The price of SJC-branded gold bars on August 1 increased by VND800,000 ($31.4) per tael compared to the previous day.

The four State-owned commercial banks, namely Agribank, BIDV, VietinBank and Vietcombank, and the Saigon Jewelry and Germ Stone Co. (SJC) offered the gold bars to the public at VND79.8 million ($3,142) per tael.

Meanwhile, in the global market, the gold price skyrocketed by $37 to $2,447 per ounce.

At this level, gold price in Vietnam was around VND4.3 million ($169.3) a tael higher than world price.

The four banks and the SJC were solely licensed to purchase gold bars from the State Bank of Vietnam to sell to the public from June 3 as part of measures to stabilize the domestic market.

The World Gold Council’s Q2 2024 Gold Demand Trends report showed that gold bar and coin demand in Vietnam in the second quarter of this year jumped 30% year-on-year to 12 tons.

The country's total demand for gold bars and coins was 26 tons in the first half of this year, the highest level since 2014.