On the afternoon of 12/9, Saigon Jewelry Company (SJC) listed the price of gold bars at 128.4 - 131.4 million VND per tael, a decrease of 1.9 million VND compared to the previous day. Other brands also adjusted their gold bar prices accordingly.
From its peak of nearly 136 million VND per tael on 9/9, SJC gold bars have dropped by over 5 million VND on the buying side and over 4 million VND on the selling side.
The price of SJC 24K gold rings also decreased by over 1.5 million VND per tael. SJC listed the buying and selling price at around 125 - 128 million VND per tael. DOJI Gold & Silver Group and Phu Nhuan Jewelry Company also lowered their 24K gold ring prices to 126.2 - 129.2 million VND. Bao Tin Minh Chau listed the price of 24K gold rings at 127 - 130 million VND per tael.
In the international market, gold was trading at around 3,650 USD per ounce at 2:30 PM (Hanoi time), approximately 20 USD lower than the peak reached a few days ago. At Vietcombank's exchange rate, this equates to 116.5 million VND per tael (excluding taxes and fees).
Domestic gold prices have fallen more sharply than global prices in recent days, narrowing the gap from nearly 20 million VND to about 15 million VND per tael.
Experts attribute this trend to increased selling pressure from the public in recent days, possibly due to profit-taking. Observations at several gold shops also indicate that transactions over the past two days have primarily been sales.
Regarding the recent surge in domestic gold prices, outpacing the global market, the Prime Minister described the fluctuation as "very noteworthy." He stated that he has directed relevant agencies to intervene and prevent market manipulation, hoarding, and price gouging. The State Bank of Vietnam's inspectors have also been actively involved, and if necessary, the Government Inspectorate will investigate any instances of hoarding, price manipulation, or market manipulation.
The banking sector recently concluded an inspection of businesses and commercial banks with significant gold trading operations and is currently finalizing its conclusions. Following the Prime Minister's directive, the State Bank will intensify inspections to clarify and address any violations.
Deputy Governor of the State Bank of Vietnam, Doan Thai Son, stated that the most crucial measure is to expedite the management of the gold market under the new mechanism, which involves ending the gold bar monopoly, as approved by the government.
Quynh Trang
