Gold price "evaporated" 3.5 million VND/tael after half a morning session

Specifically, at 10:00 a.m. this morning, the gold price at Doji was listed at 70 - 74 million VND/tael (buy - sell), down 1.5 - 3.5 million VND/tael compared to early this morning.

Similarly, the gold price at SJC is listed at 71 - 74 million VND/tael, down 1 - 3.5 million VND/tael.

On the world market, today's gold price listed on Kitco is trading at 2,065 USD/ounce, down 14 USD/ounce compared to early this morning.

The domestic gold price suddenly dropped yesterday afternoon (December 28). Immediately after Prime Minister Pham Minh Chinh's directive in Official Dispatch No. 1426 on solutions to manage the gold market, the price of the precious metal lost up to 4 million VND/tael, from the peak of 80 million VND to 76 million VND/tael. After that, the gold price recovered to 77.5 million VND/tael.

The Prime Minister's dispatch stated that recently, the world and domestic gold markets have been complicated, domestic gold prices have fluctuated strongly and increased rapidly, negatively affecting the safety of the financial and monetary markets and social psychology.

To stabilize and develop a safe, healthy, effective and sustainable gold market, the Prime Minister requested the State Bank to closely monitor developments in world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market.

"Proactively develop scenarios and plans to respond to fluctuations in world and domestic gold prices to prepare handling measures, use appropriate, effective and timely tools within authority, contributing to promoting socio-economic development, stabilizing the macro-economy, absolutely not allowing the "goldenization" of the economy, not allowing negative impacts on exchange rates, interest rates, the money market, foreign exchange and national financial and monetary security and safety", the Prime Minister directed the State Bank.

The Prime Minister also noted the strict handling of violations according to legal regulations, especially acts of smuggling, profiteering, speculation, manipulation, and taking advantage of price-pushing policies by organizations and individuals... causing instability and insecurity in the gold market.

Following the Prime Minister's direction, the State Bank also issued a notice on gold market management. This agency said it would submit a summary report on Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context.

However, the State Bank stated that the SJC gold bar market has not fluctuated abnormally in recent times, and there has been no phenomenon of people rushing to buy gold when the gold price increased as in the previous period. The reason for the sharp increase in domestic SJC gold bar prices in recent days is mainly due to psychological factors due to the continuous increase in international gold prices. Therefore, on days when international gold prices fluctuate sharply, domestic SJC gold bar prices often increase at a faster rate.

The State Bank affirmed that it will continue to closely monitor developments in the gold market and be ready to deploy intervention plans to stabilize the gold market.

Given the complex and unpredictable developments of the international and domestic gold markets, the State Bank recommends that people be cautious in gold transactions.