(NLDO) - The notable development in the domestic gold market this afternoon is that while world prices increased dramatically, the prices of SJC gold bars and 99.99 gold rings remained unchanged.
At the end of February 5, SJC and PNJ companies simultaneously kept the price of SJC gold bars unchanged at VND88 million/tael for buying and VND91 million/tael for selling, stable compared to the morning. Previously, the opening price of gold had increased by nearly VND1 million/tael compared to yesterday.
Some businesses such as Mi Hong Company sell gold bars at a lower price, around 89.7 million VND/tael. The difference in buying and selling prices is up to 3 million VND/tael.
Banks also traded gold bars differently. ACB sold the highest price of gold bars at 90.8 million VND; Eximbank quoted 90 million VND and Sacombank 89.5 million VND.
The price of 99.99 gold rings and jewelry gold of all kinds was also stable compared to the morning when businesses bought 88 million VND/tael and sold 90.5 million VND/tael. In the morning, the price of gold rings increased by nearly 1 million VND/tael compared to the end of the previous day.
The price of SJC gold bars and gold rings remained unchanged throughout today, despite the shocking increase in world gold prices.
The price of SJC gold bars and gold rings today is "unmoving" compared to the soaring trend to new highs of world gold prices. In the international market, surpassing forecasts that gold prices may adjust in the short term when they have increased too much in a short time, the price of precious metals still reached new peaks.
At the end of February 5, Vietnam time, the world gold price was at 2,869 USD/ounce, up about 60 USD/ounce compared to the previous session (equivalent to 1.8 million VND/tael). The price of the precious metal is at an all-time high, far surpassing the 2,790 USD/ounce set last year.
The peak of world gold price is close to 2,900 USD/ounce
Regarding domestic gold prices, the Prime Minister has just requested the State Bank to closely monitor and implement solutions to stabilize the gold market. According to Directive 03 dated February 4, the Prime Minister requested the State Bank to preside over and coordinate with agencies and localities to closely monitor and implement solutions to stabilize the gold market.
In addition, urgently summarize, research, and propose amendments and supplements to Decree 24/2012/ND-CP dated April 3, 2012 on the management of gold trading activities, and submit it to the Government in the second quarter of 2025.
Financial expert Phan Dung Khanh analyzed: Gold prices are being supported by a weaker USD than in November 2024. After Donald Trump officially took office as US President, moves such as imposing high taxes on major economies, including Canada, made investors worry about the possibility of a trade war like in his first term. If the trade war spreads, investors will be more worried, thereby increasing the demand for investment in safe assets; finding a shelter for cash flow, including gold.
Currently, the world gold price converted according to the listed exchange rate is about 87.8 million VND/tael. The world gold price has increased dramatically, the domestic gold price has "stagnated", causing the difference in amplitude to narrow to a surprising level. The world gold price is only about 3 million VND/tael lower than SJC gold bars and 99.99 gold rings.
The price of SJC gold bars is also at its highest level in many months.
Source: https://nld.com.vn/gia-vang-mieng-sjc-vang-nhan-dien-bien-bat-ngo-khi-gia-the-gioi-tang-soc-196250205181415962.htm
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