Update as of May 4th afternoon: Gold prices at some stores continued to surge, reaching nearly VND 86 million per tael. For example, Bao Tin Minh Chau increased by VND 500,000 per tael compared to this morning, to VND 83.6-85.8 million per tael. DOJI Group maintained its price at VND 83.5-85.7 million per tael, while Saigon Jewelry Company also remained unchanged at VND 83.5-85.9 million per tael.
Meanwhile, plain gold rings remained stable or slightly decreased compared to this morning. Currently, the buy-sell spread is quite high, at VND 1.7-2 million per tael.
For instance, Phu Nhuan Jewelry (PNJ) listed the 24K plain gold ring at VND 73.1-74.95 million per tael. DOJI and Bao Tin Minh Chau offered higher selling prices, listing the plain gold ring at VND 73.7-75.3 million and VND 73.62-75.22 million per tael, respectively.
Currently, SJC gold prices are at a record high, despite significant adjustments in global gold prices. Compared to the beginning of the year, SJC gold prices have increased by VND 12.5 million per tael, equivalent to a 17% rise.
The 24K plain gold ring has witnessed a significant drop from its peak in mid-April. For example, at PNJ, the plain gold ring reached a peak of VND 75.1-77.1 million per tael on April 19th, but has since decreased by VND 2.2 million per tael. Customers who bought the plain gold ring at its peak and sold it at the current price would incur a loss of up to VND 4 million per tael.
Similarly, at DOJI, their plain gold ring price once reached VND 78.6 million per tael on April 10th. Thus, after nearly a month, the price of DOJI’s plain gold ring has decreased by VND 3.3 million per tael. Customers who bought at the peak price and sold at the current price would face a loss of up to VND 5 million per tael.
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On the morning of May 4th, gold prices continued to rise compared to the previous day, reaching a record high of nearly VND 86 million per tael.
Specifically, at 9:00 am at Saigon Jewelry Company, SJC gold bars were listed at VND 83.5-85.9 million per tael, an increase of VND 100,000 per tael from the previous day. Earlier, on May 3rd, SJC gold prices at this company had increased by VND 700,000 per tael, the most significant rise in the past two weeks.
Similarly, at Phu Nhuan Jewelry, SJC gold prices were also pushed towards the VND 86 million per tael mark, specifically listed at VND 83.5-85.8 million per tael. DOJI Group increased SJC gold prices to VND 83.5-85.7 million per tael.
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The 24K plain gold ring price remained stable during the morning of May 4th compared to the previous trading session. The selling price is currently hovering around VND 75 million per tael. Specifically, Saigon Jewelry Company listed it at VND 73.1-74.9 million per tael. DOJI Group applied a range of VND 73.7-75.3 million per tael, while Bao Tin Minh Chau listed it at VND 73.68-75.28 million per tael.
In the international market, gold prices recovered to trade around $2,300 per ounce after plunging to $2,276 per ounce. Converted at the current exchange rate, the global gold price is equivalent to about VND 71 million per tael (excluding taxes and fees).
International gold prices faced pressure as geopolitical tensions eased, reducing the demand for safe-haven assets compared to the previous period. Additionally, the Federal Reserve’s delay in cutting interest rates has kept the US dollar strong for an extended period. Typically, when the US dollar rises, gold prices move in the opposite direction. Furthermore, the surge in Chinese stocks over the past week and a half has reduced the demand for gold among retail investors.
Overall, the 24K plain gold ring price has closely followed the movement of global gold prices in recent days. In contrast, SJC gold prices have continuously set new records. The recent gold bar auctions by the State Bank of Vietnam have also fallen short of expectations. On May 3rd, the SBV canceled the auction of 16,800 taels of SJC gold bars due to only one registered participant.
Regarding gold market management, the General Department of Taxation recently proposed that the SBV study and submit to competent authorities a mandatory regulation for cashless payments in gold trading. They also suggested implementing a control mechanism for such transactions.
