Gold price exceeds 78 million VND/tael

12/25/2023 4:35 PM Ha Loan Print article

ANTD.VN - With a sharp increase of 1.5 million VND/tael, the closing price of SJC gold today set a new record of 78.2 million VND/tael.

Although the world market is on Christmas break, domestic gold prices are still "feverish". SJC gold bars are continuously adjusted to increase in price by gold trading enterprises.

As of 4:00 p.m. this afternoon, Saigon Jewelry Company (SJC) has increased the price of gold bars by 1.5 million VND/tael for selling and 1.3 million VND/tael for buying. Accordingly, the price of the national standard gold brand at this enterprise has set a new historical record, at 77.20 - 78.22 million VND/tael.

Similarly, DOJI Group by the end of the session also increased by 1.3 million VND/tael in buying price, up 1.2 million VND/tael, to 77.00 - 78.20 million VND/tael.

SJC gold price increases continuously

Phu Quy Group increased by 1.3 million VND/tael for buying, increased by 1.25 million VND/tael for selling, closing the session at 77.10 - 78.20 million VND/tael; Bao Tin Minh Chau 77.20 - 78.20 million VND/tael...

While SJC gold increased sharply, non-SJC gold increased by only 100-200 thousand VND/tael. Accordingly, the price of 99.99 gold is maintained around 62.00 - 63.15 million VND/tael.

In the world market, gold price remained stable at nearly 2,053 USD/ounce for spot gold while the market was on Christmas holiday.

Thus, compared to world gold, the price of SJC gold bars is more than 16 million VND/tael higher.

Explaining the SJC gold price fever, Mr. Dinh Nho Bang - Vice President and General Secretary of the Vietnam Gold Trading Association (VGTA) said that it was mainly due to the scarcity of domestic supply, stemming from the regulations on gold market management in Decree 24/2012/ND-CP.

According to Decree 24, the State Bank has the exclusive right to import raw gold to produce SJC gold. Since then, the State Bank has not imported gold, leading to a shortage of supply.

Along with that, the State Bank has adopted SJC gold as the national standard gold brand, eliminating the remaining 6 gold bar brands, causing a shortage in the supply of gold bars.

Not only that, not allowing businesses to import raw gold leads to a shortage of raw gold for jewelry production. Some businesses even have to use SJC gold to produce jewelry, making SJC gold even more scarce.

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