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.

SJC gold bar and gold ring prices "unchanged"

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

Similarly, the price of 99.99% gold rings and jewelry gold also remained stable at 114.2 million VND/tael for buying and 116.8 million VND/tael for selling.

This is the second consecutive day that domestic gold prices have been quiet in the context of strong fluctuations in world gold prices.

At 9:50 a.m. on July 18, Vietnam time, the world gold price was at 3,338 USD/ounce, down more than ten USD per ounce compared to the previous session.

During the trading session last night and early this morning, there was a time when the gold price dropped sharply to nearly 3,300 USD/ounce and then increased immediately afterwards.

SJC gold bar and gold ring prices continue to "stagnant"

Converted at the listed exchange rate, the world gold price continues to be about 15 million VND/tael lower than SJC gold bars.

July 15 is the deadline for the State Bank 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 granting licenses to many qualified businesses to participate... However, until now, the gold price is still quiet.

When does the price of gold bars decrease?

Talking to a reporter from Nguoi Lao Dong Newspaper, gold expert Tran Duy Phuong said that the key to reducing the price of SJC gold bars and narrowing the gap with world prices is still increasing supply. When the market still does not have additional supply of gold bars from imported raw gold for production, it is very difficult for the price to decrease deeply and narrow the gap with world prices.

Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Trading Association, said that information about the new gold bar management policy will have a strong impact on the market when it comes into effect and is implemented. At present, the market is only at expectations, while the supply problem has not been "quenched", so the domestic gold price has little fluctuation.

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