The selling price of SJC-branded gold bars in the domestic market skyrocketed to VND86 million ($3,420) per tael on October 16, a record high since State-owned commercial banks permitted to sell gold to the public in June this year.

The price increased by VND1 million ($39.7) per tael compared to the previous day.

The four State-owned commercial banks, namely Agribank, BIDV, Vietcombank and Vietinbank, and the Saigon Jewelry and Germ Stone Co. (SJC) have been allowed to sell gold to the public since June 3 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 nearly $4 to reach $2,666 per ounce, equal to VND82 million per tael.

At this level, gold prices in Vietnam are around VND4 million ($159) a tael higher than global price.