Today (July 4th), domestic gold bullion prices have been ‘frozen’ for about a month since the State Bank of Vietnam implemented a new plan to stabilize the gold market and narrow the gap between domestic and global gold prices. The gold bullion price announced by four state-owned commercial banks, including Agribank, BIDV, Vietcombank, and VietinBank, along with the SJC company, remains unchanged at 76.98 million VND per tael.
While the SJC gold bullion price has remained stagnant for an extended period, the price of 24K gold rings at gold businesses has continuously increased, following the global gold price trend. On June 4th, SJC raised the price of gold rings by 250,000 VND for both buying and selling, reaching 74.4 – 76 million VND per tael. Other gold shops, such as Bao Tin Minh Chau and DOJI, have also increased their selling prices, with Bao Tin Minh Chau offering smooth ring gold at 76.36 million VND per tael and DOJI raising its selling price to 76.35 million VND.
With this threshold, each tael of gold rings is only half a million VND away from gold bullion. In the past, the difference between these two types of gold could range from several million to tens of millions of VND, depending on the timing.
While SJC gold bullion has been stagnant for an extended period, the price of 24K gold rings at gold businesses has continuously increased, following global gold price trends.
According to local residents, despite the attractive SJC gold bullion price, which has remained unchanged for a month, purchasing gold has proven challenging. Quynh Anh from Nam Tu Liem, Hanoi, shared that her family usually buys gold twice a year, in the middle and at the end of the year, but they have been unable to do so recently. Online registration at banks is difficult, and gold companies have run out of SJC gold bullion to sell.
“Since we couldn’t buy gold, my husband and I are considering alternative investment options, such as putting more money into our stock account, even though this is a more complex investment than gold,” said Quynh Anh.
Thu Huong from Cau Giay, Hanoi, has also been trying to purchase SJC gold bullion from large stores for nearly three weeks without success. “My husband and I have been to all the major gold shops in Hanoi, but we always come home empty-handed. Although the gold price is currently low, we are still buying, but we can only purchase a few gold rings from small gold shops,” Huong shared.
Unlike the previous customers, Quynh Nga from Hai Ba Trung, Hanoi, decided to invest in real estate with her 5 billion VND savings. “The low gold price is appealing, but the difficulty in purchasing it has led us to invest in real estate instead,” she explained.
The unusually quiet scene at a gold shop on Cau Giay Street in Hanoi.
According to our reporters, most gold shops in Hanoi are deserted due to the lack of gold for sale. An employee at a gold shop on Tran Nhan Tong Street in Hanoi shared, “Since we stopped selling SJC gold bullion and smooth ring gold, the number of customers has significantly decreased. We no longer see long lines and crowding whenever gold prices fluctuate.”
Financial experts suggest that while Vietnamese citizens have a preference for investing in gold, the fluctuating gold market and the upward trend in the real estate market have prompted many investors to take profits when gold prices peaked and shift their investments to real estate.
According to Batdongsan.com.vn’s data on the real estate market in the first half of 2024, most investment channels showed positive signs compared to 2023, with real estate remaining the most profitable investment channel. The website’s historical data reveals that, as of June 2024, the average asking price for real estate has increased by 24% compared to the beginning of 2023. In contrast, the VNIndex, reflecting stock price movements, increased by 19%, the SJC gold price rose by 17%, and the USD exchange rate climbed by 8%.
Le Dinh Chung, CEO of SGO Homes, a real estate consulting and development company in Hanoi, stated, “In fact, many investors have shifted their capital from gold to real estate. They bought when real estate prices were at their lowest,” said Chung.
According to Chung, investors are now more cautious and diversify their investments rather than putting all their eggs in one basket. They may invest in various real estate segments, such as land, villas, and apartments, to mitigate risks.
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.
