SJC gold bar price reversed, increased by 500,000 VND per tael

Domestic gold price increases following world price

Two domestic gold brands this morning, January 9, adjusted prices up from 200,000 - 500,000 VND/tael, the USD exchange rate also increased by 8 VND.

At 9:00 a.m., Saigon Jewelry Company, Phu Quy Company and Doji Company all listed SJC gold price from 84.5 - 86 million VND/tael, an increase of 500,000 VND/tael.

Similarly, the price of gold rings at Bao Tin Minh Chau Company was announced at 84.9 - 86.2 million VND/tael (buy/sell), an increase of 300,000 VND/tael.

Meanwhile, gold rings at Phu Quy Company increased by 200,000 VND/tael compared to the previous closing price, currently the company announced from 84.7 - 86 million VND/tael (buy/sell).

The price of SJC 999.9 gold rings also increased by 500,000 VND, currently trading at 84.5 - 85.8 million VND/tael.

In the world, the price of gold reversed and increased by 11 USD compared to the same time of the previous session, currently trading at 2,659 USD/ounce. This price is equivalent to 82.6 million VND/tael when converted according to the USD exchange rate at Vietcombank.

This morning, the State Bank listed the central exchange rate on January 9 at 24,338 VND/USD, an increase of 8 VND compared to the previous session.

With a margin of +/-5%, Vietcombank listed the USD exchange rate from 25,164 - 25,554 VND/USD (buy/sell), up 8 VND. Similarly, Vietinbank and BIDV adjusted the USD exchange rate to 25,194 - 25,554 VND/USD and Eximbank announced the USD exchange rate from 25,160 - 25,554 VND/USD, both up 8 VND compared to the previous closing price.

Propose appropriate policies to stabilize the gold market

At the question-and-answer session before the National Assembly on the morning of November 11, 2024, Governor of the State Bank Nguyen Thi Hong stated that the fluctuations in Vietnam's gold market in recent times are also a common trend in other countries around the world. From 2014 to 2019, the Vietnamese gold market was relatively stable and people's demand for gold decreased. However, from 2021, the world gold price increased, and accordingly, the domestic gold price also increased. However, from 2021 to June 2024, the State Bank has not intervened.

Since June 2024, the world gold price has reached a peak, the gap between the world and domestic gold prices has increased. Therefore, the Government and the State Bank have directed strongly. Based on current laws, the State Bank has organized an auction. In the context of the gold price reaching a peak and the market's expectations are also very high, the State Bank has considered 9 auctions, this is a quite effective solution.

In order to quickly narrow the gap between domestic and international gold prices at a high level under the Government's drastic direction, the State Bank has switched to selling SJC gold directly through 4 State-owned commercial banks. Therefore, the gap between domestic and international gold prices has decreased from about 15-18 million VND/tael to only about 3-4 million VND/tael.

Pointing out that gold prices continue to be complicated and unpredictable, Governor Nguyen Thi Hong said that our country does not produce gold, so intervention depends entirely on international gold imports. Therefore, the State Bank will closely monitor market developments to come up with appropriate policies to stabilize the gold market.

The State Bank also said it will continue to implement a roadmap to narrow and control the difference between domestic SJC gold bar selling prices and world prices at an appropriate level.

VN (synthesis)

Source: https://baohaiduong.vn/gia-vang-mieng-sjc-dao-chieu-tang-500-000-dong-moi-luong-402589.html