At 15:29 p.m. on March 3, 2024, the domestic SJC gold price increased sharply. Saigon Gold, Silver and Gemstone Company Limited - SJC listed SJC gold buying price at 79 million VND/tael and selling price at 81 million VND/tael.
Compared to dawn of the same day, the SJC gold price at this unit was adjusted slightly down by 20.000 VND in the selling afternoon and the buying price remained the same.
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| Gold prices listed at Saigon Gold, Silver and Gemstone Company Limited - SJC. Screenshot of website at 15:00 p.m. March 29, 3 |
At the same time, Bao Tin Minh Chau listed SJC gold buying price at 78,85 million VND/tael and selling price at 80,75 million VND/tael. Compared to dawn of the same day, the price of SJC gold at this unit was adjusted down by 150.000 VND on the buying afternoon and 200.000 VND on the selling afternoon.
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| Gold price listed at Bao Tin Minh Chau. Screenshot of website at 15:00 on March 29, 3 |
Thus, the current selling price of SJC gold bars at gold businesses is no longer different by millions of dong like last week but is only a few hundred thousand dong/tael apart.
However, the difference between the buying and selling price of gold is quite different. While large gold companies still maintain the difference of 2 million VND/tael, at gold shops the difference is shortened to 1,2 million VND/tael.
This afternoon, the gold ring price was listed at Saigon Jewelry Company Limited - SJC at 69,2-70,45 million VND/tael (buy - sell), down 100.000 VND each afternoon compared to the morning session. . Previously, at the opening of the morning session, gold rings increased by 800.000 VND in the buying afternoon and 700.000 VND in the selling afternoon compared to yesterday's closing price.
Analyzing the reasons for the increase in domestic gold prices in recent days, experts say that domestic gold prices increase according to the increase in world gold prices. When world gold prices tend to increase, domestic prices are pushed up.
Worldwide, gold prices increased by 16 USD, currently trading at 2.220 USD/ounce. Domestic gold prices are 14,5-15,5 million VND more expensive than in the world depending on the time, with gold bars and gold rings being 3,6-4,3 million VND more expensive.
World precious metal prices continue to rise as investors wait for US inflation data. The US core personal consumption expenditure index (PCE) index report for February is expected to give the market new clues about the timing of the US Federal Reserve's (Fed) policy pivot. US core PCE increased 2 in January.
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| When world gold prices tend to increase, domestic prices are pushed up. Illustration |
However, according to experts, the increase in domestic gold prices will not last long, because the domestic market is currently quite sensitive to information related to Decree 24 on gold market management. Previously, the Government directed and required the State Bank to report gold market management plans this March.
However, in recent days, SJC gold prices have increased, surprising investors because there are only a few days left until the end of March 3. “At the beginning of the year, I bought 2 taels of gold. A few days ago, seeing that the price of gold was trending down, I brought the gold to sell. However, surprisingly, these past few days, gold prices have tended to increase again, surprising investors like us. However, it is unknown whether this increasing momentum will last or not. Because recently the Government has given a lot of instructions on the management of gold bars", Ms. Thu Huong (residing in Ha Dong district, Hanoi) shared.
Earlier on the afternoon of March 28, Deputy Prime Minister Le Minh Khai - Chairman of the National Financial and Monetary Policy Advisory Council chaired the Council's plenary meeting. Here, experts and members of the Council proposed abolishing the monopoly on SJC gold bars. If proposed amendments such as removing the monopoly on SJC gold bars are approved, experts believe that gold prices will decrease.
On the contrary, the domestic gold price will continue to increase. If Decree 24 has not been corrected, if the world gold price continues to increase to 2.400-2.500 USD/ounce, the Vietnamese gold price will continue to increase.
