Each tael of gold decreased by millions of dong.

World prices fell, causing domestic gold bars and plain rings to drop by a million dong per tael at the end of the week.

On the morning of March 13, Saigon Jewelry Company (SJC) listed the buying and selling price of gold bars at 81.2 - 83.7 million VND per tael, down 1.3 million VND for buying and 800,000 VND for selling compared to the end of yesterday. The buying and selling price of gold bars at DOJI Jewelry Group this morning was 81.7 - 83.7 million VND.

Each tael of 24K plain gold rings also decreased by a million dong. SJC reduced the price of plain rings to 74.3 - 76.2 million. At Mi Hong, the price of gold rings is 73.4 - 75 million per tael.

In the international market, after reaching a peak of 2,430 USD per ounce, the gold price turned around and dropped sharply by nearly 90 USD per ounce and closed the weekend session at 2,343 USD.

Analysts say the market is correcting after hitting a series of recent highs. "We believe the market has been overexcited. But the correction will only be short-term. This is a great buying opportunity," Philip Newman, director of consultancy Metals Focus, told Bloomberg.

Volatility in the market is not uncommon, as over the past few months, gold's daily movements have been dominated by macroeconomic data and interest rate policy forecasts.

Converted according to Vietcombank's selling rate, the world price is equivalent to more than 71.1 million VND per tael. Currently, the difference between domestic and world gold bar prices is around 12.5 million VND per tael, while gold rings are 4.5-5.5 million VND depending on the brand.

Immediately following the Prime Minister's recent directive, Deputy Governor Pham Thanh Ha said the State Bank will immediately increase the supply of gold bars to reduce the price difference between domestic and international prices.

For a long time, SJC has been the sole entity authorized to produce gold bars, but in reality, over the past decade, the State Bank has not granted this entity a license to stamp more. Therefore, the supply of this item has become limited and is also a reason why gold bars are high compared to the world.

Quynh Trang

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