The price of gold exceeded VND19 million per tael during the morning of June 19. At 10am, SJC gold at the Sai Gon Gold, Silver and Gem Stone Company in Hanoi traded at VND18.90-19.10 million per tael, up VND40,000/tael compared with transactions on June 18.

The price of PNJ-DAB gold was also adjusted from VND18.91 million per tael to VND19.06 million/tael. Most gold stores quoted buying prices at around VND18.7-18.8 million per tael while some raised their prices to VND18.95 million/tael.

The domestic price of gold has changed due to surging prices once again on the world market, which reached US$892/oz late in the morning (Vietnam time), up US$5.8/oz compared to the previous trading session.

Another factor is the VND/USD exchange rate. Although the average inter-bank rate announced by the State Bank of Vietnam is currently VND16,454, many banks have increased the buying price to VND18,700, some even offer over19,000 VND/USD.

Domestic gold prices also surpassed VND19 million/tael at the beginning of this year. However, just one week later, they sank to VND18 million per tael.