Gold increased by 800 thousand dong in the early afternoon
At 2 p.m., each tael of gold bar increased by VND800,000 to VND115.8 - 117.8 million, narrowing the decline of the day. At the same time, each ounce of world gold increased by USD50, to the region of USD3,356, converted according to Vietcombank's selling rate, equivalent to VND106 million per tael.
Earlier at noon, Saigon Jewelry Company (SJC) listed the price of gold bars at 115 - 117 million VND per tael, down 700,000 VND for buying and 1.2 million VND for selling compared to the opening price. The difference between buying and selling prices narrowed to 2 million VND per tael.
Meanwhile, plain gold rings increased slightly this morning by a few hundred thousand dong per tael. SJC increased by 700,000 dong for buying and 200,000 dong for selling to 111.2 - 113.7 million dong. Plain rings at SJC are listed at 111.2 - 113.8 million. Bao Tin Minh Chau listed plain rings at 113.3 - 116.3 million dong.
On the international market, each ounce of spot gold increased slightly to around 3,315 USD per ounce. Converted according to Vietcombank's selling rate, the world gold price is equivalent to 104.8 million VND per tael. The difference between domestic and world gold bar prices is currently around 12 million VND per tael, while gold rings are around 9-11 million VND.
Last weekend, the State Bank announced the results of an inspection at 6 large gold trading units in the market, with many administrative violations. In particular, the State Bank also raised the issue of the price of gold bars at SJC being decided by only one individual, without internal procedures on specific criteria and bases in the mechanism for determining gold buying and selling prices, as well as not separating the responsibilities of relevant departments in the process of consulting on price determination.
However, according to experts, gold bar monopoly and supply shortage are still the main reasons why domestic gold prices are tens of millions of dong higher than world prices.
Last year, the gap between domestic and international gold prices was controlled after the State Bank supplied gold bars to the market through SJC and four state-owned banks. However, the management agency has stopped supplying gold bars to the market since the beginning of the year, which is the main reason, according to experts, for the price of gold bars to continue to be anchored at tens of millions of dong higher than the international market.
Recently, General Secretary To Lam mentioned the requirement to eliminate the State monopoly in the production of gold bars. According to him, the State still manages the production of gold bars, but allows many qualified enterprises to participate, in order to create an environment of equal competition, diversify supply sources and stabilize prices.
PV (synthesis)
Source: https://baohaiduong.vn/gia-vang-mieng-dao-chieu-tang-gan-mot-trieu-dong-412998.html
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