Gold rings increased to more than half a million VND/tael

SJC gold bar price

As of 9:30 a.m., DOJI Group listed SJC gold price at 74.98-76.98 million VND/tael (buy - sell). The difference between buying and selling price is 2 million VND/tael.

Compared to the opening of yesterday's trading session (June 14), SJC gold price at DOJI remained the same in both buying and selling directions.

Domestic SJC gold price movements. Data recorded at DOJI. Chart: Khuong Duy

The price of SJC gold at Saigon Jewelry Company - SJC is listed at 74.98-76.98 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold is at 2 million VND/tael.

Compared to the opening of yesterday's trading session, SJC gold price at Saigon Jewelry Company - SJC remained unchanged in both buying and selling directions.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 75.5-76.98 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold is at 1.48 million VND/tael.

Compared to the beginning of yesterday's trading session, SJC gold price remained unchanged in both buying and selling directions.

9999 gold ring price

As of 9:30 a.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 74.05-75.30 million VND/tael (buy - sell).

Compared to the opening of yesterday's trading session, the price of 9999 gold rings at DOJI increased by 450,000 VND/tael for buying and increased by 500,000 VND/tael for selling.

Saigon Jewelry Company listed the price of gold rings at 73.35-74.95 million VND/tael (buy - sell).

Compared to the opening of yesterday's trading session, the price of 9999 gold rings at Saigon Jewelry Company increased by VND550,000/tael for both buying and selling.

Bao Tin Minh Chau listed the price of gold rings at 74.08-75.38 million VND/tael (buy - sell). Compared to the opening of yesterday's trading session, the price of 9999 gold rings at Bao Tin Minh Chau increased by 500,000 VND/tael for both buying and selling.

World gold price

As of 9:30 a.m., the world gold price listed on Kitco was at 2,332.8 USD/ounce, up 27 USD/ounce compared to the opening of the previous trading session.

Gold Price Forecast

World gold prices increased despite the high USD index. Recorded at 9:30 a.m. on June 15, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 105.140 points (down 0.04%).

Geopolitical uncertainty and rising debt levels remain supportive of gold, said James Stanley, senior market strategist at Forex.com, on Kitco. However, he added that the near-term technical outlook is a bit more uncertain. “As long as gold’s $2,300/oz resistance is held, I remain bullish,” said James Stanley.

However, this expert believes that if the above resistance level is lost, the gold price could drop to $2,100/ounce and even retest the $2,075/ounce level.

Darin Newsom, senior market analyst at Barchart.com, expects gold to rally on this week's recovery and make further gains:

“While the mid-term trend for gold in August remains bearish, its short-term trend has turned bullish. This means that gold prices are likely to surpass the previous high of $2,358.80 an ounce with the next upside target being near $2,370 an ounce, followed by $2,391 an ounce,” the expert said.

Decree 24 needs to be urgently revised to manage and operate the gold market.

Speaking to Lao Dong reporter, Associate Professor Dr. Ngo Tri Long - former Director of the Institute for Price Market Research (Ministry of Finance) - commented that, in the face of the unstable market situation, the State Bank has used the gold auction method, and now continues to use the method of selling gold at the State's regulated price, close to the world gold price. That means reducing the difference between domestic gold price and world gold price.

Mr. Long said that if the difference between domestic gold price and world gold price is allowed to be high, it will lead to consequences such as gold smuggling, loss of foreign currency for the state, loss of state budget revenue, and create unhealthy competition. Therefore, the management agency has directed to bring domestic gold price closer to world gold price, this is a relatively effective measure in the current context.

However, according to Associate Professor Dr. Ngo Tri Long, if this measure continues, it will lead to the "goldenization" of the economy when a large amount of money is not used for production but remains idle in the people. Therefore, selling gold at the State's listed price is only a short-term measure to bring the domestic gold price closer to the world price. In the long run, this measure will cause the economy to become gold-ized.

“Therefore, I think the management agency must urgently amend Decree 24. Because Decree 24 currently has many shortcomings, some of which are not in accordance with market rules and international practices, leading to such consequences,” Mr. Long emphasized.

Sharing the same view, Dr. Can Van Luc - economic expert - also stated that Decree 24 needs to be amended soon. In particular, the important solution is to allow an increase in the supply of gold to suit the needs of people and families in Vietnam. By allowing a number of qualified businesses, meeting the criteria to be able to import gold into Vietnam.

Source: https://laodong.vn/tien-te-dau-tu/gia-vang-hom-nay-156-vang-nhan-tang-toi-hon-nua-trieu-dongluong-1353236.ldo