SJC gold price is no longer "alone in the market", investors suffer heavy losses, the world stands firm

Gold price today December 30, 2023 in Vietnam "turned around", reacting to the Prime Minister 's direction and the State Bank's move on market management solutions.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/30 AND EXCHANGE RATE TODAY 12/30

1. PNJ - Updated: December 29, 2023 22:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,200 ▼600K	63,300 ▼600K
HCMC - SJC	72,500 ▼2000K	76,000 ▼1500K
Hanoi - PNJ	62,200 ▼600K	63,300 ▼600K
Hanoi - SJC	72,500 ▼2000K	76,000 ▼1500K
Da Nang - PNJ	62,200 ▼600K	63,300 ▼600K
Da Nang - SJC	72,500 ▼2000K	76,000 ▼1500K
Western Region - PNJ	62,200 ▼600K	63,300 ▼600K
Western Region - SJC	73,000 ▼1500K	76,200 ▼1500K
Jewelry gold price - PNJ rings (24K)	62,200 ▼600K	63,200 ▼650K
Jewelry Gold Price - 24K Jewelry	62,100 ▼600K	62,900 ▼600K
Jewelry Gold Price - 18K Jewelry	45,930 ▼450K	47,330 ▼450K
Jewelry Gold Price - 14K Jewelry	35,550 ▼350K	36,950 ▼350K
Jewelry Gold Price - 10K Jewelry	24,920 ▼250K	26,320 ▼250K

Domestic gold prices fluctuated strongly in the trading session on December 29, with the fluctuation range reaching 1.5 million VND at times, bringing the selling price to about 74 million VND/tael.

At DOJI Gold and Gemstone Group, the price of SJC gold bars in Hanoi decreased by 1 million VND/tael for buying and 1.5 million VND/tael for selling, down to 71-76 million VND/tael (buying - selling).

Along with the downward trend, Phu Quy Jewelry Group reduced the price of SJC gold bars to 2.8 million VND/tael for buying and 2.3 million VND/tael for selling, to 70.5-75 million VND per tael (buying - selling).

At Bao Tin Minh Chau Company, each tael of gold bar decreased by 2.5 million VND/tael for buying to 70.5 million VND/tael and decreased by 2.4 million VND/tael for selling to 74.8 million VND/tael.

The fall in gold prices has narrowed the gap between domestic and world gold prices, which is considered closer to fair value.

Analysts say this is the market's corrective response to the Prime Minister's direction and the State Bank's moves on gold market management solutions, aiming to stabilize and develop a safe, healthy, effective and sustainable gold market.

Because, according to the guidance and management information of the management agency, the domestic gold bar price is the target that needs to be adjusted and the problem of unreasonable price increases needs to be resolved, creating an unstable psychological effect and lack of transparency for the gold market.

Previously, Prime Minister Pham Minh Chinh signed Official Dispatch 1426/CD-TTg dated December 27, 2023 on solutions to manage the gold market. On the same day, the State Bank said it would continue to closely monitor developments in the gold market and prepare to deploy intervention plans to stabilize the gold market.

Deputy Governor of the State Bank Pham Thanh Ha said that in January 2024, the State Bank will submit a summary report on Decree No. 24/2012/ND-CP dated April 3, 2012 of the Prime Minister: On the management of gold trading activities; including proposals to amend and supplement a number of regulations on gold market management to suit the new context of the market.

World gold prices continue to rise in the context of the rapidly decreasing USD.

Unabated geopolitical instability in many regions, including Ukraine, the Middle East, the Red Sea... along with strong net buying power of central banks of countries are factors that will push world gold prices up sharply throughout 2023.

Gold demand in India and China during peak season is also a driving force for this precious metal.

Many forecasts suggest that in 2024, demand for gold will remain high as uncertainty continues to prevail. The decline in the greenback has also pushed gold prices up gradually. However, the recent sharp increase in prices may create profit-taking pressure. This means that gold will find it difficult to break out too strongly in the new year.

According to TG&VN at 7:30 p.m. on December 29, the world gold price on the Kitco exchange was at 2,065 - 2,066 USD/ounce.

Gold price today December 30, 2023: SJC gold price 'returns to reasonable level', market reacts strongly, world maintains upward trend. (Source: TASS)

Summary of SJC gold prices at major domestic trading brands at the closing time of December 29:

Saigon Jewelry Company listed the price of SJC gold at 73.00 - 76.02 million VND/

Doji Group currently lists SJC gold price at: 71.00 - 76.00 million VND/tael.

PNJ system listed at: 71.60 - 74.60 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 71.0 - 74.9 million VND/tael; Rong Thang Long gold brand is traded at 62.23 - 63.43 million VND/tael; jewelry gold price is traded at 61.9 - 63.1 million VND/tael.

Is there gold price manipulation?

Gold trading volumes are low and prices are near record levels, so volatility is also down, EverBank CEO Chris Gaffney said. The precious metal has rallied recently on expectations of lower interest rates and a weaker dollar.

Data released by the US Department of Labor showed that the number of Americans filing for unemployment benefits rose last week, a sign that the US labor market continues to weaken, strengthening the possibility that the US Federal Reserve will start cutting interest rates in March.

Traders in the interest rate futures market are betting on a roughly 90% chance of the Fed cutting rates in March, according to data from the CME's FedWatch Tool.

“We expect gold prices to rise next year, as weakening economic data and falling inflation in the US force the Fed to cut interest rates,” said UBS analyst Giovanni Staunovo.

Associate Professor Dr. Nguyen Huu Huan from Ho Chi Minh City University of Economics stated that domestic gold prices have not been linked to international prices and have been "a market unto itself" for many years, leading to extremely unexpected and unpredictable fluctuations. Mr. Huan said that there is a phenomenon of gold price manipulation.

Specifically, domestic gold prices sometimes increase in line with world prices, but when international prices decrease, domestic prices decrease slowly or do not decrease at all. It is worth noting that this only happens with SJC gold bars, while other types of gold such as rings and jewelry are still normal.

"SJC gold bars have been a monopoly for decades. For more than 10 years, the market has not had any additional SJC gold bars, so the units that hold the amount of gold on the market can control the price. As for gold rings, the supply is abundant due to more suppliers, so the price will also fluctuate according to world prices and be more competitive.

We all see that the scarcity of gold in the market only happens with SJC gold bars, not the other types," Mr. Huan cited.

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