Gold increased by nearly 20 million VND/tael in 1 month, what did the management agency say?

According to information released by the General Statistics Office (Ministry of Finance) today, May 6, April, domestic gold prices fluctuate in the same direction as world gold prices.

The gold price index in April increased by 10.54% compared to the previous month, increased by 37.14% compared to the same period last year and increased by 22.43% compared to December 2024. On average, in the first 4 months of this year, the gold price index increased by 32.85%.

Domestic gold prices have continuously increased sharply over the past month, widening the gap with world gold prices.

According to the gold price chart of Saigon Jewelry Company (SJC), in April, the buying and selling prices of SJC gold bars increased by VND19.8 million/tael and VND19.5 million/tael, respectively.

From April 1 to May 6, the buying and selling price of SJC gold bars increased sharply from VND 99.5 million/tael and VND 101.8 million/tael to VND 120.8 million/tael and VND 122.8 million/tael.

Thus, each tael of SJC gold bar increased by 21.3 million VND for buying and 21 million VND for selling. Currently, each tael of SJC gold bar is nearly 17 million VND more expensive than the world gold price.

This is mainly due to the expectation that the world gold price will continue to increase in the context of the tariff policies of the US President Donald Trump's administration expected to have a negative impact on the global economy; the unpredictable monetary policy roadmap of the US Federal Reserve (Fed); tense global geopolitical developments; and possible commodity price shocks that may arise, causing an increase in demand for gold.

In addition, the supply of gold bars on the market has not increased since the beginning of 2025. The foreign exchange market and the gold market are relatively stable, so the State Bank does not have to intervene in the market.

The State Bank does not rule out the possibility that some businesses and individuals are taking advantage of market fluctuations to speculate, inflate prices, and profit.

In the context of high domestic gold prices, the State Bank still assesses that these fluctuations do not yet affect monetary policy management and macroeconomic stability.

This agency will continue to closely monitor developments in the domestic and international gold market, coordinate with relevant agencies to strengthen management, and take measures to stabilize the gold market within its authority.

According to the General Statistics Office, as of April 28, the average world gold price was at 3,220.07 USD/ounce, up 7.33% compared to March.

In April, world gold prices continued to increase sharply and hit a new peak due to prolonged geopolitical instability, from the war in Ukraine, tensions in the Middle East to escalating trade conflicts between the US and China, increasing risk-aversion sentiment, boosting demand for gold as a safe haven.

The State Bank will coordinate with relevant agencies to strengthen management and take measures to stabilize the gold market under its authority.

"Massive gold purchases from central banks, especially in Asia and the Middle East, along with expectations that the Fed will cut interest rates have contributed to pushing gold prices up," the General Statistics Office emphasized.

In the Gold Demand Trends Report for the first quarter of 2025 released by the World Gold Council (WGC) on May 5, the WGC said that central banks are entering the 16th consecutive year of net gold purchases; adding 244 tons to global gold reserves in the first quarter of 2025.

Although this gold demand level is 21% lower than the same period last year, it still shows strong demand with buying activity stable at the average quarterly level over the past three years.

The global gold market has had a volatile start to the year, with demand for gold in the first quarter of 2025 reaching its highest level since 2016, according to Louise Street, senior market analyst at the WGC.

Seeing that the overall economic picture remains unpredictable, that uncertainty could boost gold prices, Ms. Louise Street affirmed: "Demand for gold as a safe storage asset from organizations, individuals and the official sector could increase in the coming months."

According to Dan Thanh (TNO)

Source: https://baogialai.com.vn/vang-tang-gan-20-trieu-dongluong-trong-1-thang-co-quan-quan-ly-noi-gi-post321967.html