Gold prices jumped in the markets on August 12. Each tael of the State-owned SJC gold was listed at VND33.72 million (US$1,528), an increase of VND800,000 (US$36.2) from previous day's rate.
While Sai Gon and Doji Gold and Gems Group listed their selling price at VND33.72 million ($1,528) per tael, Bao Tin Minh Chau Gold and Jewellery Company (BTMC) listed their price at VND33.7 million ($1,519) each tael of gold.
Representatives of DOJI Group said the prices increased significantly after remaining lower than VND33 million ($1,495) per tael for a long time. The group also reported more gold buyers in the day, adding that buying/selling rate was 80/20.At the same time, Phu NHuan Jewellery JSC thought global financial changes would further negatively impact the gold prices in the coming days.
On the global gold trading floor, kitco.com, one ounce of gold was traded at $1,117.9 ($1,347 per tael).
According to Reuters.com, gold rose for a fifth session in a row on Wednesday, hitting a fresh three-week high as the dollar and European equities slid on concerns over China's devaluation of its currency. Earlier in the day, the People's Bank of China set the yuan's midpoint reference rate weaker than Tuesday's surprise 2 percent devaluation.
Thus, the gap between local gold prices and the international prices was $181 on August 12.
The exchange rate was calculated for the local gold prices with Vietcombank's latest rate of VND22,060 per dollar.
On the same day, the State Bank of Viet Nam announced on its website that the local currency could now trade at as much as plus or minus two per cent of the fix price by the central bank, instead of one per cent previously. The dong's fix was still 21,673 per dollar. However, following the adjustment, the ceiling rate was VND22,106 per dollar.