The SJC gold price increased to VND10.69 million (roughly US$673.5) a tael (1.3 ounces) on March 18, up VND100,000 from early this week.
In the international market, oil price jumped past US$64 a barrel and US dollar slipped to the lowest rate of the past seven weeks (EUR1>US$1.22), causing a slight increase in the global gold price.
The global gold price on Saturday was US$555 an ounce, US$12.8 higher than that of early this week.
Local jewelry businesses, taking advantage of the domestic gold price being equal to or higher than the global one in some previous days, imported enough gold material for their production.
Currently, the gold sells higher in the local than in the global markets, leading to a freeze in the sale of this precious metal.