Domestic gold prices keep soaring following global trend

Gold prices in the domestic market keep soaring  as global rates remain on an upwards trajectory.

The Saigon Jewelry and Germ Stone Co. (SJC) and the State-owned commercial banks - Vietinbank - sold SJC-branded gold bars at VND98.2 million ($3,822) per tael on March 18, up by VND2.1 million ($81.7) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, the three State-owned commercial banks - Agribank, BIDV, and Vietcombank - offered gold bars at a lower price at VND96.9 million ($3,771) per tael, rising by VND800,000 ($31.1) per tael against the previous day.

The selling price of gold rings surged by between VND1.8 million ($70.7)- VND2.1 million ($81.7) per tael on March 18 compared to the previous day, hitting from VND98.1 million ($3,818) to VND99.1 million ($3,857) per tael, depending on each company.

Prices in the global market skyrocketed March 18 to $3,028 an ounce, or nearly VND94.83 million per tael.

At this level, gold prices in Vietnam stand at around VND3.27 million ($127.2) a tael higher than the global price.