At 3 PM on March 29, 2024, the price of SJC gold in Vietnam increased sharply. Saigon Jewelry Company Limited (SJC) listed the buying price of SJC gold at 79 million VND/ounce and the selling price at 81 million VND/ounce.
Compared to the early morning of the same day, the price of SJC gold at this establishment was slightly adjusted down by 20,000 VND in the selling price and remained unchanged in the buying price.
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| Gold prices listed at Saigon Jewelry Company Limited (SJC). Screenshot from website at 3:00 PM on March 29, 2024. |
At the same time, Bao Tin Minh Chau listed the buying price of SJC gold at 78.85 million VND/ounce and the selling price at 80.75 million VND/ounce. Compared to the early morning of the same day, the price of SJC gold at this establishment was adjusted down by 150,000 VND for the buying price and 200,000 VND for the selling price.
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| Gold prices listed at Bao Tin Minh Chau. Screenshot from the website at 3:00 PM on March 29, 2024. |
Thus, the selling price of SJC gold bars at gold trading establishments no longer differs by millions of dong as it did last week, but only by a few hundred thousand dong per ounce.
However, the difference between the buying and selling prices of gold is quite significant. While large gold companies still maintain a difference of 2 million VND/ounce, at smaller gold shops the difference has narrowed to 1.2 million VND/ounce.
This afternoon, the price of gold rings listed at Saigon Jewelry Company Limited (SJC) was 69.2-70.45 million VND/ounce (buy - sell), down 100,000 VND in each direction compared to the morning session. Earlier, at the opening of the morning session, gold rings had increased by 800,000 VND in the buying price and 700,000 VND in the selling price compared to yesterday's closing price.
Analyzing the reasons behind the recent surge in domestic gold prices, experts suggest that the increase is in line with the rise in global gold prices. As global gold prices trend upwards again, domestic prices are pushed higher.
Globally, gold prices rose by $16, currently trading at $2,220 per ounce. Domestic gold prices are VND 14.5-15.5 million higher than world prices, depending on the time, for gold bars and VND 3.6-4.3 million higher for gold rings.
Global precious metal prices continued their upward trend as investors awaited US inflation data. The February report on core personal consumption expenditures (PCE) in the US is expected to provide the market with further clues about when the Federal Reserve (Fed) might shift its policy. Core PCE in the US rose 0.3% in January.
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| As global gold prices are trending upwards again, domestic prices are being pushed higher. (Illustrative image) |
However, according to experts, the upward trend in domestic gold prices will not last long, as the domestic market is currently quite sensitive to information related to Decree 24 on gold market management. Previously, the Government had directed and required the State Bank of Vietnam to report on gold market management plans this March.
However, in recent days, the price of SJC gold has risen sharply, surprising investors, especially since there are only a few days left until the end of March 2024. " At the beginning of the year, I bought 2 taels of gold. A few days ago, seeing the price of gold trending downwards, I sold it. But surprisingly, in the last few days, the price of gold has started to rise again, which has surprised investors like us. However, I don't know if this upward trend will last. Because recently, the government has issued many directives regarding the management of gold bars ," shared Ms. Thu Huong (residing in Ha Dong district, Hanoi ).
Earlier on the afternoon of March 28, Deputy Prime Minister Le Minh Khai, Chairman of the National Financial and Monetary Policy Advisory Council, chaired a plenary meeting of the Council. At this meeting, experts and members of the Council proposed abolishing the SJC gold bullion monopoly. If the proposed amendment, such as abolishing the SJC gold bullion monopoly, is approved, experts believe that the price of gold will decrease.
Conversely, domestic gold prices will continue to rise if Decree 24 is not amended, and if world gold prices continue their upward trend to 2,400-2,500 USD/ounce, then Vietnamese gold prices will continue to increase.
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