At the Saigon Commercial Bank (Sacombank), SBJ gold price stood at VND22.24-22.3 million/tael. In Ho Chi Minh City, the Phu Nhuan Gold, Silver and Gemstone Company was buying gold at VND22.2 million/tael and selling it at VND22.3 million/tael.

At 12.55pm on September 16, gold on the world market was being sold at US$1,016/ounce and was likely to rise further to US$1,034/ounce.

The domestic price of gold is VND100,000/tael lower than the world price. In the afternoon on September 16, Vietnam’s silver and gold companies continuously adjusted their gold prices to conform to the global upward trends.

However, people seem unconcerned about the continuous rise of gold prices even though the market is slow going. There were only a few investors selling small amounts of gold on September 16, according to representatives of Bao Tin Minh Chau and PNJ Hanoi.

Meanwhile, on the SBJ gold floor, the amount of gold transactions increased due to gold investors trying to take advantage of the soaring prices. By 3.03pm, 423,000 taels of gold had been transacted.