Deputy Prime Minister Le Minh Khai requested the State Bank of Vietnam (SBV) to lead and coordinate with relevant agencies to urgently and effectively implement the tasks, solutions to stabilize the gold market as assigned in the Prime Minister’s dispatches and instructions and Government Office’s documents.
At the same time, Deputy Prime Minister assigned SBV to closely coordinate with relevant agencies to carry out inspection, examination, supervision, monitoring, comprehensive, focused and timely management of the gold market.
Along with that, Deputy Prime Minister proposed to monitor, inspect, and examine the operations of gold businesses, stores, distributors and buyers and other entities participating in the market.
The goal is to ensure the stability, balance, safety of the gold market, and contribute to limiting the “gold-ization” of the economy; at the same time, ensure the financial security, national currency, and develop a safe, healthy, effective, and sustainable gold market. These tasks are required to report to the Prime Minister on the results of handling in March 2024.
The price of gold has been soaring, setting new records, and continuously fluctuating recently
From the end of 2023 until now, the Government has repeatedly requested SBV to have management measures for the gold market , not to let the domestic gold price differ too much from the world.
Recently, the Prime Minister required SBV to expeditiously evaluate Decree No. 24 on the management of gold trading activities; propose effective solutions to manage the gold market in the new situation, to be completed in the first quarter of 2024.
After the Prime Minister’s directive, the gold market has been more stable, however, the price is still fluctuating. Recently, the price of gold has reached a new historic high, including rings, jewelry, while the SJC gold bar price reached nearly 82 million VND/tael, and then gradually cooled down.
At the opening of the trading session this morning (March 19), Saigon Trading Group SJC is quoting buying – selling prices of gold at 79.9 – 81.9 million VND/tael, an increase of 500,000 VND/tael in both buying and selling compared to the closing of the trading session on March 18. The price difference between buying and selling gold at SJC is 2 million VND/tael.
At the same time, the price of gold at DOJI Group is quoted at buying – selling prices of 79.8 – 81.8 million VND/tael, an increase of 500,000 VND/tael in both buying and selling in comparison with the closing of the trading session on March 18. The price difference between buying and selling DOJI gold is 2 million VND/tael.
At the beginning of March 19 (Vietnam time), the world gold price traded on Kitco Exchange was at 2,159.5 USD/ounce, an increase of 4.3 USD/ounce compared to the end of the afternoon session on March 18.
Converting the world gold price according to the exchange rates at Vietcombank on the morning of March 19: 1 USD = 24,890 VND, the equivalent world gold price is 64.75 million VND/tael, which is 17.15 million VND/tael lower than the selling price of SJC gold at the same time.
