After rising to around 79 million dong per tael session on 16/2, SJC gold prices have turned downhill, down about 500 thousand dong – 1 million dong per tael in the past 2 days. Currently, the quoted price of this type of gold at different brands also has a significant difference.
Specifically, on the morning of 18/2, Bao Tin Minh Chau quoted the price of SJC gold bar at 76.15-78.15 million dong per tael, a decrease of about 900 thousand dong per tael compared to the highest level on 16/2. The smooth ring gold price here, after rising to 66.3 million dong per tael, has also adjusted and decreased to 65.98 million dong per tael.
Quoted gold price at Bao Tin Minh Chau
Sai Gon Precious Metal and Phu Nhuan Precious Metal have quoted much higher SJC gold prices, respectively 76.0-78.6 million dong per tael and 76.6-78.8 million dong per tael. Meanwhile, DOJI Group quoted 76.05-78.55 million dong per tael.
Notably, along with continuous reversed direction, the price difference between buying and selling tends to widen at many stores. For example, at Sai Gon Precious Metal, the difference has reached 2.6 million dong per tael, making buyers bear many risks.
The buying and selling demand for gold in recent days in the market has also increased sharply due to the Lunar New Year, especially near the day of the God of Wealth – the 10th day of the Lunar New Year (February 19th). Many brands also said they expanded their operating hours in the past few days, especially on the day of the God of Wealth, operating from 6am until all customers are served.
The price difference between international gold price and domestic gold price is currently very large. Currently, spot gold price in the international market is about 2,015 USD/ounce, equivalent to 60.5 million dong per tael when converted at VND/USD exchange rate, excluding taxes and fees. This price is lower than the SJC gold price by 18 million dong per tael and lower than the smooth 24k gold price by about 4-5 million dong per tael.
Earlier, at the end of 2023, the Prime Minister issued a directive requesting the State Bank urgently to have effective solutions to manage and control the domestic gold price according to market principles, not allow the situation of price difference between domestic gold price and international gold price to remain high as in the past, adversely affecting macroeconomic management, report the results of implementation in January 2024. Managing the gold market is also one of the contents mentioned by Prime Minister Pham Minh Chinh in Directive No. 06 on urging the implementation of key tasks after the Lunar New Year 2024 holiday. The Prime Minister requested the State Bank to urgently summarize Decree No. 24 on management of gold business activities. Propose effective solutions to manage the gold market in the new situation, to be completed in the first quarter of 2024.
