The Doji Group listed the price of plain round gold rings at 74.7 – 76.25 million VND per tael, an increase of 150,000 VND per tael for both buying and selling sides.
Saigon Jewelry Company increased the price of gold rings by 150,000 VND per tael, to 74.15 – 75.75 million VND per tael for buying and selling.
Bao Tin Minh Chau Jewelry Company listed the price of gold rings at 74.96 – 76.26 million VND per tael, an increase of 80,000 VND per tael for both buying and selling.
This is the third consecutive session of plain round gold ring price increase since the trading session at the beginning of the week (July 1st). The total increase in the price of plain round gold rings is 300,000 – 350,000 VND per tael, depending on the gold brand.
The price of SJC gold bars remains listed by enterprises and state-owned banks at 74.98 – 76.98 million VND per tael (buy – sell). While the price of SJC gold bars remains unchanged, it is still very difficult for people to buy gold.
At state-owned banks and SJC Company, people register to buy gold online, receive an appointment, and then come to receive the gold. All enterprises in the market have run out of SJC gold bars to sell.
The price of plain round gold rings is nearly 76.3 million VND per tael. (Photo: BTMC)
Economist Ngo Tri Long assessed that the Vietnamese gold market has many potential problems. Typically, the lack of a centralized trading venue, and the fact that there are many small-scale gold shops and businesses operating independently. This fragmentation causes a lack of transparency in pricing and creates conditions for potential price manipulation.
“The mechanism for managing gold trading in Vietnam depends heavily on physical gold (gold bars and jewelry). This demand for physical gold puts pressure on domestic gold prices and is easily influenced by global fluctuations,” said Long.
At the same time, the world gold price was 2,358 USD/ounce. Converted at the current exchange rate, the world gold price is about 74.5 million VND per tael, excluding taxes and fees.
In the currency market, the State Bank of Vietnam listed the central exchange rate at 24,258 VND/USD, up 5 VND/USD from the previous day.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
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.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Gold Prices Surge, Exceeding 78 Million Dong per Tael
This morning (2/2), the domestic gold price continued to soar, surpassing 78 million dong per tael. In just 3 consecutive trading sessions, the domestic gold price has increased by 1.8 million dong per tael.
