On the morning of June 19th, gold bar and jewelry prices remained stable compared to the previous day, with SJC, PNJ, DOJI, and Bao Tin Minh Chau companies all buying at 117.6 million VND per tael and selling at 119.6 million VND per tael.
Similarly, the buying and selling prices of 99.99% pure gold rings and jewelry remained unchanged, ranging from 113.7 million VND per tael to 116.3 million VND per tael across different companies.
Both SJC gold bars and rings have been stagnant for the past two days, an unexpected development given the volatile international gold market.
As of 9 am Vietnam time, the international gold price was trading at $3,378 per ounce, slightly higher than the previous session. During the session, gold dipped as low as $3,363 per ounce but quickly recovered due to bottom-fishing.
The US Federal Reserve’s decision to maintain interest rates at 4.25%-4.5% overnight put pressure on gold prices, as precious metals are typically sensitive to monetary policies.
SJC gold bars and rings remain stable
Gold expert Tran Duy Phuong attributed the stagnant domestic gold market to investors’ cautious approach following the Vietnamese government’s recent directives on gold market management policies.
Notably, the proposed amendments to Decree 24 on gold market management, which aim to eliminate the monopoly on SJC gold bars and allow more companies to produce gold bars if they meet the requirements, are expected to lead to a decrease in SJC gold bar prices.
“With the premium for SJC gold bars over international prices still exceeding 12 million VND per tael, investors are adopting a wait-and-see attitude. The international gold market is also range-bound, lacking significant momentum and even hinting at a potential downward correction, further dampening local market sentiment,” Phuong added.
The international gold price, converted at the current exchange rate, is approximately 107 million VND per tael.
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The gold ring price has slipped below the 118 million VND per tael mark, a slight decrease from this morning’s opening price.
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