Continuing its upward trend from yesterday afternoon, gold prices in Vietnam continued to rise this morning (April 24), reaching VND 84 million at the sell-off, VND 700,000 more expensive per tael than the closing price yesterday afternoon.
According to a survey at 10:30 this morning, each tael of gold bars was adjusted by the Saigon Jewelry Company (SJC) by VND 700,000 compared to the survey price at 4 pm yesterday, up to VND 82 – 84 million/tael. Compared to this morning, the price of each tael of gold bars has increased by about VND 2 million in both trading directions.
Other gold shops such as DOJI, PNJ, Bao Tin Minh Chau, have adjusted prices for this precious metal similarly. Currently, the price of SJC gold at DOJI is bought and sold at VND 81.8 – 83.8 million/tael; PNJ is bought and sold at VND 81.9 – 84 million/tael; Bao Tin Minh Chau is listed at VND 81.9 – 83.8 million/tael.
The price of 24K plain gold rings also increased slightly this morning. Currently, SJC lists the buy-sell price at VND 73.1 – 75 million/tael, at DOJI it is VND 72.6 – 74.9 million/tael, PNJ is VND 73 – 74.7 million/tael, and Bao Tin Minh Chau lists the price at VND 73.68 – 75.38 million/tael at the buy-in – sell-out price.
Compared to the record set on April 9, each tael of SJC gold bars is currently about VND 1 million lower, equivalent to more than 1%. Plain rings are about VND 2 million cheaper than the peak.
Domestic gold prices have increased since yesterday afternoon in the context of the State Bank of Vietnam not announcing a gold bar auction today, April 24.
Previously, the State Bank of Vietnam organized the first auction of SJC gold bars in 11 years yesterday, April 23. According to the announced results, only two members won the bid with a total volume of 34 lots (equivalent to 3,400 taels of gold) out of a total of 16,800 taels offered for sale.
The highest winning price was VND 81.33 million/tael and the lowest was VND 81.32 million/tael. This price is lower than the SJC gold price but higher than the purchase price at gold shops.
The intervention of the State Bank of Vietnam is expected to increase the supply of gold in the market and cool down gold prices in the near future. This is also the first time the State Bank of Vietnam has organized a gold bar auction in 11 years.
Previously, from March 28, 2013 to December 31, 2013, the State Bank of Vietnam conducted 76 auctions, offering a total of 1,932,000 taels of gold to the market and successfully selling 1,819,000 taels, equivalent to 69.9 tons of gold. Of which, 30 tons were purchased by commercial banks to clear the gold position, with nearly 40 tons sold on the market.
Compared to the previous period, gold bar trading has now narrowed and is only traded at a number of large enterprises. According to the State Bank of Vietnam, there are currently 26 units including commercial banks and gold trading businesses establishing gold bar trading relationships with this agency. Of which, up to now there are about 15 units eligible to participate in the auction.
In the international market, gold prices have recovered after a sharp decline, falling to the lowest point in more than two weeks as concerns about tensions in the Middle East have eased, while investors await important US economic data.
According to Kitco, at 10:30 (Vietnam time), the spot gold price was stable at $2,328 an ounce, slightly higher than the closing price yesterday after falling 2.7% from the peak recorded at the end of last week.
According to experts, although Israeli strikes have continued throughout Gaza, fears of a wider conflict have been allayed after Iran said last week that it has no plans to retaliate against Israel.
“This is driving signs of a return to riskier assets in the financial markets, and that means gold, which is considered a safe haven, is being shed,” said Julia Khandoshko, CEO of brokerage firm Mind Money.
Meanwhile, Carley Garner, co-founder of brokerage DeCarley Trading, sees a decline to $2,330 or $2,300 as a solid entry point for investors who have missed the initial recovery. According to Carley Garner, gold’s current price target is $2,650 an ounce.
