A customer buys gold at Bao Tin Minh Chau Gold and Jewellery in Ha Noi. — Photo VNA

Domestic gold prices rose suddenly on December 19 despite the sharp decline last week following the US Federal Reserve’s decision to raise US dollar interest rates.

Sai Gon Jewellery Joint Stock Company’s gold, better known as SJC gold, was bought at VND35.8 million (US$1,571) and sold at VND36.47 million ($1,600) per tael, or 1.2 ounces, increasing by VND250,000 ($10.97) in buying price and VND320,000 ($14) in selling price compared with last weekend’s session.

On the same day, SJC gold prices at the Doji Gold and Jewellery Corporation (DOJI) were announced at VND35.95 million ($1,577) and VND36.45 million ($1,560) (buying and selling) per tael, increasing by VND400,000 ($17.55) for both buying rate and selling rates against last weekend’s session.

On global gold trading website Kitco.com, the price of gold is currently at $1,371.5 per tael. Thus, the price of one tael of gold in Viet Nam was some $232 higher than the rate in the world market, excluding taxes and shipping costs.

In the foreign currency market, the central bank increased its reference rate per US dollar by four dong to touch VND22,148 on December 19.

With a margin of +/- 3 per cent, commercial banks, including Vietcombank and VietinBank, are buying each US dollar at VND22,715 and selling at VND22,785.

Bank for Investment and Development of Vietnam (BIDV) is trading at a buying and selling price of VND22,705 and VND22,785, respectively, per dollar. — VNS