Domestic gold price approaches 93 million VND per tael

Domestic gold price approaches 93 million VND/tael (illustrative photo)

Domestic gold price on February 11 suddenly increased by 1.5 million VND and reached nearly 93 million VND/tael, the highest ever.

At 9:00 a.m., the world gold price jumped to 2,932 USD/ounce, up 30 USD compared to the previous session's close. This price is equivalent to 90.4 million VND/tael when converted according to the USD exchange rate at Vietcombank.

Therefore, domestic enterprises also fluctuated accordingly. Specifically, Saigon Jewelry Company, Phu Quy Company and Doji Company all listed SJC gold prices from 89.8-92.8 million VND/tael.

Similarly, the price of SJC 999.9 gold rings also increased by VND800,000/tael, currently this business is trading around VND88.8-90.5 million/tael.

At Phu Quy Company, the listed price of gold rings is from 89-91.7 million VND/tael (buy/sell), an increase of 500,000 VND compared to the previous closing price.

Only Bao Tin Minh Chau Company has no fluctuations, currently the company announced the price of plain round gold rings from 88.85-91.25 million VND/tael (buy/sell).

This morning, the State Bank listed the central exchange rate at 24,522 VND/USD, up 35 VND compared to the previous session.

With a margin of +/-5%, Vietcombank adjusted the USD exchange rate to 25,180-25,570 VND/USD, an increase of 10 VND; BIDV and VietinBank bought at 25,210 VND/USD and sold at 25,570 VND/USD, an increase of 10 VND compared to the previous closing price.

Eximbank also adjusted the increase by 10 VND, currently this bank lists the USD exchange rate from 25,170-25,570 VND/USD (buy/sell).

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.

TB (summary)

Source: https://baohaiduong.vn/gia-vang-trong-nuoc-tien-sat-moc-93-trieu-dong-moi-luong-404969.html