Each tael of gold bar increased by more than half a million dong.

The price of plain gold rings on the morning of December 23 also increased by half a million VND per tael.

On the morning of December 23, Saigon Jewelry Company (SJC) listed the price of gold bars at 82.3 - 84.3 million VND, an increase of 700,000 VND per tael compared to the end of last week. Four state-owned banks also raised the price of gold bars to 84.3 million VND per tael.

Plain gold rings also increased by half a million VND per tael on the morning of December 23. The buying and selling price of plain rings at SJC this morning was 82.3 - 84.1 million VND, 500,000 VND higher than at the end of the week. DOJI Gold and Gemstone Group also raised the price of plain rings to 83.3 - 84.3 million VND. At Phu Nhuan Jewelry Company (PNJ), the price of gold rings also increased to 83.4 - 84.3 million VND.

In the international market, the price of precious metals rose to $2,625 per ounce, up $20 from the weekend. Converted according to Vietcombank's selling rate, the world gold price is equivalent to VND80.8 million, VND3.5 million per tael lower than the domestic gold price.

Precious metals rose, supported by buying after a sharp decline late last week amid the US Federal Reserve's cautious message about the possibility of interest rate cuts next year.

Gold prices are still at a one-month low. The gold rush has slowed since early November, when Donald Trump’s election as US President caused the USD to surge. However, Goldman Sachs still expects the market to hit a new peak next year.

In the foreign exchange market, the USD buying and selling prices at banks have been stable in recent days. Vietcombank announced the USD buying and selling prices at 25,200 - 25,530 VND on the morning of December 23. At the same time, the buying and selling points in the free market strongly increased the USD price to around 25,780 - 25,860 VND.

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 domestic SJC gold bar selling prices and world prices at an appropriate level.

VN (synthesis)

Source: https://baohaiduong.vn/moi-luong-vang-mieng-tang-hon-nua-trieu-dong-401261.html