SJC gold bar price drops sharply after news that the State Bank proposed to remove monopoly

Theo NHNN, việc xóa bỏ cơ chế Nhà nước độc quyền sản xuất vàng miếng sẽ phù hợp với kinh nghiệm quốc tế, tăng cung vàng miếng trên thị trường, giải quyết được vấn đề chênh lệch giá - Ảnh: NGỌC PHƯỢNG — According to the State Bank, eliminating the State monopoly on gold bar production will be consistent with international experience, increase the supply of gold bars in the market, and solve the problem of price differences.

Early afternoon of March 21, the world gold price reached 2,202.9 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 66.26 million VND/tael. The price of SJC gold bars in Vietnam evaporated 1 million VND/tael.

Why is the price of gold having this "strange" development?

This morning, March 21, SJC Company listed the selling price of SJC gold bars at 82 million VND/tael, buying price at 80 million VND/tael, an increase of 400,000 VND/tael compared to yesterday.

However, this afternoon, the selling price of SJC gold bars decreased by 1 million VND/tael, to 81 million VND/tael. The buying price also decreased accordingly, to only 79.2 million VND/tael.

This afternoon, PNJ Company reduced the selling price of SJC gold bars to 81.15 million VND/tael, buying price to 79.2 million VND/tael. But by early this afternoon, the selling price of SJC gold bars at PNJ Company had dropped again to 80.95 million VND/tael, buying price to 78.9 million VND/tael.

DOJI Company lowered the selling price more strongly: 80.9 million VND/tael, the buying price is 78.9 million VND/tael.

The difference between buying and selling gold prices is 2 million VND/tael.

Meanwhile, the price of 9999 gold rings today also increased following the increase in world gold prices. SJC Company listed the selling price of 9999 gold rings at 69.9 million VND/tael, an increase of 400,000 VND/tael compared to the end of yesterday, the buying price was 68.6 million VND/tael.

At PNJ Company, the selling price of 9999 gold rings this afternoon was also at 69.9 million VND/tael, buying at 68.7 million VND/tael. Meanwhile, DOJI Company listed the selling price at 70.7 million VND/tael, buying at 69.4 million VND/tael.

Evaporated 1 million VND/tael

Giá vàng thế giới tăng nhưng giá vàng trong nước đi xuống - Ảnh: NGỌC PHƯỢNG — World gold price increases but domestic gold price decreases

Why a few weeks ago, the world gold price was only around 2,147 USD/ounce, the selling price of SJC gold bars was up to 81.3 million VND/tael, but now the world gold price has set an all-time record but the price of SJC gold bars has decreased by millions of VND/tael, selling around 80 million VND/tael?

Talking to reporters , some experts in the gold industry said the reason why the price of SJC gold bars has deflated is because of information that there will be a series of important changes in the gold market in the near future.

Specifically, on the evening of March 20, Deputy Prime Minister Le Minh Khai had a meeting with the State Bank, ministries and branches on gold market management.

At the meeting, the State Bank proposed to change the gold bar production plan, remove the State monopoly on gold bar production, and grant gold bar production licenses to a number of qualified enterprises.

At the same time, the State Bank will implement the gold bar production quota in each period in accordance with the monetary policy objectives and the stability of the macro economy.

According to the State Bank, eliminating the State monopoly on gold bar production will be consistent with international experience, increase the supply of gold bars on the market, and solve the problem of price differences.

Since 2014, the State Bank has not organized gold auctions, so the limited supply of SJC gold bars on the market may be one of the reasons why the difference between SJC gold bar prices and international prices remains high.

Currently, the price of SJC gold bars is 14.74 million VND/tael higher than the converted world gold price. At peak times, the difference is up to 20 million VND/tael.

Fearing that the price of SJC gold bars would "collapse" sharply after the above regulation was officially issued, today many people holding SJC gold bars pushed them out to sell, causing the gold price to drop sharply.

TB (according to Tuoi Tre)

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