SJC gold price fluctuates strongly, State Bank prepares intervention plan

12/28/2023 14:17 Ha Loan Print article

ANTD.VN - The State Bank will continue to closely monitor developments in the gold market and be prepared to deploy stabilization intervention plans. At the same time, given the complex and unpredictable developments in the gold market, the agency recommends that people be cautious in transactions.

According to the State Bank, since the beginning of December 2023, the international gold price has increased sharply to over 2,000 USD/oz. On December 26, 2023 alone, the international gold price was trading around 2,063 USD/oz, an increase of 232 USD/oz (equivalent to an increase of 12.7%) compared to the beginning of the year.

In response to the increase in international gold prices, domestic SJC gold bar prices also increased. On December 26, 2023 alone, the price of SJC gold bars fluctuated strongly, reaching VND 80 million/tael at noon. However, by the afternoon trading hours, the buying and selling price of SJC gold bars had rapidly decreased again, down to VND 77.4-79.23 million/tael.

On December 28, 2023, the international gold price increased by 19 USD/oz, the domestic SJC gold buying and selling price was around 78.2/79.87 million VND/tael.

Giá vàng trong nước biến động mạnh những phiên gần đây

Domestic gold prices have fluctuated strongly in recent sessions.

The State Bank said that, in the face of strong fluctuations in international and domestic gold prices in recent days, the trading volume of both buying and selling gold has increased slightly. However, the SJC gold bar market in general has not fluctuated abnormally, and there has been no phenomenon of people rushing to buy gold when gold prices increased as in the previous period.

The reason for the sharp increase in domestic SJC gold bar prices in recent days is mainly due to psychological factors due to the continuous increase in international gold prices. Therefore, on days when international gold prices fluctuate sharply, domestic SJC gold bar prices often increase at a faster rate.

“The State Bank will continue to closely monitor developments in the gold market and be prepared to deploy intervention plans to stabilize the gold market. In January 2024, the State Bank will submit a summary report on Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context,” the management agency said.

At the same time, given the complex and unpredictable developments of the international and domestic gold markets, the State Bank recommends that people be cautious in gold transactions.

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