After a few days’ continual decrease, Saigon Jewelry Co. (SJC) gold price increased to VND10.66 million a tael (1.3 ounces) on March 15 and closed at VND10.63 million (or approximately US$669) on the same day, down VND150,000 form March 9.
In the global market, the gold price reached US$551.5 an ounce, an increase of US$10 an ounce over Tuesday.
The domestic gold price (including customs and processing taxes) was around VND20,000 per tael higher than the world level.
Some local jewelry businesses have reportedly imported enough gold material for their productions.
Gold has been commonly used in Viet Nam to base property value. However, fluctuations in the domestic gold price during these days have resulted in the increase of payments in the Vietnamese currency VND for real estates, which rose from the previous 10-20% to 56%.