On the morning of February 4, Saigon Jewelry Company (SJC) listed the price of plain gold rings at 88.1 - 90.1 million VND/tael, an increase of 1.1 million VND for buying and 1.4 million VND for selling compared to yesterday.
Meanwhile, DOJI Gold and Gemstone Group raised the price of plain rings to VND88.1 - 89.5 million/tael. Phu Nhuan Jewelry Company (PNJ) listed the price of plain gold rings at VND88.4 - 90.3 million/tael. Bao Tin Minh Chau listed the price of plain gold rings at VND88.5 - 90.5 million/tael.
At the same time, SJC listed the price of gold bars at 88.1 - 90.6 million VND/tael, an increase of about 1 million VND/tael compared to yesterday. The difference between buying and selling gold bars was widened by SJC from 2 million VND to 2.5 million VND/tael.
In the international market, the price of each ounce of gold increased by more than 30 USD in the past 24 hours, to 2,830 USD/ounce. At 9:30 this morning (Vietnam time), the world gold price was around 2,817 USD/ounce, converted according to Vietcombank's selling rate, equivalent to 86.5 million VND/tael. The difference between domestic and world gold prices is around 3.5 - 4 million VND/tael.
The market rose thanks to the demand for safe-haven gold. Investors feared inflation would drag down economic growth after US President Donald Trump signed an executive order imposing import tariffs on Mexico, Canada and China. However, on February 3, the US postponed the deadline for imposing tariffs on Mexico and Canada by one month after reaching an agreement to tighten immigration and smuggling.
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 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 the domestic selling price of SJC gold bars and the world price at an appropriate level.
Source: https://baohaiduong.vn/gia-vang-nhan-vuot-90-trieu-dong-moi-luong-404468.html
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