted using Vietcombank’s USD exchange rate, this equates to approximately VND 106.6 million per tael—still far below domestic selling prices.
USD Exchange Rate Drops Slightly at Major Banks
On the same morning, the State Bank of Vietnam listed the central exchange rate at VND 25,240/USD, down 9 VND from the prior day. Commercial banks also adjusted their rates:
Vietcombank: VND 25,980 – 26,370/USD (down 20 VND)
VietinBank: VND 26,002 – 26,362/USD (down 16 VND)
BIDV: VND 26,030 – 26,390/USD (down 10 VND)
Eximbank: VND 25,980 – 26,370/USD (down 20 VND)
Investor Insight: Stay Cautious Amid Wide Price Spreads
Despite the slight correction, domestic gold remains significantly more expensive than global prices. The wide buy-sell spread—particularly for gold jewelry—poses potential risks for investors seeking short-term profits.
While the softer USD may support local demand, broader market uncertainties—such as global monetary policies and geopolitical tensions—continue to influence price movements. Investors are advised to monitor both domestic and international developments closely and adopt a cautious strategy in this volatile environment.
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