SJC gold price causes shock when it suddenly "falls into a hole", the world maintains stability in the opposite direction

Gold price today October 26, 2023 recorded the domestic market suddenly turning around and dropping sharply, shockingly going against the world market.

LIVE UPDATE TABLE OF GOLD PRICE TODAY OCTOBER 26 AND EXCHANGE RATE TODAY OCTOBER 26

1. PNJ - Updated: October 26, 2023 00:00 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,900	59,000
HCMC - SJC	69,600	70,350
Hanoi - PNJ	57,900	59,000
Hanoi - SJC	69,600	70,350
Da Nang - PNJ	57,900	59,000
Da Nang - SJC	69,600	70,350
Western Region - PNJ	57,900	59,000
Western Region - SJC	69,650	70,350
Jewelry gold price - PNJ rings (24K)	57,900	58,950
Jewelry Gold Price - 24K Jewelry	57,800	58,600
Jewelry Gold Price - 18K Jewelry	42,700	44,100
Jewelry Gold Price - 14K Jewelry	33,030	34,430
Jewelry Gold Price - 10K Jewelry	23,130	24,530

Domestic gold prices caused a shock when they went against the world and dropped sharply in the afternoon trading session on October 25. At the end of this session, Saigon Jewelry Company (SJC) listed the buying price of SJC gold at 69.65 million VND/tael and the selling price at 70.35 million VND/tael - down 250,000 VND/tael compared to the morning.

DOJI Group traded SJC gold at 69.5 million VND/tael, and 70.3 million VND/tael.

Mr. Nguyen Ngoc Trong, Director of New Partner Gold Company NPJ, said that due to the narrowing market size, the daily trading volume of SJC gold on the market is too low, so when there is a sell signal, even a small one, it will cause the price of SJC gold to plummet.

The price of 24K gold rings and jewelry gold has a better profit rate, so investors are more interested in it than SJC gold.

World gold prices are under pressure to take profits after experiencing a strong increase. Investors are taking profits when the USD shows signs of increasing strongly again. However, according to experts, the precious metal is supported by geopolitical instability and the decline of many high-risk assets such as stocks in the context of the world economy facing many challenges.

According to TG&VN , at 7:30 p.m. on October 25, the world gold price on the Kitco exchange was at 1,973.7 - 1,974.7 USD/ounce, up 3.2 USD compared to the previous session.

Giá vàng hôm nay 26/10/2023: Giá vàng 'sụt hố', SJC gây sốc,

Gold price today October 26, 2023: SJC gold price shocked when it suddenly 'fell into a hole', the world in the opposite direction remained stable. (Source: Newsweek)

Summary of SJC gold prices at major domestic trading brands at the closing time of October 25:

Saigon Jewelry Company listed the price of SJC gold at 69.65 - 70.35 million VND/tael.

Doji Group currently lists SJC gold price at: 69.50 - 70.30 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 69.60 - 70.35 million VND/tael.

PNJ system listed at: 69.60 - 70.35 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 69.65 - 70.30 million VND/tael; Rong Thang Long gold brand is traded at 58.03 - 58.98 million VND/tael; jewelry gold price is traded at 57.60 - 58.80 million VND/tael.

Consider establishing a national gold exchange

Experts say that gold is now only considered an investment channel, and the market size has also shrunk significantly compared to many years ago.

Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, said that Decree 24 on gold market management has completed its "historic mission" in the 2012-2013 period, contributing to restoring order and stabilizing this market.

"At this point, the economic context has changed, so it is necessary to amend the decree to be more realistic," Mr. Khanh commented.

Discussing at the socio-economic group on October 24 at the 6th session of the 15th National Assembly, Ms. Nguyen Thi Yen, Standing Deputy Secretary of Ba Ria - Vung Tau province, mentioned the monopoly of gold bars, causing domestic prices to be higher than world prices.

The Deputy Secretary of Ba Ria - Vung Tau province commented: "If we consider the gap between domestic and world prices as a 'measure' for the difference between gold supply and demand, it can be seen that the market is lacking supply. SJC gold (the national gold brand) is monopolizing and causing many problems."

Since 2012, the domestic gold market has been managed by Decree 24. Accordingly, gold bars are exclusively produced by the State, and the State Bank is the unit assigned to organize and manage gold bar production activities. SJC was chosen as the national gold bar brand, meaning that this brand is the only one on the market.

According to delegates, after adjustments in October, the domestic price of SJC gold bars is nearly VND14.5 million per tael higher than the world price. This is a large gap, governed by the monopoly in importing and producing SJC brand gold bars.

"It is necessary to consider establishing a national gold exchange to regulate the market or issue gold certificates and gold bonds to mobilize resources from the people instead of bidding as is currently the case. This will help ensure the market operates and is transparent," the Standing Deputy Secretary of Ba Ria - Vung Tau province stated.

Source