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The world gold price this morning quickly adjusted to the threshold of 2,700 USD per ounce, an increase of 31 USD per ounce, causing the domestic SJC gold bar price to increase by 1.5 million VND, currently trading at 87.1 million VND.
Domestic SJC gold and gold ring prices increased by 1-1.5 million VND/tael today, December 11, while the USD exchange rate at commercial banks decreased.
At 9:00 a.m., Saigon Jewelry Company, Phu Quy Company and Doji Company all listed SJC gold prices from 84.6-87.1 million VND/tael, all up 1.5 million VND/tael compared to the previous closing price.
Meanwhile, the price of SJC 999.9 gold rings also increased by 1 million VND per tael, currently this business is trading from 84.3-85.8 million VND/tael.
At Bao Tin Minh Chau Company, the company listed the price of plain round gold rings at 84.43-85.93 million VND/tael (buy/sell), an increase of 1 million VND/tael.
The price of gold rings at Phu Quy Company increased by 1 million VND/tael compared to the previous closing price, the new price is from 84.5-85.9 million VND/tael.
In the world, the gold price quickly adjusted to the threshold of 2,700 USD/ounce, an increase of 31 USD/ounce compared to the same time in the previous session. This price is equivalent to 83 million VND/tael when converted according to the USD exchange rate at Vietcombank, 4.1 million VND/tael lower than the SJC brand.
This morning, the State Bank listed the central exchange rate on December 11 at 24,253 VND/USD, down 5 VND compared to December 10.
With a margin of +/-5%, Vietcombank and Eximbank both listed the USD exchange rate from 25,135-25,465 VND/USD (buy/sell), down 5 VND.
Similarly, Vietinbank and BIDV both listed USD exchange rates from 25,165-25,465 VND/USD, both down 5 VND compared to yesterday's closing price.
Propose appropriate policies to stabilize the gold market
At the question-and-answer session before the National Assembly on the morning of November 11, State Bank Governor Nguyen Thi Hong stated that the recent fluctuations in Vietnam's gold market are also a common trend in other countries around the world. From 2014 to 2019, the Vietnamese gold market was relatively stable and people's demand for gold decreased. However, from 2021, world gold prices increased, and accordingly, domestic gold prices also increased. However, from 2021 to June 2024, the State Bank has not intervened.
Since June 2024, the world gold price has reached a peak, the gap between the world and domestic gold prices has increased. Therefore, the Government and the State Bank have directed strongly. Based on current laws, the State Bank has organized an auction. In the context of the gold price reaching a peak and the market's expectations are also very high, the State Bank has considered 9 auctions, this is a quite effective solution.
In order to quickly narrow the gap between domestic and international gold prices at a high level under the Government's drastic direction, the State Bank has switched to selling SJC gold directly through 4 State-owned commercial banks. Therefore, the gap between domestic and international gold prices has decreased from about 15-18 million VND/tael to only about 3-4 million VND/tael.
Pointing out that gold prices continue to be complicated and unpredictable, Governor Nguyen Thi Hong said that our country does not produce gold, so intervention depends entirely on international gold imports. Therefore, the State Bank will closely monitor market developments to come up with appropriate policies to stabilize the gold market.
The State Bank also said it will continue to implement a roadmap to narrow and control the difference between the domestic selling price of SJC gold bars and the world price at an appropriate level.
