On the morning of February 2, Saigon Jewelry Company (SJC) continued to raise the price of gold bars by 400,000 VND in both trading directions, to 76.4 - 78.7 million VND per tael. At DOJI Jewelry Group, each amount of gold bars this morning also increased by 400,00 VND, to 76.25 - 78.65 million.
This is the 5th consecutive day gold bars have gone up with a total adjustment of nearly 2 million VND per tael. The difference between buying and selling prices is still high at 2.3 million VND per tael.
However, this increase has not yet brought the price of gold bars back to the record level set on December 26, 2023. Compared to this time, each amount of gold bars SJC buys is about 2.5 million VND lower, and the amount sold is 1.5 million VND less.
According to many experts, the domestic gold bar price will be closer to that of gold rings, jewelry and the world if the SJC gold bar monopoly is eliminated or the supply of gold bars is increased. The State Bank said earlier this year that it is evaluating the implementation of Decree 24 and in January 2024 will report summarizing this Decree, proposing amendments and supplements to a number of gold market management mechanisms in accordance with the law. adapt to the new market context.
Trading gold bars at a gold shop in Binh Thanh District, Ho Chi Minh City. Photo: Quynh Tran
This morning, gold rings and jewelry at SJC also increased by 150,000-200,000 VND per tael compared to yesterday. SJC listed the price of gold rings at 63.3 - 64.5 million VND per tael; gold jewelry 63.05 - 64.05 million VND.
World gold prices in the past 24 hours also tended to go up. At 10:30 a.m. Vietnam time, the spot gold price hovered around 2,053 USD per ounce, converted at the Vietcombank exchange rate, equivalent to nearly 61 million VND per tael. Compared to the world, each amount of SJC gold bars is 17.7 million VND higher than gold rings.
In contrast to gold price movements, the domestic exchange rate is stable and tends to cool down. On the banking market, Vietcombank this morning slightly reduced the listed USD price by 10 VND, bought 24,200 VND, sold 24,570 VND. USD price on the free market also decreased after a strong increase. Foreign currency exchange points this morning decreased by more than 100 VND in both directions, down to 24,800 - 24,860 VND per USD.
Quynh Trang
