Opening the first trading session of 2024, the domestic gold price increased by 500,000 VND/tael in both buying and selling prices compared to the closing session of the last trading session of 2023.
The price of 9999 gold bars at SJC Ho Chi Minh City is 71.5 million VND/tael (buy) and 74.5 million VND/tael (sell). SJC Hanoi is listed at 71.5 million VND/tael (buy) and 74.52 million VND/tael (sell).
Doji Hanoi listed at 69 million VND/tael (buy) and 74 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 62 million VND/tael and sold at 75 million VND/tael.
By noon on January 2, the price of SJC 9999 gold increased by 1.5 million VND/tael in both buying and selling prices compared to early morning, regaining the 76 million VND/tael mark.
In the following sessions, while the world gold price decreased, the domestic price remained high. The price of SJC gold bars adjusted up and down afterwards but remained almost unchanged at the 75 million VND/tael mark.
Session 8/1, SJC 9999 gold price decreased to 74 million VND/tael.
On January 11, SJC gold increased to 75.3 million VND/tael. The difference between buying and selling prices was 2.5 million VND/tael.
In the following sessions, domestic gold prices stabilized around 75.3 million VND/tael.
By the session of January 29, domestic gold prices adjusted sharply to increase following world prices, up to nearly 77 million VND/tael.
On January 30, the world gold price increased amid escalating tensions in the Middle East. The domestic SJC gold bar price increased in both directions, reaching a peak of 77.4 million VND/tael.
Session 31/1, domestic gold price increased to more than 77.9 million VND/tael.
At the end of January 2024, the price of 9999 gold bars at SJC Ho Chi Minh City was VND 75.4 million/tael (buy) and VND 77.9 million/tael (sell). SJC Hanoi listed at VND 75.4 million/tael (buy) and VND 77.92 million/tael (sell).
Doji Hanoi listed at 75.25 million VND/tael (buy) and 77.85 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 75.25 million VND/tael and sold at 77.9 million VND/tael.
In early February, domestic gold prices adjusted up and down following the world prices but remained high. At the close of the session on February 3, the price of 9999 gold bars at SJC Ho Chi Minh City was VND75.6 million/tael (buy) and VND78.1 million/tael (sell). SJC Hanoi listed at VND75.6 million/tael (buy) and VND78.12 million/tael (sell).
Doji Hanoi listed at 75.95 million VND/tael (buy) and 78.25 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 75.75 million VND/tael and sold at 78.25 million VND/tael.
As of January 31, SJC gold price increased by 3.4 million VND/tael (selling). Doji gold price increased by 3.85 million VND/tael.
According to a report by the World Gold Council, gold consumption demand in Vietnam decreased by 6% year-on-year, from 59.1 tons in 2022 to 55.5 tons in 2023.
Gold bars and coins fell 2% in 2023 year-on-year to 40 tonnes. Gold investment increased sharply in the fourth quarter of 2023 thanks to strong price increases.
Meanwhile, gold prices fell 0.2% in January. Gold prices on the Kitco exchange closed at $2,039/ounce on February 3. Gold futures for April 2024 delivery on the Comex New York exchange traded at $2,057/ounce, up 1% from the close last weekend.
Tai Wong, an independent analyst in New York, said that with a drop of less than 1% since the jobs data, the gold market is still holding firm.
Central bank gold buying is continuing to grow, with net annual purchases of 1,037 tonnes last year, just 45 tonnes short of the record set in 2022, the WGC said. Central bank gold purchases are expected to reach 500 tonnes this year.
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