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Gold bar prices fluctuate sharply

Monday, 06/11/2023 GMT+7

Gold bar prices fluctuate sharply

The price of gold bars this morning decreased by half a million VND compared to yesterday's closing session. By early afternoon, it had skyrocketed, reaching nearly 70 million VND per tael.

On the morning of November 7, Saigon Jewelry Company (SJC) listed the buying and selling price of gold bars at 68.3 - 69.3 million VND, a decrease of 200,000 VND for buying and 500,000 VND for selling compared to the end of yesterday. .

At DOJI Jewelry Group, each amount of gold bars also decreased by 250,000 VND for buying and 650,000 for selling, down to 68.25 - 69.35 million VND. The difference in buying and selling prices has narrowed to more than 1 million VND per tael.

By early afternoon, each amount of gold bars at SJC and DOJI increased by more than half a million, up to nearly 70 million VND. SJC listed 68.9 - 69.9 million VND and DOJI listed 68.85 - 69.85 million VND per tael. Domestic gold bar prices in the past two days have continuously adjusted up and down with large amplitudes within the session. Yesterday, each tael of gold bars sometimes lost up to 2 million VND before rebounding.

This strong fluctuation took place at a time when there were many concerns that gold bar transactions would be restricted according to the new regulations of Circular 12 issued by the State Bank since mid-October. This Circular regulates the Department of Administration of Gold. Foreign exchange reserve management participates in gold bar bidding processes between the State Bank and credit institutions.

However, SJC explained that the new regulations are completely unrelated to gold bar trading activities of organizations with business licenses as well as individuals holding SJC gold bars. "We confirm that people can still buy and sell SJC gold bars normally as currently at licensed banks and businesses," SJC's announcement said.

The price of gold bars increases and decreases continuously

Unlike gold bars, the price of gold rings is less volatile. This morning, the price of gold rings of types 1-5 at SJC decreased by 250,000 VND per tael compared to yesterday, down to 58.7 - 59.7 million VND. At Bao Tin Minh Chau, the price of Thang Long Dragon Gold round gold ring is listed at 59.13 - 60.08 million VND.

Domestic gold prices move in sync with the international market. Spot precious metal prices also decreased by 12 USD in the past 24 hours, down to 1,972 USD per ounce. If converted according to Vietcombank's selling exchange rate (excluding taxes and fees), the world gold price is equivalent to 58.1 million VND per tael.


Each amount of domestic gold bars is currently over 11 million VND higher than the international price. In addition, domestic gold rings decreased slowly and the domestic exchange rate also decreased, so the difference with the world was nearly 1.6 million VND per tael. 

This morning, USD prices at banks continued to decrease. After 3-4 consecutive down sessions, each USD at Vietcombank has decreased by 300 VND compared to the previous week, equivalent to a decrease of 1.2%. On the free market, the USD price trades around 24,530 - 24,600 VND.

Quynh Trang

Written : admin

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