Market

In the last session of the year, domestic gold price decreased by 300,000 VND per tael.

VN (synthesis) • December 31, 2024 15:48

The world gold price dropped by 10 USD this morning, causing the domestic gold price to drop by 200,000-300,000 VND per tael, while the exchange rate at banks increased by 8 VND.

SJC gold price on the morning of December 31 decreased by 300,000 VND/tael compared to the previous session's close.

Two domestic gold brands both went down in the opening session this morning, December 31, while the USD exchange rate at commercial banks added 8 VND/USD.

At 9:00 a.m., Saigon Jewelry Company and Doji Company both listed SJC gold price from 82.2-84.2 million VND/tael, down 300,000 VND/tael compared to the previous closing price.

Phu Quy Company also reduced the selling price by 300,000 VND and the buying price by 200,000 VND. Currently, this company is trading around 82.3-84.2 million VND/tael.

Similarly, the price of gold rings at Bao Tin Minh Chau Company decreased by 300,000 VND/tael, the new price is from 82.6-84.2 million VND/tael (buy/sell).

At Phu Quy Company, the company announced the price of gold rings from 82.8-84.3 million VND/tael (buy/sell), down 200,000 VND/tael compared to the previous closing price.

In the world, the price of gold this morning decreased by nearly 10 USD compared to the same time last session, reaching 2,610 USD/ounce. This price is equivalent to 80.5 million VND/tael when converted according to the USD exchange rate at Vietcombank.

This morning, the State Bank listed the central exchange rate on December 31 at 24,335 VND/USD, an increase of 8 VND compared to December 30.

With a margin of +/-5%, Vietcombank listed the USD exchange rate from 25,221-25,551 VND/USD (buy/sell), up 8 VND compared to the previous closing price.

Similarly, Vietinbank and BIDV listed the USD exchange rate from 25,256-25,551 VND/USD, while Eximbank listed from 25,260-25,551 VND/USD (buy/sell), both up 8 VND compared to the previous session's close.

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.

VN (synthesis)