Domestic SJC gold on the afternoon of April 12 officially reached its highest peak ever.
At around 2 p.m. in Ho Chi Minh City, Mi Hong gold shop listed SJC gold at 83.3 million VND/tael for buying and 84.6 million VND/tael for selling, an increase of 1.1 million VND for both buying and selling compared to yesterday.
At the same time in Hanoi, Doji Group also increased both buying and selling prices by VND900,000, trading at VND82.8 million/tael for buying and VND85 million/tael for selling. This is the record high price of SJC gold ever.
The price of 9999 gold rings also continued to increase this afternoon. In Ho Chi Minh City, SJC Company traded 9999 gold rings of 1 chi, 2 chi and 5 chi at 75.25 million VND/tael for buying and 77.05 million VND/tael for selling, an increase of 850,000 VND for buying and 950,000 VND for selling compared to yesterday. In Hanoi, Bao Tin Minh Chau Company also increased 1.3 million VND for both buying and selling, trading at 75.78 million VND/tael for buying and 77.68 million VND/tael for selling.
On the world gold market, the spot gold price on Kitco on the afternoon of April 12 (Vietnam time) was trading at 2,393.6 USD/ounce, up about 63 USD compared to the previous session. This price after conversion is equivalent to 72.7 million VND/tael. Currently, the world gold price is about 12.3 million VND/tael lower than SJC gold and about 4.2-5 million VND/tael lower than the price of 9999 gold rings.
Faced with the complicated developments of the world gold market, domestic gold prices have fluctuated strongly, increased rapidly, and have a high difference with international prices. To stabilize the market, on the afternoon of April 12, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said that the SBV has prepared plans to intervene in the gold market; at the same time, it has carried out inspections of gold trading activities of enterprises and credit institutions nationwide in the past 2 years (2022-2023).
Deputy Governor Pham Thanh Ha added that, implementing the Prime Minister's direction in the Conclusion Notice No. 160/TB-VPCP dated April 11, 2024, the State Bank will immediately implement key solutions. For the gold bar market, increase supply to handle the high difference between domestic prices and world prices. For the gold jewelry and fine art market, continue to create maximum conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art.
The State Bank of Vietnam coordinates with relevant ministries and sectors to request enterprises to deploy the use of electronic invoices in gold buying and selling transactions to improve transparency and management efficiency. Immediately carry out the work of grasping the situation, inspecting, checking, and supervising according to assigned functions, tasks, and powers; strictly handle acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices.
“Regarding inspection activities, the SBV and ministries and branches have established inspection teams and will deploy them this April,” the Deputy Governor emphasized. As for Decree 24, the SBV has prepared a summary report assessing the implementation process and has also proposed a number of directions for amending and supplementing Decree 24 and will deploy them in the near future.
Nhung Nguyen
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