The price of gold bars plummeted on the day of the God of Wealth

At 7:00 a.m. on February 19 (God of Wealth Day), the price of SJC gold bars simultaneously decreased.

Specifically, SJC Hanoi and City. Ho Chi Minh City adjusted the buying price by 400,000 VND/tael, the selling price was flat compared to the closing session last weekend (February 16).

DOJI Hanoi and City. Ho Chi Minh Minh reduced 350,000 VND/tael of buying and 150,000 VND/tael of selling compared to the closing session on February 16.

Bao Tin Minh Chau reduced the buying price by 400,000 VND/tael and the selling price by 100,000 VND/tael compared to the previous closing session, buying and selling transactions fell back to 75.4 – 77.9 million VND/tael.

Phu Quy, listed buying – selling transactions at 75.4 – 78 million VND/tael, buying decreased by 400 thousand VND/tael, selling decreased by 100 thousand VND/tael compared to the closing session last week.

At around 11am, SJC Hanoi and City. Ho Chi Minh City adjusted the listed price sharply by 1.3 million VND/tael on the buying side (74.5 million VND) and by 900 thousand VND/tael on the selling side (77.5 million VND).

Similarly, Eximbank sharply decreased by 1.2 million VND/tael in both buying and selling directions, from 74.8 to 76.8 million VND/tael, respectively.

DOJI decreased by 1,250 million VND/tael in both buying and selling directions, to 74.5 and 77.5 million VND/tael.

Bao Tin Minh Chau reduced buying by 1,350 million VND and sold by 550 thousand VND/tael.

Giá  SJC gold at 11:00 a.m. February 19, 2024 (Source: compiled by VnEconomy)
SJC gold price at 11:00 on February 19, 2024 (Source: compiled by VnEconomy)

The price of 9999 gold rings and SJC gold jewelry moved sideways compared to last week’s trading session.

VnEconomy compiled at 11:00 a.m. on February 19, 2024.
VnEconomy compiled at 11:00 on February 19, 2024.

At 11 a.m. on February 19, the world gold price was trading around 2,022 USD/ounce.

Converted at the current exchange rate at Vietcombank, world gold costs about 61 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still higher than the international gold price by over 16 million VND/tael.

Before the Lunar New Year, domestic gold prices continuously increased, mainly due to the need to buy reserves at the end of the year from Asian people, along with the unstable economic and political situation. world. In January, the price of gold bars sold domestically was the highest at 77.85 million VND/tael. In February, the price of gold bars sold was pushed to the highest level of 79 million VND/tael on February 16 (close to God of Wealth day), then cooled down.

From the beginning of the year to February 19, 2024, the price of gold bars sold domestically differed from the world gold price at 13-16 million VND/tael.

According to experts, the intense geopolitical conflict deepens the risk aversion of global investors, which is a factor supporting gold prices at high levels in the coming months.

From the beginning of 2024 until now, there have been consecutive terrorist attacks in Jordan that killed 3 US soldiers and attacks by Houthi rebels in the Red Sea.

However, domestically, the market expects that amendments and supplements to the gold market management mechanism (Decree 24) of the State Bank will help stabilize the gold market through increasing the supply of SJC gold bars. This will be a factor that prevents the increase in domestic gold prices and narrows the gap between domestic gold prices and world gold prices.

Regarding gold price developments, on February 15, Prime Minister Pham Minh Chinh signed and issued Directive No. 06 on urging the implementation of key tasks after the Lunar New Year holiday of Giap Thin 2024.

Accordingly, the Head of the Government assigned the State Bank to urgently summarize Decree No. 24 on managing gold business activities; Propose solutions to effectively manage the gold market in the new situation, completed in the first quarter of 2024.

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