Gold Prices in Vietnam Drop VND 200,000 as Global Market Weakens

Vietnam’s domestic gold market turned lower on Tuesday morning (August 20), following the downward trend of international prices, while the central exchange rate was adjusted higher by the State Bank of Vietnam. The buying–selling gap remains wide, ranging from VND 1 million to VND 3 million per tael.

Domestic gold prices retreat

As of 9:30 a.m., SJC gold bars at both Saigon Jewelry Company (SJC) and Doji were quoted at VND 123.8 – 124.8 million per tael (buy–sell), down VND 200,000 from the previous session.
At Phu Quy, SJC gold stood unchanged at VND 122.8 – 124.8 million per tael.

For jewelry gold, Phu Quy lowered prices by VND 200,000 to VND 116.5 – 119.5 million per tael, while Bao Tin Minh Chau kept rates steady at VND 117.2 – 120.2 million per tael.

The spread between buying and selling prices remains high:

SJC gold: VND 1 – 2 million per tael

Jewelry gold: around VND 3 million per tael

International gold weakens

On the global market, spot gold slipped USD 20 per ounce, trading around USD 3,314/oz. Converted at Vietcombank’s exchange rate, this equals approximately VND 105.9 million per tael, about VND 18 million lower than domestic SJC gold prices.

Central exchange rate climbs, USD strengthens

The State Bank of Vietnam set the central exchange rate at VND 25,263/USD, up 8 dong compared with the previous session.

Commercial banks also adjusted their rates within the +/-5% trading band:

Vietcombank: 26,110 – 26,500 VND/USD (buy–sell), up 10 dong

Vietinbank, BIDV: 26,141 – 26,501 VND/USD, up 10 dong

Eximbank: 26,120 – 26,500 VND/USD, up 20 dong