Smooth ring gold prices were listed by Bao Tin Minh Chau Jewelry Company at 77.23 – 78.43 million VND per tael buying and selling.
Saigon Jewelry Company listed smooth ring gold prices at 77.1 – 78.4 million VND per tael.
Doji Group and Phu Quy listed smooth ring gold prices at 77.2 – 78.45 million VND per tael.
Smooth ring gold prices have been increasing consecutively for a week, following the continuous record-breaking prices of global gold.
Smooth ring gold prices have seen a significant increase in the past week.
However, gold ring buyers from the previous week until now still face losses of over 1.1 million VND per tael due to the large buy-sell spread maintained by gold companies.
SJC gold bar prices were listed by banks and enterprises at 79-81 million VND per tael buying and selling.
Meanwhile, global gold prices stood at 2,512 USD per ounce.
Last week, the Hanoi Market Management Department announced that it would inspect gold price listings and the origin of gold sources of 116 gold trading enterprises. The inspection will last until October 15th.
Recently, market management agencies in many provinces have also carried out similar activities. The simultaneous inspections across the country come as domestic gold prices have been experiencing strong fluctuations.
In May, the State Bank announced its plan to inspect four enterprises, namely SJC, DOJI, PNJ, and Bao Tin Minh Chau, along with two banks, TPBank and EximBank, within 45 days. The inspection covers compliance with gold trading laws, anti-money laundering measures, invoice and document issuance, and tax obligations.
In the monetary market, on August 26th, the State Bank listed the central exchange rate at 24,250 VND per USD. At commercial banks, the USD exchange rate hovered around 24,843 – 25,183 VND.
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.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
Weekend Ending Sees Significant Gold SJC Price Drop
After surging to nearly 79 million dong per tael on February 2nd, the price of SJC gold is now plummeting towards the 78 million dong per tael mark this weekend.
