Gold ring price still increases, can reach 78 million VND/tael?

World gold price increased by a record 5% in a week

On gold forums such as "Vietnam Gold Forum" and "Saigon Gold Forum" in recent days, the information shared by most accounts is the story of Vietnam's gold price skyrocketing following the increase in world gold prices, especially gold rings.

One account even shared that after much hesitation due to the "dancing" gold price, when deciding to spend money to buy gold rings on April 5, they even had to "beg people to sell them because there wasn't much to sell".

On the morning of April 6, the price of gold rings set a new record with the highest selling price of more than 73 million VND/tael.

According to Thanh Nien , this morning, April 6, the world and domestic gold prices skyrocketed. Specifically, the world gold price set a new record at 2,330.2 USD/ounce, 30 USD/ounce higher than yesterday.

The domestic gold ring price also reached a record high with the highest selling price on the market being over VND73 million/tael. Specifically, Doji Gold and Gemstone Group sold plain gold rings (Hung Thinh Vuong) for VND73.45 million/tael, while buying at VND72 million/tael.

Talking to Thanh Nien , Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, shared that he was somewhat surprised by the rapid increase in world gold prices as well as domestic gold ring prices.

"The increase in world gold prices comes from many reasons such as geopolitical instability in the world, which greatly affects investors' decisions. Central banks also increase their gold purchases. This week alone, the world gold price has increased by about 5%. This increase is very large because many times throughout the year, the world gold price only increases by about 15%," said Mr. Khanh.

Mr. Khanh acknowledged that this morning, the price of gold rings rose to over 73 million VND/tael, a record number; while the price of SJC gold at around 82 million VND/tael is a normal increase, because at the beginning of March, the price of SJC gold had also reached this level.

Regarding the reason why the price of SJC gold did not fluctuate too much while the price of domestic gold rings skyrocketed, the Vice President of the Vietnam Gold Business Association explained that the price of domestic gold rings followed the international gold price more closely.

Up to now, the gap between SJC gold price and world gold price has been very large (at times up to 18 - 20 million VND/tael). After a series of recent directives from the Prime Minister on stabilizing the market and narrowing the gap between domestic and world gold prices, the State Bank has also taken certain actions.

Therefore, the current price of SJC gold is only about 10 million VND/tael different from the world gold price.

"Many people are worried that when there are related policy adjustments in the near future, SJC gold will lose value, so they sell it and save money to buy gold rings. There is a shift in demand for gold to store from SJC gold to gold rings, causing increased demand, which is also one of the factors pushing up the price of gold rings," said Mr. Khanh.

Representatives of some gold trading enterprises shared that the lack of clean raw material supply to produce gold in the market could also be a factor contributing to the high price of gold rings.

Mr. Khanh affirmed that recently, smuggling cases have been discovered involving many gold shops, making businesses more cautious when buying raw gold. "Businesses naturally have to be more cautious when importing raw gold because if they are not careful, they will become accomplices to smuggling," Mr. Khanh said.

Gold ring price may increase to 77 - 78 million VND/tael

With the current increase in gold prices, Mr. Khanh forecasts that from now until the end of the year, the world gold price could reach 2,600 USD/ounce. Accordingly, the domestic ring gold price could increase to about 77 - 78 million VND/tael and the SJC gold price to about 90 million VND/tael.

However, if from now until the end of the year, the policy is adjusted in time when amending Decree 24 on gold trading, removing the monopoly of SJC gold bars, the price of gold bars may even decrease compared to the present, to 80 million VND/tael.

To stabilize the gold market, eliminating monopoly is just one factor, at the same time, we must synchronize solutions.

Referring to the story of balancing supply and demand and stabilizing the gold market, economic expert Ngo Tri Long said, Abolishing monopoly is just one factor, at the same time we must synchronize solutions.

The Vietnamese gold market must be connected to the world gold market, eliminating the current price gap through market solutions. Supply must be linked to demand, moving towards import-export liberalization, the State only regulates through policy.

"We must lead the transition from the physical gold market to a gold market with many derivative products, creating more risk insurance tools for businesses and investors, integrating and accessing popular financial products in the international market. The amendment to Decree 24 must address more comprehensively financial products and services related to gold, not simply managing gold bars and gold jewelry," said Mr. Long.

Emphasizing that fighting "goldenization" cannot be achieved by administrative solutions, according to Mr. Long, it is necessary to shift from trading gold bars to trading other gold products such as gold certificates, derivative instruments... on a centralized trading center.

Therefore, the expert believes that it is necessary to soon allow commodity exchanges to trade gold futures through standard futures contracts like other advanced countries. Participating members must meet strict standards and be allowed to import and export gold...

At the meeting of the National Financial and Monetary Policy Advisory Council on the afternoon of March 28, chaired by Deputy Prime Minister Le Minh Khai, experts proposed removing the State monopoly on SJC gold bars and granting licenses to produce gold bars to a number of qualified enterprises.

After listening to the opinions, Deputy Prime Minister Le Minh Khai assigned the State Bank to study and synthesize all the opinions expressed at the meeting to synthesize and complete the report, propose solutions, and report to the Prime Minister. At the same time, review and complete the legal framework, mechanisms, and policies related to the gold market to develop a transparent, healthy, effective, and sustainable gold market, contributing to promoting socio-economic development.

Source link: https://thanhnien.vn/gia-vang-nhan-con-tang-co-the-len-78-trieu-dong-luong-185240406124048429.htm