Saigon Jewelry Company listed the price of SJC gold bars at 112-114 million VND/ounce for buying and selling. Over the past week, the price of SJC gold bars reached a record high of 120 million VND/ounce but then fell sharply. However, overall over the week, the price of SJC gold bars still increased by 7 million VND/ounce.
The price of gold rings has increased more sharply than SJC gold bars, by over 8 million VND/ounce after one week. Specifically, Bao Tin Minh Chau Co., Ltd. listed the price of gold rings at 111.2 - 114 million VND/ounce for buying and selling.
Other gold trading businesses also listed gold ring prices close to this mark, such as Phu Quy gold brand listing at 109.5 - 113.5 million VND/ounce; Doji at 109.5 - 113.5 million VND/ounce…
Despite record-high gold prices, strong demand has led to a shortage of gold on the market. People and investors frequently line up at stores to buy gold. Gold brands are constantly running out of supply, forcing them to limit the amount of gold each customer can purchase.
On online marketplaces, gold trading is booming, with price differences ranging from 1-3 million VND per tael compared to the listed prices of various brands.
At the same time, the world gold price was listed at $3,347 per ounce, an increase of $20 per ounce compared to yesterday morning, equivalent to VND 105.2 million per tael. Currently, the domestic gold price is more than VND 8 million per tael higher than the world price.
Experts predict that the price of gold rings and gold bars in Vietnam will continue to fall in the near future, after a long period of rapid increases, especially under the impact of inspections by state management agencies.
According to Associate Professor Dr. Nguyen Huu Huan from the Ho Chi Minh City University of Economics , when the State Bank of Vietnam takes concrete actions such as conducting inspections and stabilizing the market, there is a possibility of a wave of gold sell-offs, and speculation will quickly decrease.
Mr. Huan predicted that the difference between domestic and international gold prices would remain stable at around 4-5 million VND/ounce. Therefore, a drop in gold prices from 120 million VND/ounce to around 110 million VND/ounce is possible.
Even if the State Bank of Vietnam intervenes in the gold market, if world gold prices continue to rise, it is unlikely to fall to 110 million VND/ounce. However, the market will certainly adjust and become less volatile.
In the currency market, the State Bank of Vietnam listed the central exchange rate at 24,898 VND/USD. The bank exchange rate for USD ranged from 25,785 to 26,140 VND/USD.
The free market USD exchange rate continues to reach new record highs of 26,295 - 26,400 VND/USD.
According to Ngoc Mai (TPO)
Source: https://baogialai.com.vn/gia-vang-tuan-nay-co-tiep-tiep-bien-dong-post319745.html
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