On the morning of December 16, Saigon Jewelry Company (SJC) listed the price of gold bars at 82.6 - 85.1 million VND, down 1.2 million VND per tael compared to the weekend. Four state-owned banks lowered the selling price of SJC gold bars to 85.1 million VND.
Plain gold rings also fell but with a lower amplitude. SJC listed the price of this type at 82.6 - 84.3 million VND, down 700,000 VND for buying and 400,000 VND for selling. DOJI listed the price of 24K gold rings at 83.5 - 84.6 million VND, and PNJ at 84.3 - 84.4 million VND per tael.
Over the past month, domestic gold prices have not fluctuated much and have often traded lower than the peak of 4-5 million VND per tael. Currently, each tael of gold rings is about 33% higher than at the beginning of the year, while the yield of gold bars is more than 15%.
On the international market, each ounce of gold is around 2,652 USD, converted at Vietcombank's selling rate equivalent to 81.5 million VND per tael. The difference in domestic and world gold prices is currently about 3-3.6 million VND.
In recent times, people have had difficulty buying gold bars and plain rings from major brands. Businesses are often in short supply, except for a few recent times when many people tend to take profits, making the supply and demand in the market more balanced.
In its latest forecast, Goldman Sachs said that trade tensions will escalate when Donald Trump takes office early next year, which could boost demand for gold. The precious metal could reach $3,000 an ounce by 2025.
In addition, concerns about the sustainability of US fiscal policy also helped the precious metal increase in price. Goldman Sachs emphasized that central banks, especially those with large holdings of US government bonds, may choose to increase gold purchases.
Propose appropriate policies to stabilize the gold market
At the question-and-answer session before the National Assembly on the morning of November 11, State Bank Governor Nguyen Thi Hong stated that the recent fluctuations in Vietnam's gold market 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, world gold prices increased, and accordingly, domestic gold prices 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/moi-luong-vang-mieng-giam-hon-1-trieu-dong-400599.html
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