The selling price of SJC-branded gold bars in the domestic market hit a record high over the past five months at VND88 million ($3,471) per tael on October 21 amid the continuous increase of the global gold price.

The price rose by VND2 million ($78.9) per tael compared to the previous day.

This marked the strongest increase of the gold bars since June this year when the four State-owned commercial banks, namely Agribank, BIDV, Vietcombank and Vietinbank, and the Saigon Jewelry and Germ Stone Co. (SJC) allowed to sell gold to the public.

The move was made as part of measures taken by the State Bank of Vietnam to stabilize the domestic gold market.

In the global market, the gold price surged by $12 to reach a new record of $2,732 per ounce.

At this level, gold prices in Vietnam are around VND3.5 million ($138) a tael higher than global price.