Domestic gold price lower than world price

Although the gold price on the domestic market is VND200,000 – 250,000 per tael lower than the world price, the market is not picking up.

At closing on December 15, the price of SJC gold in Hanoi was quoted on the company’s website at VND17.040 million/tael (purchase) and VND17.120 million/tael (sale). Meanwhile the prices of Bao Tin-Minh Chau gold were VND16.940 million and VND17.040 million per tael. The domestic gold price only rose by VND200,000 per tael compared to late last week while the world price increased by more than US$30 to US$830 per ounce.

Domestic gold prices being the same as or even lower than the world’s price is an unprecedented phenomenon on the domestic market. Domestic businesses often keep prices higher than the world price in case the State stops granting licenses to import gold. However, the quick recovery of the world market in recent times and weak purchasing power on the domestic market has made the domestic price lower than the world price.

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