Gold price today April 27, increased "crazy" despite the holiday

SJC gold bar price increased to more than 85 million VND/tael.

Gold bar price over 85 million VND/tael

Saigon Jewelry Company listed the price of SJC gold bars at 83 - 85.2 million VND/tael for buying and selling, an increase of 900,000 VND/tael compared to yesterday morning.

SJC gold price at Bao Tin Minh Chau Company Limited is 83.25 - 85.15 million VND/tael, a sharp increase of 850,000 VND/tael for both buying and selling.

Gold rings also increased sharply to over 76 million VND/tael. Specifically, Bao Tin Minh Chau Company Limited listed plain round rings at 74.68 - 76.28 million VND/tael (buy - sell), a sharp increase of 1.06 million VND/tael for buying and 940,000 VND/tael for selling compared to yesterday morning.

Doji Group's ring gold is listed at 75.05 - 76.7 million VND/tael, a sharp increase of 1.25 million VND/tael for buying and an increase of 250,000 VND/tael for selling.

At the same time, the world gold price was at 2,338 USD/ounce, up 7 USD/ounce compared to yesterday morning.

Domestic gold prices increased wildly, especially SJC gold bars, in the context of the State Bank having "unsold" gold auctions.

A recent report by the Banking Science Research Institute said that in the first quarter of 2024, the price of SJC gold and gold rings maintained an upward trend with a high difference in buying and selling prices, about 2 - 2.5 million VND/tael. The difference between domestic gold and world gold prices, although slightly reduced, was still maintained at 13 million VND/tael at the end of March.

This gap is expected to narrow, but Vietnam's gold price is still growing "hotly" and reaching its highest peak in history. Therefore, controlling gold prices is still an urgent requirement.

In the series of solutions to "cool down" gold prices, the highlight is the implementation of gold bar auctions. If the gold supply through auctions reaches sufficient volume, it will help reduce domestic gold prices in the long term, thereby narrowing the price gap, as happened in 2013.

Talk toPV Tien Phong, Ms. Truong Hoang Diep Huong - expert of the Banking Science Research Institute - said that the problem for the State Bank is to harmonize between managing the gold market and controlling the exchange rate. Because if the supply is low, the impact will only be short-term. But if the State Bank is forced to buy more gold from the international market to maintain domestic supply, it will create pressure to increase the exchange rate.

Exchange rate cools down

On the morning of April 27, the central exchange rate was listed by the State Bank at 24,246 VND/USD. Compared to the central peak 4 days ago, the exchange rate this morning has cooled down by about 30 VND.

USD exchange rate falls after State Bank intervention.

Commercial banks also simultaneously adjusted the USD price down. Vietcombank is trading USD at 25,148 VND/USD for buying and 25,458 VND/USD for selling, down about 30 VND compared to the peak of 25,490 VND a few days ago. BIDV listed 25,158 - 25,458 VND/USD for buying and selling.

USD prices at banks have begun to cool down as the State Bank announced its readiness to intervene and sell foreign currency to the market.

Speaking at the recent Vietnam Economic Forum 2024, Deputy Governor of the State Bank Dao Minh Tu said that the exchange rate has cooled down and has depreciated by about 4.8% compared to the end of last year, much lower than the depreciation of some domestic currencies of many other markets.

"Exchange rate is a big problem of the economy. If not managed effectively, it will affect inflation. The State Bank will flexibly manage the exchange rate, stabilize it, not fix it, and ensure that the foreign currency is at zero, not negative. There are solutions to do this, including regulating the amount of money in circulation to harmonize; managing interest rates reasonably to harmonize with the exchange rate, calculating the appropriate level to achieve both goals," Mr. Tu affirmed.