SJC gold bar price remains high in the context of world price decrease

(NLDO) – The world gold price has continuously decreased in recent days, but the price of SJC gold bars is still maintained at a high level, close to 124 million VND/tael.

On the morning of August 13, Saigon Jewelry Company (SJC) listed the price of gold bars at 122.7 million VND/tael for buying and 123.9 million VND/tael for selling - stable compared to yesterday.

The price of SJC gold bars has remained unchanged over the past three days, despite the world gold price continuously falling. Compared to the record peak, the price of gold bars has decreased by about VND500,000/tael.

Meanwhile, the price of 99.99% gold rings and jewelry gold after a sharp drop in one day also stabilized, around 116.5 million VND/tael for buying and 119 million VND/tael for selling.

In the past 3 days, the price of gold rings has lost nearly 1 million VND/tael, decreasing faster than the price of SJC gold bars. However, the fluctuation of gold bar prices is "increasing quickly - decreasing slowly" compared to the world price.

In the past few days, the world gold price has dropped from the 3,400 USD/ounce mark to the current level of around 3,345 USD/ounce (down 55 USD/ounce, equivalent to about 1.6 million VND/tael). In the trading session last night, the world gold price at times fell deeply to 3,330 USD/ounce before increasing again.

Domestic gold prices remain high compared to world prices

This development of the price of SJC gold bars and the world gold bar has further widened the gap. Currently, the world gold price converted according to the listed exchange rate is about 106.7 million VND/tael, lower than gold rings by about 12 million VND/tael and lower than SJC gold bars by about 17 million VND/tael.

Gold prices are under pressure to fall in the short term.

According to analysts, precious metals on the international market are under pressure due to the lack of supportive information in the market, in the context of the information about US tariffs on other countries has calmed down. However, in the medium and long term from now until the end of the year, if the US cuts the basic interest rate, the USD cools down, the gold price will benefit.

Regarding domestic gold prices, the State Bank has coordinated with ministries and branches to conduct a review of Decree 24/2012 on the management of gold trading activities.

Based on the assessment results, this agency has submitted to the Prime Minister directions for amendments to enhance the effectiveness and sustainability of gold market management. Currently, the draft decree amending Decree 24 is being appraised by the Ministry of Justice .

Some experts believe that the domestic gold market will really change when the new decree on gold market management is issued, with specific policies to manage SJC gold bars.

Source: https://nld.com.vn/nguoc-dong-the-gioi-gia-vang-mieng-sjc-neo-cao-chot-vot-196250813094449473.htm