On the morning of 6/9, Saigon Jewelry Company (SJC) listed the price of a gold bar at 133.9 - 135.4 million VND, 1 million VND higher than yesterday. Other brands also raised their gold bar prices accordingly.
The price of a plain gold ring at SJC also rose by 1 million VND this morning, to 127.7 - 130.2 million VND. Phu Nhuan Jewelry Company (PNJ) listed the price at 127.7 - 130.7 million VND. DOJI Gold and Silver Group bought and sold plain gold rings at 127.7 - 130.7 million VND.
Gold prices have been rising continuously for the past two weeks. During this period, the price of a gold bar has increased by approximately 10 million VND, equivalent to a nearly 8% increase.
In the international market, the spot gold price reached a record high of 3,600 USD per ounce, which, converted at Vietcombank's selling exchange rate, is equivalent to 115.1 million VND. The price difference between domestic and international gold remains around 20 million VND per bar.
The government recently issued Decree 232, amending and supplementing Decree 24 on gold trading management. This marks the first shift in gold market management policy in the past decade.
From a state monopoly on gold bars, the State Bank of Vietnam will now grant the right to import and produce gold bars to a select number of banks and businesses that meet specific criteria. Approximately eight banks and three businesses, including PNJ, DOJI, and SJC, are expected to meet the charter capital requirements for gold bar production.
Speaking to VnExpress, Huynh Trung Khanh, Vice President of the Vietnam Gold Traders Association (VGTA), assessed Decree 232 as a turning point for the gold market.
"However, the effect of the new regulations on domestic gold prices will take time. Gold prices won't immediately drop to near global levels overnight. Currently, we need to wait for the Circular guiding the Decree, as well as allow time for an official supply of gold to enter the market," he said.
In the medium and long term, he assesses that the new regulations will certainly bring gold bar prices closer to global levels. The difference may fluctuate around a few percent, about 4-5 million VND, instead of being nearly 20 million VND higher than global prices as it is now.
Quynh Trang
