As of 9 a.m., Saigon Gold and Jewelry Company and other major retailers adjusted their gold bar prices, quoting VND146.6 million per tael for buying and VND148.6 million per tael for selling. This marks an increase of VND600,000 per tael compared to the previous session.

Notably, the price of gold rings at some retailers hit VND153 million per tael, far exceeding SJC gold bar prices and setting an all-time high.

At Bao Tin Minh Chau Co., gold rings were listed at VND150 – 153 million per tael (buying – selling), VND3–4 million higher than SJC gold bars at the same time.

Meanwhile, SJC listed its gold bars at VND146.6 million (buying) and VND 148.6 million (selling), an increase of VND 700,000 per tael from the previous day, marking the highest price ever recorded for SJC gold.

Phu Quy Jewelry also raised its gold ring prices, quoting between VND145.6 million and VND148.6 million per tael, reflecting an increase of VND800,000 per tael.

Amid this dramatic price hike, the domestic market is facing widespread shortages of both SJC gold bars and plain gold rings. Many retailers, including major brands like Bao Tin Minh Chau, have either run out of stock or are limiting purchases to just a few tenths of a tael per customer.

At a Bao Tin Minh Chau shop on Tran Nhan Tong Street in Hanoi on October 16, despite signs indicating gold was out of stock, long queues of people still waited outside, spilling over into the street.

On the international market, gold prices continued to break records, soaring to US$4,230 per ounce on the morning of October 16, up from US$4,161 per ounce the previous day. This surge has been driven by strong buying activity from investors, gold ETFs, and central banks, amid escalating geopolitical tensions and expectations that the US Federal Reserve would soon lower interest rates.

Based on the exchange rate quoted by Vietcombank, the current global gold price is equivalent to approximately VND134.6 million per tael, making domestic SJC gold bars around VND14 million more expensive than the international price.

Since the beginning of the year, gold prices have surged by over 60%, reflecting a global shift toward safe-haven assets amid growing economic and geopolitical uncertainties.

Gold prices hit record highs, trade close to VND140 million per tael

VOV.VN - SJC gold bars reached new peaks on the morning of October 6, trading near VND140 million per tael as global bullion prices surpassed US$3,900 an ounce for the first time.