SJC gold bar price is quiet

On January 6, Saigon Jewelry Group (SJC) announced the price of gold bars at 72 - 75 million VND per tael. This price has been listed unchanged by SJC for the past three days, following the news that the State Bank will intervene in the market and consider maintaining its monopoly on this type of gold bar.

The difference between buying and selling prices is 3 million VND per tael, remaining the same as before the holiday.

Compared to the peak of VND80 million set on December 26, each tael of SJC gold sold today decreased by VND5 million, equivalent to more than 6%. Meanwhile, each tael of gold bought decreased by VND7 million, equivalent to nearly 9%. However, this type of gold is still 10-11% more expensive per tael than a year ago.

For gold rings and jewelry, prices also did not fluctuate much. SJC anchored gold rings around 61.95 - 63 million VND; 99.99% jewelry was 61.95 - 63.1 million VND per tael.

In early January, the State Bank issued Decision 02, amending and supplementing regulations related to the composition of the Gold Bar Processing Supervision Team - the unit responsible for supervising the processing of gold bars from raw gold.

With this amendment, the State Bank adds authority to the Internal Audit Department to participate in this Supervisory Team.

At a press conference on the implementation of the banking sector's tasks on January 3, Deputy Governor Dao Minh Tu affirmed that there would be no large discrepancy between gold bar prices and the world market and that Decree 24 on gold trading management would be considered for revision. In addition, the regulator said it would reassess the role of SJC in carrying out its tasks.

At the end of the week, the world gold price was around 2,045 USD per ounce, converted according to Vietcombank's selling rate, equivalent to 60.5 million VND per tael. Thus, the difference between domestic and world gold is currently about 14.5 million VND, while at the end of last year it was nearly 20 million VND.

The price of gold bars fluctuated strongly in the last days of 2023, with some sessions increasing or decreasing by several million VND per tael. After the holidays, the price of this type of gold continued to fluctuate with a large amplitude and only started to move sideways in the past few days.