The Saigon Jewelry and Germ Stone Co. (SJC) raised the selling price of the SJC-branded gold bars to VND90 million ($3,353) per tael on October 30 following the recovery of the global gold price.

The price increased by VND1 million ($39.2) per tael compared to the previous day.

Meanwhile, the four State-owned banks, including Agribank, BIDV, Vietcombank and Vietinbank, kept the selling price at VND89 million per tael.

The SJC, together with the four State-owned commercial banks, have been permitted 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 skyrocketed to $2,783 per ounce on October 30, equal to VND87 million per tael.

At this level, gold prices in Vietnam are around VND3 million ($117) a tael higher than global price.