Gold prices: SJC gold and plain gold rings surge simultaneously

On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.


Specifically, at 9:00 at Saigon Jewelry and Gemstone, SJC gold was listed at 74.9-77.4 million dong per tael, about 200 thousand dong per tael higher than yesterday. The price of 24k plain gold rings here also increased by about 100-150 thousand dong per tael to 62.95-64.25 million dong per tael.

At Phu Nhuan Jewelry, SJC gold bars were also raised to 74.9-77.4 million dong per tael. The price of 24k rings was listed at 62.8-64.15 million dong per tael.

DOJI Group also increased the price of SJC gold to 74.85-77.35 million dong per tael. The price of plain gold rings was at 63.65-64.85 million dong per tael.

Bao Tin Minh Chau is currently applying the highest price for plain gold rings, up to 64.06-65.16 million dong per tael. The price of SJC gold here is at 74.95-77.3 million dong per tael.

Therefore, in the first 3 sessions of the week, SJC gold prices increased by about 600-700 thousand dong per tael.

In the international market, the world gold price fluctuated strongly when it soared by 15 USD/ounce to nearly 2,050 USD/ounce at the beginning of the January 30 session, then plummeted to 2,030 USD/ounce. Converted at the VND/USD exchange rate, the world gold price is currently equivalent to 60.5 million dong per tael, excluding taxes and fees.

Proposals surrounding the amendment of Decree 24/2012 on the management of gold business activities have been the focus of the market in recent days. According to experts, the issuance of this Decree in 2012 helped stabilize the gold market, which had many shortcomings at that time. However, now, after more than 10 years, the increasingly tight management regulations in Decree 24 are no longer appropriate.

At the “Solutions for the development of a safe and sustainable gold market” seminar organized by the Government e-Portal, Professor Dr. Hoang Van Cuong, a National Assembly delegate, a member of the Finance and Budget Committee of the National Assembly, stated that regulations such as state monopolies on the production of gold bars, choosing the SJC brand as the national gold brand, and banning gold imports… have greatly limited the domestic gold supply.

Mr. Cuong believes that it is necessary to consider whether it is necessary to monopolize gold bars or not. He suggests that many businesses can participate in the process of producing gold bars to meet people’s needs. In addition, he also believes that there must be more diverse trading methods. The trend of world trading is to open up business methods on the trading floor through business contracts, through gold certificates. So, if we open up more forms of gold trading through accounts, we will not be too dependent on whether more or less gold is imported. Only when gold is available can people use tools like derivatives to balance supply and demand.

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