At 3:00 p.m. on March 29, 2024, the domestic SJC gold price increased sharply. Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 79 million VND/tael for buying and 81 million VND/tael for selling.
Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted down slightly by 20,000 VND for selling and kept the same for buying.
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| Gold price listed at Saigon Jewelry Company Limited - SJC. Website screenshot at 3:00 p.m. on March 29, 2024 |
At the same time, Bao Tin Minh Chau listed the buying price of SJC gold at 78.85 million VND/tael and the selling price at 80.75 million VND/tael. Compared to the early morning of the same day, the SJC gold price at this unit was adjusted down by 150,000 VND for buying and down by 200,000 VND for selling.
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| Gold price listed at Bao Tin Minh Chau. Website screenshot at 3:00 p.m. on March 29, 2024 |
Thus, the current selling price of SJC gold bars at gold trading establishments is no longer different by millions of dong like last week, but only by a few hundred thousand dong/tael.
However, the difference between buying and selling prices of gold is quite large. While large gold companies still maintain a difference of 2 million VND/tael, at gold shops the difference has narrowed to 1.2 million VND/tael.
This afternoon, the price of gold rings was listed at Saigon Jewelry Company Limited - SJC at 69.2-70.45 million VND/tael (buy - sell), down 100,000 VND each way compared to the morning session. Previously, at the opening of the morning session, gold rings increased by 800,000 VND for buying and 700,000 VND for selling compared to the closing price of yesterday's session.
Analyzing the reasons for the increase in domestic gold prices in recent days, experts said that domestic gold prices increased following the increase in world gold prices. When world gold prices tend to increase again, domestic prices are pushed up.
In the world, the price of gold increased by 16 USD, currently trading at 2,220 USD/ounce. Domestic gold price is 14.5-15.5 million VND more expensive than the world price depending on the time for gold bars and 3.6-4.3 million VND more expensive for gold rings.
World precious metal prices continued to rise as investors awaited US inflation data. The US core personal consumption expenditure (PCE) index report for February is expected to give the market new clues on the timing of the US Federal Reserve's policy pivot. The US core PCE rose 0.3 in January.
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| When the world gold price is on the rise again, the domestic price is pushed up. Illustrative photo |
However, according to experts, the increase in domestic gold prices will not last long, because the domestic market is currently quite sensitive to information related to Decree 24 on gold market management. Previously, the Government directed and requested the State Bank to report on gold market management plans this March.
However, in recent days, the high price of SJC gold has surprised investors because there are only a few days left until the end of March 2024. " At the beginning of the year, I bought 2 taels of gold. A few days ago, when I saw that the gold price was trending down, I sold the gold. However, surprisingly, in the past few days, the gold price has tended to increase again, which surprised investors like us. However, we do not know if this increase will last or not. Because recently the Government has had many instructions on the management of gold bars ," Ms. Thu Huong (residing in Ha Dong district, Hanoi) shared.
Earlier on the afternoon of March 28, Deputy Prime Minister Le Minh Khai - Chairman of the National Financial and Monetary Policy Advisory Council chaired a plenary meeting of the Council. Here, experts and members of the Council proposed to remove the monopoly on SJC gold bars. If the proposed amendments such as removing the monopoly on SJC gold bars are approved, experts believe that gold prices will decrease.
On the contrary, domestic gold prices will continue to increase. If Decree 24 is not yet amended, if world gold prices continue to increase to 2,400-2,500 USD/ounce, Vietnamese gold prices will continue to increase.
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