Gold bar prices remain unchanged for almost a month now, with businesses and four state-owned banks (Vietcombank, Vietinbank, Agribank, and BIDV) listing them at 76.98 million VND per tael.
Gold bar prices have stagnated for nearly a month.
Gold ring prices, listed by various brands, hover around 75 million VND per tael. Doji Group listed their plain gold rings at 74.65 – 75.9 million VND per tael for buying and selling. Bao Tin Minh Chau Gold and Jewelry Company listed their plain gold rings at 74.68 – 75.98 million VND per tael. Saigon Jewelry Company listed their plain gold rings at 73.95 – 75.55 million VND per tael for buying and selling.
However, at this time, gold bars cannot be purchased by individuals in any form, be it online or in physical stores. Even gold rings at major brand stores have stopped selling, causing people to lose interest in gold.
Recently, the Hanoi Economic Security Police identified a group of individuals who were hired to queue and buy gold from state-owned commercial banks and then sell it to gold trading businesses. The strong measures taken by the State Bank in the past, such as gold supply, have helped to cool down the demand for gold among the public. The State Bank has also affirmed that it will continue to maintain a reduced price gap between domestic and global gold prices.
At the same time, world gold prices are listed at 2,324 USD per ounce, a decrease of 2 USD from the previous day. World gold prices currently correspond to 71 million VND per tael, excluding taxes and fees.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
High gold demand sets record, prices expected to rise further this year?
The World Gold Council has announced that there is a record high demand for gold in 2023, and the price of gold may continue to rise this year.
National gold consumption drops to 55.5 tons as demand for jewelry declines
According to the World Gold Council, the demand for gold in Vietnam is influenced by global economic trends, with projected gold consumption of 55.5 tons by 2023.
Gold price plummets on the first day of Tet
Gold prices in the country plummeted on the afternoon of the first day of Tet, with many places trading below 78 million dong per tael.
Hanoi Residents Flock to Queue for Gold, Many Places Overwhelmed
On February 15th (the 6th day of Tet holiday), many Hanoi residents flock to jewelry stores to purchase wedding rings for good luck in the new year, despite the high domestic prices of gold.
