Following the “stagnant” development yesterday, the prices of gold SJC and gold rings today (April 21) remained unchanged or slightly decreased. The average decline ranged from VND50,000-VND100,000 per tael.
According to a survey at 13:00, Saigon Gold-Jewelry, the price of gold SJC was still listed at VND82-84 million per tael, remaining unchanged from yesterday morning’s session. The price of round-shaped gold also “remained unchanged”, currently at VND74,8-76,7 million per tael.
Similarly, DOJI Hà Nội continued to list the price of gold SJC at VND81,65- VND83,85 million per tael and the price of gold rings at VND75,55-VND77,35 million per tael.
Regarding PNJ, the price of gold SJC was not adjusted, remaining at VND81,8-VND83,8 million per tael. The price of gold rings was also “steady” at VND74,8-VND76,8 million per tael.
At Bảo Tín Minh Châu, the price of gold SJC decreased by VND50,000 per tael, currently at VND82-VND83,85 million per tael. The listed price of gold rings was VND75,26-VND76,69 million per tael, down by VND100,000 compared to yesterday.
Of which, Mi Hồng Gold Shop adjusted the price of gold SJC the most, decreasing by VND700,000 for buying and VND500,000 for selling, currently listed at VND81,5-VND83 million per tael.
Fluctuation of gold SJC prices within the last week. Chart: Cafef.
The State Bank announced that it will organize an auction of gold bars tomorrow (April 22). The total amount of gold bars to be auctioned is expected to be 16,800 taels.
According to economic experts, the State Bank’s organization of the gold auction aims to solve the shortage of supply in the market and reduce the price difference between gold prices in Vietnam and the rest of the world. This information affects the psychology of many people, making them want to observe the gold market further before making decisions. Therefore, the price of gold in the market has not fluctuated much in recent days.
Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, said that the number of nearly 17,000 taels of gold put up for auction is quite large. It is possible that after a few sessions, the price of gold SJC will return to VND76-77 million per tael. The difference between domestic and foreign gold prices will narrow to about VND 4-5 million per tael. At that time, the State Bank will no longer need to intervene.
However, this expert also said that the gold bar auction is only a short-term solution. Mr. Khanh proposed that the State Bank study the option of allowing gold businesses to import raw gold for jewelry making. This solution will partly solve the market’s supply shortage and is a better option for the market in the long run.
