World gold prices fluctuate strongly, why haven't SJC gold bar and gold ring prices decreased?

(NLDO) - The price of SJC gold bars and gold rings this morning, July 18, fluctuated within a narrow range, with quiet transactions, while the world gold price fluctuated strongly.

Prices of SJC gold bars and gold rings remain unchanged.

On the morning of July 18th, the price of SJC gold bars remained stable at 118.6 million VND/ounce for buying and 120.6 million VND/ounce for selling by gold companies.

Similarly, the price of 99.99% pure gold rings and jewelry remained unchanged at 114.2 million VND/ounce for buying and 116.8 million VND/ounce for selling.

For the second consecutive day, domestic gold prices have remained stable amidst significant fluctuations in global gold prices.

At 9:50 AM on July 18th, Vietnam time, the world gold price was at $3,338 per ounce, a decrease of more than ten dollars per ounce compared to the previous session.

During trading last night and early this morning, the price of gold briefly dropped sharply to near $3,300 per ounce before rebounding immediately afterward.

Prices of SJC gold bars and gold rings remain unchanged.

Based on the listed exchange rate, the world gold price continues to be approximately 15 million VND/ounce lower than SJC gold bars.

July 15th was the deadline for the State Bank of Vietnam to submit to the Government a draft amendment to the decree on gold market management, with many new points – such as eliminating the monopoly on SJC gold bars, considering licensing more qualified businesses to participate… However, to date, gold prices remain sluggish.

When will the price of gold bars decrease?

Speaking with a reporter from Nguoi Lao Dong newspaper, gold expert Tran Duy Phuong commented that the key to a decrease in SJC gold bar prices and a narrowing of the gap with world prices remains increased supply. As long as the market lacks additional gold bar supply from imported raw materials for production, it will be difficult for prices to fall significantly and narrow the gap with world prices.

Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Business Association, believes that information about the new gold bullion management policy will have a strong impact on the market when it takes effect and is implemented. Currently, the market is only at the expectation stage, while the supply problem has not yet been solved, so domestic gold prices are relatively stable.

Source: https://nld.com.vn/gia-vang-the-gioi-bien-dong-manh-vi-sao-gia-vang-mieng-sjc-vang-nhan-chua-giam-196250718095750534.htm