Why are gold prices continuously plummeting?

Domestic SJC gold bar prices continue their downward trend, despite having climbed a few weeks earlier even as global gold prices remained relatively stable.

In the afternoon trading session on March 22nd, Saigon Jewelry Company (SJC) listed the price of gold bars at 77.8 - 79.82 million VND/ounce (buying price - selling price), a decrease of 800,000 VND/ounce in both buying and selling prices compared to the morning of the same day; and a decrease of 1 million VND/ounce in both buying and selling prices compared to the closing price of the previous day, falling below the 80 million VND/ounce mark.

At DOJI Gold and Gemstone Group, gold is listed at 77.5 - 79.5 million VND/ounce (buying price - selling price), a decrease of 1 million VND/ounce in both buying and selling prices compared to the morning of the same day; and a decrease of 1 million VND/ounce in both buying and selling prices compared to the closing price yesterday.

Over the past two days, the price of this type of gold has decreased by 1.6 million VND/ounce in both buying and selling directions. (Illustrative image)

Thus, over the past two days, this type of gold has decreased by 1.6 million VND/ounce in both buying and selling prices. Compared to its peak of 82.5 million VND/ounce on March 12th, each ounce of SJC gold is currently about 2.7 - 2.8 million VND/ounce lower.

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Domestic gold prices have fallen more sharply than global prices, significantly narrowing the price difference between the two markets. Currently, the price difference between domestic and international gold is approximately 14.6 million VND, a decrease of 2.4 - 3.4 million VND compared to the peak on March 12th.

Meanwhile, the price of gold rings decreased by a narrower margin, listed at 67.8-69.1 million VND/ounce (buy - sell), a further decrease of 200,000 VND in each direction compared to the opening price this morning.

Just a few weeks ago, the world gold price was only around $2,147 per ounce, and the selling price of SJC gold bars reached 81.3 million VND per tael. Now, however, the world gold price has hit an all-time record, while the price of SJC gold bars has dropped by millions of VND per tael, selling around 80 million VND per tael.

Experts believe that the reason for the sharp drop in SJC gold bar prices is due to upcoming information about a series of significant changes to the gold market.

Specifically, the Prime Minister has requested the State Bank of Vietnam to conduct a thorough and comprehensive review of the legal framework, mechanisms, and policies related to the management of the gold market and the trading of gold bars and gold jewelry.

At a meeting with Deputy Prime Minister Le Minh Khai on gold market management, in light of the volatile gold market, the State Bank of Vietnam proposed changing the method of producing gold bars, abolishing the state monopoly on gold production, and licensing the production of gold bars to a number of qualified enterprises.

This stems from the fact that the price of SJC gold bars is significantly higher than the international price, as is the case with other types of gold bars, jewelry, and handicrafts.

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According to a representative of the State Bank of Vietnam, the State's monopoly on gold bar production, as stipulated in Resolution 24, is an important solution for tightly controlling the supply. Government Decree 24/2012 on the management of gold trading activities has been in effect for over 10 years.

However, since 2014, this agency has not auctioned off gold bars, increasing supply on the market.

"This could be one of the reasons why the price difference between SJC gold bars and international prices is so high," the State Bank of Vietnam explained.

Source: https://phunuvietnam.vn/gia-vang-lien-tuc-lao-doc-vi-sao-20240322173655428.htm