On April 22, the price of SJC gold bars continued to rise by VNĐ4.5 million (US$173.7) per tael, while plain gold rings increased by VNĐ3.5 million compared to yesterday.

At 10am, Saigon Jewelry Company (SJC) listed gold bar prices at VNĐ120.5-122.5 million ($4,688-$4,767) per tael. This marked an increase of VNĐ4.5 million in buying and selling prices compared to the previous day.

A tael is equivalent to 1.2 ounces.

Other gold retailers, including PNJ and Bảo Tín Minh Châu, also adjusted their gold prices in line with SJC.

With this adjustment, gold bars reached a new all-time high. The price gap between buying and selling remained at VNĐ2 million.

SJC listed plain gold ring prices at VNĐ116.5-119.5 million per tael.

Bảo Tín Minh Châu also raised prices for this item to VNĐ119.5-122.5 million per tael.

The price gap between buying and selling plain gold rings is maintained at VNĐ2.5-3 million per tael by retailers.

At 9.30am, Bảo Tín Minh Châu’s two gold stores on Trần Nhân Tông Street were packed with people lining up to buy gold.

Each customer was allowed to buy only one mace (one-tenth of a tael) per transaction.

Staff reported that around 200 queue numbers had already been distributed at that point.

Domestic gold prices surged immediately following a new record high in the global gold market.

By the close of trading on April 21, the global spot gold price had jumped to $3,423 per ounce.

In the morning session of April 22, prices continued climbing, reaching a new all-time high of $3,448 per ounce.

Gold prices are rising due to a weakening US dollar and growing demand for safe-haven assets amid escalating trade tensions between the US and China.

Analysts say volatile tariff measures and ongoing trade disputes are fuelling capital inflows into gold, especially in Asia’s retail markets. — BIZHUB/VNS

Read original article here