Vietnam Gold Market Update: Ring Gold Rises Slightly, SJC Price Remains Flat

During the morning trading session on August 7, the price of ring gold continued its upward trend at several local gold firms, while the price of SJC-branded gold bars remained unchanged at a high level for the second consecutive day.

Ring Gold Inches Closer to VND 120 Million per Tael

As of 9:00 AM, Phu Quy Gold Company listed the price of ring gold at VND 116.8 – 119.8 million per tael (buy – sell), up by VND 100,000 per tael compared to the previous session. Meanwhile, Bao Tin Minh Chau maintained its listing at VND 117.8 – 120.8 million per tael.

This slight increase in ring gold reflects continued demand for safe-haven assets amid rising uncertainty in global financial markets.

SJC Gold Remains Unchanged, Wide Bid-Ask Spread Persists

In contrast to ring gold, the price of SJC gold bars showed no new adjustments. At Saigon Jewelry Company (SJC) and Doji Group, SJC gold was quoted at VND 122.2 – 123.8 million per tael. Phu Quy listed the price slightly lower, at VND 121.2 – 123.8 million per tael.

The bid-ask spread for SJC gold remains high, ranging from VND 1.4 to 1.6 million per tael, indicating a cautious approach by retailers amid global market volatility.

Global Gold Price Steady Around $3,381 per Ounce

On the international market, spot gold traded around $3,381 per ounce, up roughly $4 from the previous session. Converted using the Vietcombank exchange rate, the global gold price is equivalent to approximately VND 107.6 million per tael—still significantly lower than domestic prices, particularly for SJC gold.

This wide gap continues to raise concerns about market stability and questions the effectiveness of Vietnam’s gold market regulation policies.

USD Exchange Rate Slightly Lower at Commercial Banks

On the same day, the State Bank of Vietnam set the central exchange rate at VND 25,239 per USD, an increase of 7 dong from the previous day. However, commercial banks saw slight declines in their USD rates:

Vietcombank: VND 26,050 – 26,410/USD, down 10 dong

BIDV: VND 26,050 – 26,410/USD, down 5 dong

Agribank: VND 26,050 – 26,390/USD, down 20 dong

VietinBank: VND 26,040 – 26,400/USD, unchanged

These developments reflect a relatively stable domestic foreign exchange market, even as global pressures remain a factor.