Why did SJC gold price suddenly increase sharply, the highest in 2 months?

On the morning of August 13, the price of SJC gold bars in the Vietnamese market suddenly increased sharply, reaching 80 million VND/tael. This is the highest price of SJC gold bars in the past two months, since the State Bank intervened in the gold market.

At 11:00 a.m. the same day, Saigon Jewelry Company (SJC) listed the price of SJC gold bars at 78 - 80 million VND/tael (buy - sell), an increase of 1.5 million VND/tael compared to early this morning. Not only SJC, state-owned banks and other gold trading enterprises such as DOJI Gold and Gemstone Group, Bao Tin Minh Chau, and Phu Quy also simultaneously adjusted the selling price of SJC gold bars to 80 million VND/tael.

The selling price of VND80 million/tael is the highest since the State Bank implemented measures to stabilize the gold market in early June. According to current regulations, state-owned banks and SJC are allowed to sell gold at a maximum difference of VND1 million/tael compared to the purchase price from the State Bank. This means that the selling price from the management agency to business units this morning fluctuated around VND79 million/tael.

Despite the high price of gold, the difference between buying and selling prices is still maintained by businesses at VND2 million/tael. This means that buyers of gold bars will immediately suffer a loss of this amount when making a purchase transaction.

SJC gold bar price is the highest in the past 2 months. Photo: baomoi

Not only the price of gold bars, the price of gold rings also increased sharply following the increase in the world gold price. SJC Company listed the price of round gold rings at 76.6 - 77.9 million VND/tael, an increase of 300,000 VND/tael compared to the morning of the same day. Large enterprises such as DOJI, Phu Quy, Bao Tin Minh Chau and Mi Hong also adjusted the price of plain round gold rings to increase by 200,000 - 300,000 VND/tael, bringing the selling price of gold rings closer to 78 million VND/tael.

The sharp increase in domestic gold prices is said to reflect the upward trend of world gold prices. Currently, the world gold price is at 2,462 USD/ounce, equivalent to about 76 million VND/tael. Thus, the price of SJC gold bars is currently about 4 million VND/tael higher than the world gold price.

The State Bank continues to affirm that it will apply measures to narrow the gap between domestic and world gold prices, in order to stabilize the market and ensure consumer rights.

With the price of SJC gold bars increasing sharply to 80 million VND/tael, the domestic gold market is witnessing great fluctuations. In the context of the world gold price also on the rise, timely monitoring and adjustment by authorities is extremely necessary to protect the interests of investors and consumers.

Source: https://congthuong.vn/vi-sao-gia-vang-sjc-bat-ngo-tang-manh-cao-nhat-trong-2-thang-338739.html