Domestic gold price remains high, waiting for new policy

The price of SJC gold bars is 14.2 million VND/tael higher than the converted world gold price.

Compared to the converted world gold price, the price of SJC gold bars is 14.2 million VND/tael higher, while the price of 9999 gold rings is 9.5 million VND/tael higher - Photo: THANH DAM

Domestic gold price only decreased by 300,000 VND/tael

The world gold price dropped quite sharply at the end of the trading week, causing the domestic gold price today, May 31, to decrease by VND300,000/tael. However, the price of SJC gold bars is still VND14.2 million/tael higher than the converted world gold price.

World gold price ended the trading week at 3,290.3 USD/ounce, down 28.9 USD/ounce (equivalent to 913,000 VND/tael) compared to the previous session.

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 104 million VND/tael.

The world gold price has decreased quite sharply, but today the price of SJC gold bars only decreased by 300,000 VND/tael, selling at 118.2 million VND/tael, buying at 115.7 million VND/tael.

Meanwhile, the selling price of gold rings is 113.5 million VND/tael, buying price is 110.5 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 14.2 million VND/tael higher, while the price of 9999 gold rings is 9.5 million VND/tael higher.

This is still a very high difference compared to the Prime Minister 's directive to reduce the difference between domestic and world gold prices to around 1-2%.

Towards a transparent and stable gold market

The issue of eliminating the gold bar monopoly has been raised repeatedly by Tuoi Tre in recent times, most recently in the Tuoi Tre daily newspaper on May 30.

In recent days there have been continuous directives related to the gold market.

At a working session with the Central Policy and Strategy Committee on mechanisms and policies for effective management of the gold market on May 28, General Secretary To Lam requested to eliminate the State monopoly on gold bars and grant licenses to many qualified enterprises to participate in the production of gold bars in order to create an environment of equal competition, thereby helping to diversify supply sources and stabilize prices.

At the same time, expand controlled import rights to increase gold supply, contributing to reducing the gap between domestic and world gold prices, and limiting gold smuggling across the border.

According to experts, it may take several months to amend policies for the gold market, but the above decisions have created confidence in the market.

If the monopoly on gold bars is abolished and gold imports are allowed, the domestic gold market will no longer be chaotic in price as it is now, but will be stable in the long term. The gold market will not only have "input" but also "output" if import-export policies are flexible.

On the afternoon of May 30, the State Bank of Vietnam Inspectorate also announced 6 conclusions of the inspection of compliance with policies and laws in gold trading activities at 4 gold companies including SJC, PNJ, DOJI, Bao Tin Minh Chau and 2 banks TPBank and Eximbank.

The inspection conclusions of the 6 units all pointed out violations of invoices, regulations on anti-money laundering, etc. In addition, each company and bank also has its own violations and different administrative penalties.

The unit with the highest administrative penalty of 2.64 billion VND is Bao Tin Minh Chau Company Limited, while PNJ was fined 1.34 billion VND, TPBank was fined 380 million VND.

PINK LIGHT

Source: https://tuoitre.vn/gia-vang-trong-nuoc-van-neo-cao-cho-chinh-sach-moi-20250531121915749.htm