Will domestic gold prices drop sharply after the Prime Minister's request?

Currently, the domestic gold price is very different from the world gold price - Photo: THANH HIEP

Quickly reduce the difference between domestic and international gold prices to 1-2 %

At the Government Standing Committee meeting on gold market management late yesterday, Prime Minister Pham Minh Chinh said that recently, a number of issues have emerged such as the large difference in domestic and international gold prices, and some actions by businesses participating in the gold market that involve manipulation, hoarding, and price hikes.

In the immediate future, the Prime Minister requested the State Bank to strengthen management and quickly reduce the difference between domestic and international gold prices to only about 1-2%, not over 10% as recently.

At the same time, there are solutions to increase supply and reduce demand; strictly manage and control, strengthen inspection, examination and prevent, strictly handle smuggling; prevent manipulation, hoarding, price gouging, market disruption...

Waiting for domestic gold price to decrease

World gold prices ended the trading week at a fairly high level - Screenshot

Last weekend, the world gold price ended the trading week at 3,358.9 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 105.8 million VND/tael.

Domestically, SJC gold bar price closed the trading week at 120.5 million VND/tael (sell) and 118.5 million VND/tael (buy).

The price of 1-5 chi SJC gold rings is listed at 112.5 - 115.5 million VND/tael (buy - sell).

At Bao Tin Minh Chau Company, the selling price of 9999 gold rings is 118.5 million VND/tael, buying price is 115 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 14.7 million VND/tael higher, equivalent to nearly 14%. Meanwhile, the price of 9999 gold rings is 12.7 million VND/tael higher.

Recently, there was a time when the price of SJC gold bars was 18 million VND/tael higher than the world gold price. This is a very high difference.

After the Prime Minister requested the State Bank to strengthen management and quickly reduce the difference between domestic and international gold prices to only about 1-2%, according to Tuoi Tre Online , the domestic gold market today, May 25, was strongly affected.

Business people believe that if the directive is followed, the domestic gold price will have to fall to around 107 million VND/tael, a decrease of about 13 million VND/tael compared to the current level.

This topic has been hotly debated on gold forums. The selling price of gold on the market has decreased by about 1.8 million VND/tael compared to yesterday afternoon, to around 118.7 million VND/tael. On the buying side, some stores have limited their purchases to wait and see.

Many people also hope that domestic gold prices will decrease sharply, because the current large difference will lead to risks for buyers.

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Source: https://tuoitre.vn/gia-vang-trong-nuoc-se-giam-manh-sau-yeu-cau-cua-thu-tuong-20250525125026322.htm