Gold Price in Vietnam Sees Significant Increase on April 24th
On April 24th, the **price of SJC gold** in Vietnam experienced a substantial increase compared to the previous day, with an average rise of 1 million VND per tael.
For example, at Saigon Jewelry, SJC gold was listed at 82.5-84.5 million VND/tael, up by 1.2 million VND compared to the previous day.
SJC gold at DOJI was bought and sold at 82-84 million VND/tael, an increase of 2 million VND for buying and 1.5 million VND for selling.
Meanwhile, Bao Tin Minh Chau listed the price of this asset at 82.35-84.35 million VND/tael, representing an increase of over 1 million VND per tael.
Similarly, Mi Hong gold shop in Ho Chi Minh City closed with SJC gold prices at 82.4-83.8 million VND/tael, up by around 800,000 VND per tael.
VietinBank Gold adjusted its SJC gold price upward to 82.5-84.52 million VND/tael, a 1.5 million VND increase for buying and a 1.2 million VND increase for selling.
On the other hand, the price of plain gold rings saw a slight adjustment at several gold shops. At the close of trading on April 24th, the price of plain gold rings at Bao Tin Minh Chau was listed at 73.88-75.58 million VND/tael, an increase of 100,000 VND/tael for both buying and selling prices compared to the close on March 23rd.
DOJI maintained its price for plain gold rings at 73.95-75.6 million VND/tael, an increase of 300,000 VND per tael. Saigon Jewelry listed the price of plain gold rings at 73.1-74.9 million VND/tael.
Compared to the historical high of 85.5 million VND/tael on April 15th, the current price of SJC gold is approximately 2.5 million VND lower, while the price of plain gold rings is also lower by nearly 3 million VND per tael.
SJC gold prices over the past week. Chart: Cafef.
Earlier, the price of SJC gold had begun to decline following news that the State Bank of Vietnam (SBV) planned to organize the first SJC gold bar auction in 11 years on April 22nd. The buying price of this asset even fell below 80 million VND on the morning of April 23rd. Immediately after the SBV announced the successful auction of SJC gold bars, the price of gold began to rise rapidly again.
According to information released by the SBV on the afternoon of April 24th, a second SJC gold bar auction will be held on April 25th, 2024, to continue implementing the Prime Minister’s directive to immediately implement measures to stabilize the gold market and address the high difference between domestic gold bar prices and international gold prices. The total volume of gold bars to be auctioned remains at 16,800 taels. The deposit rate is 10%. The minimum bid volume for one member is 1,400 taels, and the maximum bid volume for one member is 2,000 taels.
Analysts believe that the gold auction may not immediately stabilize domestic gold prices, as global gold prices are still high and could rise further in the future. Given the current trend, domestic gold prices may continue to climb back to or even exceed their historical highs.
On the global market, a survey conducted at 23:00 on April 24th (Vietnam time) showed that the spot price of gold was around 2327 USD/ounce. When converted, this corresponds to approximately 71.7 million VND/tael, around 12.8 million VND lower than the price of SJC gold in Vietnam.
