Gold prices in Vietnam remained stable on June 27, with SJC gold bars being bought at 74.98 million VND per tael and sold at 76.98 million VND per tael by the SJC Company. This price was also reflected in the selling price of commercial banks such as Vietcombank, BIDV, Agribank, and VietinBank. Meanwhile, gold rings and 24K gold jewelry saw a significant drop in prices, following the downward trend in the global market. SJC listed the buying price of gold rings at 73.65 million VND per tael and the selling price at 75.25 million VND per tael, a decrease of 250,000 VND from the previous day. PNJ sold plain gold rings at 75.4 million VND, while Bao Tin Minh Chau listed their price at 75.58 million VND, a substantial drop of 400,000 VND from the previous day’s rate.
Gold ring and jewelry prices rebound. Photo source: NLĐ
In the international market, as of 11 am Vietnam time, the precious metal lost the 2,300 USD/ounce mark and retreated to 2,298 USD/ounce, a decrease of about 25 USD/ounce from the previous session. The US Dollar Index in the global market remained high at 105.94 points, up 1.17% in about a month, along with rising US Treasury bond yields, putting downward pressure on gold prices. Analysts suggest that gold prices are unlikely to break out in the short term until there is clearer information about the Federal Reserve’s interest rate decisions.
Currently, the world gold price converted at the listed exchange rate is around 70.6 million VND per tael, which is lower than the gold ring price by about 4.6 million VND and lower than the SJC gold bar price by about 6.3 million VND per tael. The opposite fluctuations have widened the gap between domestic and international gold prices, although this gap is only one-third of the record high of 18-20 million VND a few months ago.
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.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
