On the morning of May 29, the price of SJC gold bars and gold rings simultaneously dropped vertically after the "hot" directive.

(NLDO) – The world gold price broke through the 3,300 USD/ounce mark and then plummeted, causing the domestic gold price to also fall by millions of VND/tael.

At 8:45 a.m. on May 29, the price of SJC gold bars was listed by businesses at the same time down to 114.7 million VND/tael for buying and 117.2 million VND/tael for selling, down about 1.5 million VND/tael compared to the end of yesterday.

Similarly, the price of 99.99 gold rings and jewelry gold also dropped sharply to 110 million VND/tael for buying and 113 million VND/tael for selling, down 1 million VND/tael compared to yesterday.

In the international market, gold prices continued to plummet, falling below the $3,300/ounce mark and reaching $3,262/ounce, down about $50/ounce compared to the previous session.

SJC gold bar price dropped sharply this morning

Notably, in the domestic market, the price of SJC gold bars and gold rings fell sharply after the "hot" direction of General Secretary To Lam at the working session with the Central Policy and Strategy Committee on mechanisms and policies to effectively manage the gold market in the coming time.

Concluding the meeting, the General Secretary requested to complete the legal framework, promptly amend Decree 24/2012/ND-CP in the direction of marketization with a roadmap and strict control; create a more effective connection between the domestic gold market and the international market. Eliminate the State monopoly on gold bar brands in a controlled manner on the principle that the State still manages the production of gold bars, but can license many qualified enterprises to participate in the production of gold bars to create an equal competitive environment. This will help diversify the supply and stabilize prices.

Expand controlled import rights to increase gold supply, contributing to reducing the gap between domestic and world gold prices, and at the same time limiting gold smuggling across borders.

Early establishment of information and data system on gold market to increase publicity and transparency, to collect taxes, manage, and assess the impact on foreign exchange gold market, exchange rate, and different investment channels.

General Secretary To Lam assigned the State Bank Party Committee to preside over and coordinate with the Central Policy and Strategy Committee and relevant agencies to report and make specific proposals.

Currently, the world gold price converted according to the listed exchange rate is about 103 million VND/tael.

Source: https://nld.com.vn/sang-29-5-gia-vang-mieng-sjc-va-vang-nhan-dong-loat-rot-thang-dung-sau-chi-dao-nong-196250529090102532.htm