On the evening of August 18, what caused the price of SJC gold bars to continuously set new peaks?

(NLDO) – The price of SJC gold bars has not stopped increasing as it climbed to a new peak despite the world price only increasing slightly.

At the end of August 18, the price of SJC gold bars was simultaneously listed by SJC, PNJ, and DOJI companies at a new peak, 124 million VND/tael for buying, 125 million VND/tael for selling, an increase of 300,000 VND/tael compared to the morning.

During the day, the price of gold increased by a total of 500,000 VND/tael and is at its highest level ever. The price of gold bars continues to increase continuously and each peak is higher than the previous one.

Even in the free market, some small shops traded SJC gold bars at around 124.9 million VND/tael for buying and 125.7 million VND/tael for selling, an increase of 200,000 VND compared to yesterday. The price of free SJC gold bars is approaching a new peak, approaching 126 million VND/tael.

Similarly, the price of 99.99% gold rings and jewelry gold also continued to increase when businesses pushed it up to 117 million VND/tael for buying and 119.5 million VND/tael for selling, an increase of 200,000 VND/tael compared to the morning.

Experts explain the reason for the shocking increase in gold prices

The domestic gold market continuously surprises, not only increasing faster than the world but also continuously setting new peaks.

What is causing the domestic gold price to not stop "surging"? Talking to a reporter from Nguoi Lao Dong Newspaper on the evening of August 18, gold expert Tran Duy Phuong said that the price of SJC gold bars is separate from the world price, in the context of scarce supply. In fact, although the price of SJC gold bars reached a peak of 125 million VND/tael at large gold businesses, there were no customers asking to buy or buying in small quantities, lining up to buy 1 tael at a time.

"Even in the free market, although the price of SJC gold bars is approximately 126 million VND/tael, the market is still lacking sellers. The scale of the gold bar market is increasingly narrowing, causing prices to increase rapidly when supply is limited. In case the State Bank has a solution to increase supply or intervene, such as selling gold to commercial banks and large companies in the previous period, the gold price will cool down" - Mr. Phuong analyzed.

In the international market, the gold price tonight is trading at 3,340 USD/ounce, down slightly 5 USD/ounce compared to this morning. The world gold price is fluctuating within a narrow range and cannot break out in the short term. On the contrary, the domestic gold price is constantly increasing.

This development caused the gap between domestic and world gold prices to widen to 18.5 million VND/tael. This is a very high difference between the price of SJC gold bars and the world price.

Source: https://nld.com.vn/toi-18-8-dieu-gi-khien-gia-vang-mieng-sjc-lien-tiep-lap-dinh-moi-196250818205330656.htm