The buying price of gold bars increased by half a million dong this morning, while the selling price remained unchanged in the afternoon due to the sharp increase in world developments, helping the difference between the two markets to only 1 million dong.
On the morning of July 17, Saigon Jewelry Company (SJC) adjusted the price of gold bars from the market by 500,000 VND compared to yesterday, to 75.98 million. Other brands that are allowed to trade in gold bars but are not authorized by the State Bank to intervene in the sale, such as DOJI , PNJ, Bao Tin Minh Chau, also raised the purchase price to around 76 million VND per tael.
Meanwhile, the selling price of gold bars on the market has remained unchanged for the past 1.5 months, as the State Bank is maintaining the intervention price for SJC and 4 state-owned banks. Currently, the selling price of SJC gold bars on the market is listed at the same price by all brands licensed to trade in gold bars at 76.98 million VND per tael.
This morning, gold price Gold prices also continue to rise following international developments, currently trading at par and even higher than gold bars.
SJC listed the price of a 24K plain ring at 75.98 million VND, selling for 76.88 million VND. DOJI sells the ring for 76.7 - 77.9 million VND. Meanwhile, the price of a plain ring at PNJ is 76.3 - 77 million VND. Accordingly, depending on the brand, the price of a plain ring is equal to that of a gold bar or up to 1 million VND higher per tael.
World gold prices continue to rise while the State Bank maintains the price of gold bars, causing the difference to narrow further.
In the international market, the spot gold price continues to rise and has increased by nearly 100 USD in the past 5 days. Currently, the world gold price is trading around 2,470 USD per ounce, converted at Vietcombank exchange rate equivalent to 75.8 million VND per tael. Thus, the price of SJC buying gold bars from the market is currently equal to the world gold price, while the selling price is only about 1 million VND per tael higher (previously, there was a time when SJC price was 19-20 million higher than the world price).
In theory, the goal of reducing the difference between gold bar prices and the world price has been achieved, after the State Bank's intervention sale.
However, the actual supply of gold bars to the market is very limited. The five authorized sales units all limit the purchase amount to 1-3 taels per person, and the only channel to distribute the numbers directly also quickly ran out of turns early in the morning.
As for businesses licensed to trade in gold bars such as DOJI, Bao Tin Minh Chau, PNJ... they have almost stopped selling gold bars to the market since the State Bank intervened to "determine the price" of gold bars.
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