Gold price increased by 1 million VND, State Bank said it sold 13 tons of gold

(NLDO) – After a day of plummeting by 6 million VND, the domestic gold price this morning, November 8, increased again but the level is still quite weak.

On the morning of November 8, SJC Company listed the price of SJC gold bars at VND82 million/tael for buying and VND86.5 million/tael for selling, an increase of VND1 million/tael compared to the end of yesterday. This was quite a surprising development for many people, who had rushed to sell the day before.

This is also the selling price of SJC gold bars at PNJ, DOJI , Bao Tin Minh Chau...

Notably, the difference in the buying and selling price of gold bars has been pushed up by businesses to 3-4.5 million VND/tael. With this difference, it is very difficult to have the opportunity to surf the gold price to enjoy the difference.

Similarly, the price of 99.99 gold rings and other types of jewelry also increased sharply after a day of decline. SJC Company traded plain gold rings at VND82 million/tael for purchase and VND84.8 million/tael for sale, an increase of VND1 million per tael.

Some other businesses bought plain gold rings at higher prices, such as PNJ Company bought 83.6 million VND; Bao Tin Minh Chau bought 83.05 million VND while DOJI bought 82.8 million VND; the selling price was similar to SJC Company at around 84.8 - 85 million VND/tael.

Meanwhile, Mi Hong system quoted the buying price of 99.99 plain gold rings at only 82 million VND/tael, and the selling price at 84.8 million VND/tael.

SJC gold bar and gold ring prices increased again by 1 million VND/tael

Domestic gold prices "turned around" and increased again following the recovery momentum, surprising many investors. After only 2 sessions of plunging by about 100 USD/ounce, gold prices on the international market have increased sharply again by more than 50 USD/ounce, regaining the 2,700 USD/ounce mark.

However, at 9:00 a.m. Vietnam time, the precious metal on the international market slightly decreased to 2,698 USD/ounce. Previously, in the session last night, there was a time when the world gold price jumped to 2,710 USD/ounce.

Regarding the State Bank's gold market management solutions, in the report sent to National Assembly delegates on a number of contents related to the group of questions at the 8th session, the Governor of the State Bank said that from April 19 to October 29, the State Bank organized 9 auctions and 44 direct sales of SJC gold bars to the market with about more than 13 tons of gold.

Next, to quickly control and reduce the difference between domestic gold prices and world prices, the State Bank switched to the method of selling gold bars with appropriate volumes. The State Bank selected 4 state-owned commercial banks and SJC Company.

From June 3 to October 29, the State Bank organized 44 direct sales of SJC gold bars, supplying the market with 305,600 taels of SJC gold, equivalent to about 11.46 tons of gold.

Before the State Bank announced its policy of selling SJC gold bars directly, SJC gold bars on the domestic market were bought and sold at 89-92 million VND/tael, a difference of more than 18 million VND/tael (about 25%) compared to the world price.

Since officially announcing the direct sale of gold bars, the State Bank said the difference between the domestic gold bar selling price and the world price has decreased, now only about 3-5 million VND/tael different from the world gold price (about 5%-7%).

Currently, the world gold price converted according to the listed exchange rate is about 83 million VND/tael.

Source: https://nld.com.vn/gia-vang-tang-1-trieu-dong-ngan-hang-nha-nuoc-noi-da-ban-ra-13-tan-vang-196241108092139611.htm