As of 9:15 a.m., the SJC gold bar price quoted by SJC Company decreased by VND 900,000 per tael from yesterday, to VND 117.1 million per tael for buyers and VND 119.1 million per tael for sellers.
Other businesses such as PNJ and Bao Tin Minh Chau also decreased their buying and selling prices by VND 600,000 per tael, with transactions at VND 117.4 million per tael for buyers and VND 119.4 million per tael for sellers.
This morning, PNJ Company decreased the buying price of 9999 gold rings by VND 1 million per tael and the selling price by VND 500,000 per tael compared to yesterday, with transactions at VND 112 million per tael for buyers and VND 115 million per tael for sellers.
Bao Tin Minh Chau Company also decreased their buying and selling prices by VND 700,000 per tael, with transactions at VND 114.8 million per tael for buyers and VND 117.8 million per tael for sellers.
Phu Quy Group decreased their buying and selling prices by VND 700,000 per tael, quoting at VND 112.8 million per tael for buyers and VND 115.8 million per tael for sellers.
SJC Company decreased their buying price by VND 800,000 per tael and their selling price by VND 300,000 per tael, quoting at VND 111.7 million per tael for buyers and VND 114.7 million per tael for sellers.
The 9999 gold ring price was also adjusted downward, with a decrease of VND 500,000 to VND 1 million per tael compared to yesterday. However, domestic gold prices are still VND 15 million to nearly VND 20 million per tael higher than world gold prices.
In the international market, the spot gold price dropped sharply to $3,163.8 per ounce (as of May 15, Vietnam time), equivalent to about VND 99.5 million per tael after conversion, losing the $3,200 per ounce mark due to the news that the US and China reduced import taxes for 90 days to continue trade negotiations. The market is currently awaiting the US Producer Price Index (PPI) data, expected to be released today, for further signals on the monetary policy of the US Federal Reserve (Fed).
State Bank Encourages Gold Purchase in Compliance with Regulations
Following the fluctuation in gold prices and the increase in buying and selling activities in some areas, the State Bank of Vietnam, Branch 2, has issued a recommendation: People should only buy and sell SJC gold bars at authorized credit institutions and enterprises.
According to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Branch 2, the purchase and sale of gold bars in violation of regulations will be subject to administrative fines under Decree 88/2019 on administrative sanctions in the monetary and banking field. At the same time, he emphasized: “People need to be cautious when investing in gold, avoiding being influenced by herd mentality or speculative price surges.”
The State Bank of Vietnam further advised that gold is a financial asset with high volatility, influenced by numerous domestic and foreign factors. Complying with legal regulations not only helps stabilize the market but also reduces risks for investors, contributing to the protection of the common interests of the economy.
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