SJC Gold Holds Firm at VND 125 Million Despite Global Price Decline

Despite a sharp drop in international gold prices, Vietnam’s SJC bullion remained stable at VND 125 million per tael on Monday morning (August 19), while the central exchange rate continued to edge higher.

Domestic gold prices steady, wide buy-sell spread

As of 9:10 a.m., Saigon Jewelry Company (SJC) and Doji quoted gold bars at VND 124 – 125 million/tael (buy – sell). Phu Quy Group also listed prices at VND 123 – 125 million/tael, unchanged from the previous session.

In the jewelry segment, Phu Quy adjusted slightly lower by VND 100,000 to VND 116.7 – 119.7 million/tael, while Bao Tin Minh Chau maintained its rate at VND 117 – 120 million/tael.

Notably, the spread between buying and selling prices remains wide. SJC bullion carries a difference of VND 1 – 2 million/tael, while jewelry gold shows a gap of up to VND 3 million/tael, reflecting cautious market sentiment amid global volatility.

International gold under pressure

Globally, spot gold fell to USD 3,334/ounce on Monday morning, down USD 17 from the previous session. Converted at Vietcombank’s exchange rate, this equals roughly VND 106.4 million/tael, significantly lower than domestic prices.

USD exchange rate continues upward trend

The State Bank of Vietnam set the central exchange rate at VND 25,255/USD, an increase of 10 dong compared to the prior session.

Within the +/-5% trading band, Vietcombank listed the dollar at VND 26,090 – 26,480/USD, also up 10 dong. BIDV and VietinBank quoted the same range at VND 26,120 – 26,480/USD, while Eximbank kept its rate unchanged at VND 26,070 – 26,470/USD.

Market outlook

Analysts note that the domestic gold price holding firm despite global weakness underscores strong safe-haven demand. Future trends will likely hinge on global economic conditions, the strength of the U.S. dollar, and monetary policy decisions from the Federal Reserve.