Deputy Prime Minister Le Minh Khai asks the State Bank (SBV) to coordinate with relevant agencies to promptly and effectively implement the tasks and solutions to stabilize the gold market as directed in the Prime Minister’s dispatch and the Government Office’s documents.
At the same time, the Deputy Prime Minister assigned SBV to closely coordinate with relevant agencies to carry out inspection, examination, control, and supervision tasks in a detailed, comprehensive, focused, and prioritized manner for the gold market.
In addition, the Deputy Prime Minister requested to monitor, inspect, and supervise the activities of gold trading enterprises, stores, distributors, and other entities participating in the market.
The objectives are to ensure the stability, balance, and safety of the gold market, contribute to limiting the situation of economizing gold, as well as ensuring financial security, national currency stability, and safe, healthy, efficient, and sustainable development of the gold market. These tasks are required to be reported to the Prime Minister on the results of handling in March 2024.
Gold prices have been soaring, setting a new record, and experiencing continuous fluctuations recently.
From late 2023 until now, the Government has repeatedly requested SBV to take measures to manage the gold market, not to let the domestic gold price exceed the international level.
Recently, the Prime Minister urgently requested SBV to promptly summarize Decree No. 24 on the management of gold business activities and propose effective solutions to manage the gold market in the new situation, to be completed in the first quarter of 2024.
Following the Prime Minister’s guidance, the gold market has become more stable, but the price still fluctuates continuously. Recently, the price of gold has broken the historical peak, including rings and jewelry. The SJC gold price reached nearly 82 million VND per tael, then gradually cooled down.
At the opening of the morning trading session today (March 19), Saigon Jewelry Trading Company (SJC) is quoting gold buying and selling prices at 79.9 – 81.9 million VND per tael, increasing 500,000 VND per tael in both buying and selling compared to the closing of the trading session on March 18. The difference in buying and selling prices for SJC gold is at 2 million VND per tael.
At the same time, the DOJI Group is quoting buying and selling prices at 79.8 – 81.8 million VND per tael, respectively, increasing 500,000 VND per tael in both buying and selling compared to the closing of the trading session on March 18. The difference in buying and selling prices for DOJI gold is currently at 2 million VND per tael.
In the early hours of March 19 (Vietnam time), the world gold price traded on the Kitco exchange was at 2,159.5 USD/ounce, increasing by 4.3 USD/ounce compared to the end of the afternoon session on March 18.
Based on the exchange rate at Vietcombank on the morning of March 19: 1 USD = 24,890 VND, the world gold price is equivalent to 64.75 million VND per tael, which is 17.15 million VND per tael lower than the selling price of SJC gold at the same time.
