From the peak of VND92.4 million/tael set on May 10, the price of SJC gold bars quickly cooled down after the State Bank of Vietnam (SBV) sold gold bars directly to people through four commercial banks (Agribank, Vietcombank, VietinBank, BIDV) and Saigon Jewelry Company Limited (SJC) from June 3.

The price of SJC gold bars reaching people goes through different price levels, the fluctuation amplitude of each adjustment is assessed to be suitable with the world gold price movement.

The price of SJC gold bars has been adjusted 15 times. The “quieter” period for gold prices was from August 14 to September 5 with 16 consecutive days of no change.

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Illustration photo (Minh Hien).

The price of SJC gold bars sold by banks is always 1 million VND/tael higher than the price purchased from the State Bank. This difference is explained by banks as being to offset the cost of having to mobilize resources to carry out the task of selling gold.

With the selling price of 79.98 million VND/tael on June 3, the current price of SJC gold bars is 83.5 million VND/tael. Thus, the price of SJC gold bars has increased by 3.52 million VND/tael. However, compared to the peak of 92.4 million VND/tael, the gold price has decreased sharply by 8.9 million VND/tael (9.6%) after 4 months.

The price of VND83.5 million/tael is the highest in the past 4 months since banks began selling gold.

According to statistics, the lowest price during this period was 75.98 million VND/tael, maintained for a period lasting from June 6 to July 18.

With 15 fluctuations in gold price during the above period, there were 9 times the selling price changed in a downward direction and 6 times the gold price changed in an upward direction.

Currently, all four banks have implemented online gold purchase registration services and only accept gold purchase requests via online registration. Of which, Vietcombank, VietinBank and BIDV have all implemented this service on mobile-banking apps.

In the face of the fact that many customers cannot register to buy gold online, the State Bank said that SJC Company still sells gold bars directly at the announced points. Therefore, customers can choose to buy gold according to the instructions of 4 state-owned commercial banks and SJC Company.

In the current world context, experts all believe that world gold prices will continue to increase, especially due to the strong increase in demand for safe haven assets after political instability in the Middle East.

Mr. Han Tan, market analyst at Exinity Group, said that the world gold price will not face many obstacles to reach 2,700 USD/ounce by the end of 2024. The gold price can even conquer the 3,000 USD/ounce mark if the US economy does not fall into recession after the next interest rate adjustments.

Gold could hit $2,700 this week if the labor market weakens and Fed officials reaffirm a 50 basis point rate cut at their upcoming meeting, Blue Line Futures market strategist Phillip Streible said.

Mr. David Meger, director of metals trading at High Ridge Futures, predicted that money flowing into exchange-traded funds, along with other factors such as geopolitical tensions across the Middle East and large economic stimulus measures launched by China, will continue to support gold prices in the coming time.

According to Mr. Daniel Hynes, senior commodity strategist at ANZ, the weakening of the USD with falling US Treasury bond yields also boosted investors' demand for gold.

However, the world gold price in the early morning trading session of September 28 (Vietnam time) decreased quite sharply, from the peak of 2,684 USD/ounce on September 26, it fell below 2,645 USD/ounce at times.