Gold price today December 28, 2023 has a 'directive' order, SJC gold drops to a record low of 76 million
Before the developments in international and domestic gold prices in recent days, the State Bank of Vietnam (SBV) has just officially spoken out about the gold market situation.
The agency said that since the beginning of December 2023, the international gold price has increased sharply above 2,000 USD/ounce. On December 26 alone, the international gold price was trading around 2,063 USD/ounce, up 232 USD/ounce (equivalent to an increase of 12.7%) compared to the beginning of the year.
In response to the increase in international gold prices, domestic SJC gold bar prices also increased. On December 26 alone, the price of SJC gold bars fluctuated strongly, reaching VND80 million/tael at noon. However, by the afternoon trading hours, the buying and selling price of SJC gold bars had rapidly decreased again, down to VND77.4-79.23 million/tael.
On December 28, the international gold price increased by 19 USD/ounce, the domestic SJC gold buying and selling price was around 78.2-79.87 million VND/tael.
“In the face of strong fluctuations in international and domestic gold prices in recent days, both buying and selling gold trading volumes have increased slightly. However, the SJC gold bar market in general has not fluctuated abnormally, and there has been no phenomenon of people rushing to buy gold when gold prices increase as in the previous period,” said the State Bank of Vietnam.
According to the State Bank of Vietnam, the reason for the sharp increase in domestic SJC gold bar prices in recent days is mainly due to psychological factors due to the continuous increase in international gold prices. Therefore, on days when international gold prices fluctuate sharply, domestic SJC gold bar prices often increase at a faster rate.
The State Bank of Vietnam affirmed that it will continue to closely monitor developments in the gold market and be ready to deploy intervention plans to stabilize the gold market.
In January 2024, the State Bank will submit a summary report on Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context.
Given the complex and unpredictable developments in the international and domestic gold markets, the State Bank recommends that people be cautious in gold transactions.
Previously, Prime Minister Pham Minh Chinh signed an official dispatch directing solutions to manage the gold market. The Prime Minister requested the State Bank to closely monitor the developments of world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market; proactively develop scenarios and plans to respond to fluctuations in world and domestic gold prices. The Prime Minister noted that it is absolutely necessary to not let the economy "goldenize", not to let it negatively impact exchange rates, interest rates, the money and foreign exchange markets, and the safety and security of national finance and currency.
The State Bank of Vietnam urgently has effective solutions to manage and regulate domestic gold bar prices according to market principles, not allowing the high gap between domestic and international gold bar prices as in the past to negatively affect macroeconomic management.
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