Each tael of gold increases by more than half a million dong.

The price of plain gold rings also increased by half a million dong per tael on the morning of December 23rd.

On the morning of December 23rd, Saigon Jewelry Company (SJC) listed the price of gold bars at 82.3 - 84.3 million VND, an increase of 700,000 VND per tael compared to the end of last week. Four state-owned banks also raised the price of gold bars to 84.3 million VND per tael.

Plain gold rings also increased by half a million dong per tael on the morning of December 23rd. The buying and selling price of plain rings at SJC this morning reached 82.3 - 84.1 million dong, 500,000 dong higher than at the end of last week. DOJI Gold and Gemstone Group also raised the price of plain rings to 83.3 - 84.3 million dong. At Phu Nhuan Jewelry Company (PNJ), the price of gold rings also rose to 83.4 - 84.3 million dong.

On the international market, the price of precious metals rose again to $2,625 per ounce, an increase of $20 compared to the end of the week. Converted using the Vietcombank selling exchange rate, the world gold price is equivalent to 80.8 million VND, 3.5 million VND less than the domestic gold price per tael.

Precious metals rose, supported by buying after a sharp decline at the end of last week amid cautious signals from the US Federal Reserve regarding the possibility of interest rate cuts next year.

Gold prices remain at their lowest level in a month. The gold rush slowed down in early November when Donald Trump's election as US President caused the USD to strengthen significantly. However, Goldman Sachs still expects the market to reach a new peak next year.

On the foreign exchange market, the buying and selling prices of USD at banks have remained stable in recent days. On the morning of December 23rd, Vietcombank announced the buying and selling price of USD at 25,200 - 25,530 VND. At the same time, buying and selling points in the free market significantly increased the USD price to around 25,780 - 25,860 VND.

Implement appropriate policies to stabilize the gold market.

During the question-and-answer session before the National Assembly on the morning of November 11th, the Governor of the State Bank of Vietnam, Nguyen Thi Hong, stated that the fluctuations in Vietnam's gold market in recent times are also a common trend in other countries around the world . From 2014 to 2019, the Vietnamese gold market was relatively stable and the demand for gold decreased. However, since 2021, world gold prices have risen sharply, and consequently, domestic gold prices have also increased. Nevertheless, from 2021 to June 2024, the State Bank of Vietnam has not intervened.

Since June 2024, world gold prices have reached record highs, and the price difference between the world and domestic markets has widened significantly. Therefore, the Government and the State Bank of Vietnam have issued decisive directives. Based on current legislation, the State Bank of Vietnam organized auctions. In the context of peak gold prices and high market expectations, the State Bank of Vietnam carefully considered nine auction sessions, a solution that proved quite effective.

To quickly narrow the gap between domestic and international gold prices, as directed by the Government, the State Bank of Vietnam has switched to selling SJC gold directly through four state-owned commercial banks. As a result, the price difference between domestic and international gold has narrowed from approximately 15-18 million VND/ounce to only about 3-4 million VND/ounce.

Pointing out that the gold market situation remains complex and unpredictable, Governor Nguyen Thi Hong stated that Vietnam does not produce gold, so intervention depends entirely on international gold imports. Therefore, the State Bank of Vietnam will closely monitor market developments to formulate appropriate policies to stabilize the gold market.

The State Bank of Vietnam also stated that it will continue to implement the roadmap to narrow and control the difference between the domestic selling price of SJC gold bars and the world price at an appropriate level.

VN (compiled)

Source: https://baohaiduong.vn/moi-luong-vang-mieng-tang-hon-nua-trieu-dong-401261.html