Vietnam's gold prices surge by 118 USD

Hanoi: Vietnam's Saigon Jewelry Company (SJC) gold bar price increased by over 3 million Vietnamese dong (118 US dollars) to 80 million dong (3,160 dollars) per tael on Thursday morning after staying flat for more than one month, local media reported.

SJC listed gold prices at 78.5 million dong (3,103 dollars) per tael for sellers and 80 million dong for buyers. The prices went up by 2.52 million dong (99 dollars) and 3.02 million dong (119 dollars) per tael, respectively, compared to Wednesday's trade.

DOJI gold and jewellery corporation quoted SJC gold at the same prices on Thursday morning, Xinhua news agency reported.

The gold ring price went up 0.81 percent to 77.5 million dong (3,061 dollars) per tael on Thursday.

A tael equals 37.79 grams or 1.33 ounces.

Since June, the State Bank of Vietnam has sold gold bars directly to four state-owned commercial banks and SJC, which distribute the glod bars to retail buyers.