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Gold bars and plain rings decreased by about half a million VND per tael this morning, while the USD price also continued to cool down.
Saigon Jewelry Company (SJC) listed the price of gold bars at 82.8 - 85.3 million VND, down 500,000 VND per tael compared to the weekend. State-owned banks sold gold bars to the market at 85.3 million VND per tael.
Plain gold rings also decreased by a similar margin. SJC listed the buying and selling price of this type of gold at 82.4 - 84.1 million VND, down 400,000 VND for buying and 600,000 VND for selling. At DOJI, plain rings were traded at 82.9 - 83.9 million VND. The buying and selling price of plain rings at PNJ at the same time was 82.9 - 84.1 million VND per tael.
Compared to the record set at the end of October, each tael of plain rings is about 5 million VND lower. Compared to the beginning of the year, plain rings are 21 million VND higher per tael, equivalent to a 33% increase in efficiency.
In the international market, each ounce of gold decreased by about 25 USD when opening the first trading session of the week. Currently, each ounce is around 2,625-2,630 USD, converted according to Vietcombank's selling rate, equivalent to 80.6 million VND per tael. The difference in domestic and international gold prices remains around 3.5 - 4.5 million VND per tael.
The precious metal ended its four-month winning streak after Donald Trump was re-elected as US President. However, in Goldman Sachs’ latest forecast, the bank said that escalating trade tensions when Donald Trump takes office early next year could boost demand for gold.
In addition, concerns about the sustainability of US fiscal policy also helped gold prices increase. The US bank emphasized that central banks - especially those with large holdings of US government bonds - may choose to increase their gold purchases.
The domestic USD price continued to cool down and fell below the 25,500 VND range. Vietcombank listed the exchange rate at 25,119 - 25,452 VND, down 11 VND compared to the end of the week. On the black market, foreign exchange points bought and sold around 25,600 - 25,720 VND per USD.
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.
