The purchase price of SJC gold bars dropped by nearly 5 million VND/tael after the Government’s telegram

SJC gold bar purchasing price late afternoon on December 28 decreased to more than 73 million VND/tael from more than 78 million VND/tael in the morning. The dizzying decline took place after the Prime Minister’s telegram directing the stabilization and development of a safe, healthy, effective and sustainable gold market.

In the Hanoi market, Phu Quy Group in its last gold price update of the day quoted SJC gold bars at 73.3 million VND/tael (buying) and 77.3 million VND/tael (selling). . Compared to early morning, the price of gold bars at this enterprise has decreased by 4.9 million VND/tael on the buying side and decreased by 2.5 million VND/tael on the selling side.

The difference between the two prices for buying and selling gold bars increased sharply, up to 4 million VND/tael – a rare difference, from 1.6 million VND/tael in the morning.

Prices of 999.9 gold products decreased less. Phu Quy brand 999.9 plain round ring is priced at 62.8 million VND/tael (buying) and 64 million VND/tael (selling), down 500,000 VND/tael compared to the morning.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at the end of the afternoon at 74.5 million VND/tael and 77.5 million VND/tael, down 3.8 million VND/tael and 2. 3 million VND/tael compared to early morning.

Suppose an investor bought SJC gold bars at the peak price of more than 80 million VND/tael 2 days ago. If they sold it this afternoon, they would lose nearly 7 million VND/tael. This shows the risk of buying gold at times when gold prices increase sharply and there is a large difference compared to international gold prices.

On Tuesday, the retail price of SJC gold bars was over 19 million VND/tael higher than the international equivalent gold price.

At 9:00 p.m. on December 28, the spot price of gold in the New York market was trading at 2,075.4 USD/oz, down about 2 USD/oz compared to the closing price of the previous session. This price is equivalent to about 61 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

Thus, the retail price of SJC gold bars is about 16.3-16.5 million VND/tael higher than the international gold price.

The Prime Minister’s telegram dated December 28 stated that “in recent times, the world and domestic gold markets have been complicated, with domestic gold prices fluctuating strongly and increasing rapidly, negatively impacting market safety.” financial, monetary and social psychology”.

The Prime Minister requested the State Bank to “closely monitor developments in world and domestic gold prices to urgently implement prescribed solutions to stabilize the gold market.”

In particular, the telegram directed the State Bank to “urgently find effective solutions to manage and operate domestic gold bar prices according to market principles, not allowing discrepancies between domestic gold bar prices.” Water and international gold levels are at high levels as recently, negatively affecting macroeconomic management, reporting implementation results in January 2024.

The Prime Minister also requested the State Bank to “strengthen inspection, examination, control and supervision closely, comprehensively, with focus and focus on the gold market and the activities of trading enterprises.” Gold traders, stores, gold bar trading and distribution agents and other entities participating in the market.

The dispatch requested the State Bank to “make an overall and comprehensive assessment of the situation of the domestic gold market and state management of the gold market, including the contents of gold bar production and trading.” , SJC brand gold, jewelry gold… and specifically identify the results achieved, limitations, shortcomings, problems and causes, lessons learned to have a basis for proposing management solutions In the coming time, ensuring strict, feasible, effective, in accordance with regulations, within authority, stabilizing the gold, foreign exchange, and currency markets, contributing to limiting the yellowing of the economy, ensuring national financial and monetary security”

The State Bank was also requested by the Prime Minister to “review the legal framework, mechanisms and policies related to gold market management and gold bar and gold jewelry business activities… and summarize the current situation.” current Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold business activities to promptly propose competent authorities to consider amending and supplementing regulations, ensuring improvement Improve the effectiveness and efficiency of state management tools for the gold market, develop a transparent, healthy, effective and sustainable market, completed in January 2024.

The dispatch directs “functional agencies, inspection, examination, and law enforcement to coordinate with the State Bank of Vietnam to urgently implement working measures to promptly and strictly handle violations.” violating laws related to the gold market and gold business activities, especially acts of smuggling, manipulation, profiteering speculation… ensuring the gold market operates stably, transparently, safely and healthily. strong and effective”.

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