Domestic gold prices remain stable against global upward trend
The price of SJC-branded gold bars in the domestic market has remained stable despite the rising global gold price recorded over the past couple of weeks.
Hanoi (VNA) - The price of SJC-branded gold bars in the domestic market has remained stable despite the rising global gold price recorded over the past couple of weeks.
Throughout the last week, the price of the precious metal steadied, resulting in subdued trading.
Specifically, both DOJI Gold & Gems Group and Saigon Jewelry Company (SJC) list the buying and selling prices at 74.98 million VND (over 2,951 USD) and 76.98 million VND per tael, the same with those offered at the beginning of the week. A tael equals 37.5 grams or 1.2 ounces.
Experts said efforts by the State Bank of Vietnam (SBV) and related agencies in gold price control have proven effective, helping ease negative impacts by the global market.
Truong Vi Tuan, an expert from Giavang.net, said although the price of SJC gold bars has remained flat for 30 consecutive days, that of gold ring has seen fluctuations.
DOJI Gold lists the buying and selling prices of Hung Thinh Vuong gold ring at 75.65 and 76.95 million per tael, an increase of 600,000 VND per tael in both buying and selling prices.
Meanwhile, gold ring is priced at 74.6-76.2 million VND, and 75.38-76.68 million VND by SJC and Bao Tin Minh Chau, respectively, up 200,000 VND and 300,000 VND per tael in buying and selling prices.
Gold ring price is predicted to continue rising in the time to cꦍome in the context of increasing global gold prices./.
The narrowing of the gap between domestic and global gold prices may further pull down the selling price of SJC-branded gold bullion of state-owned commercial banks and Saigon Jewelry Company (SJC) in the near future, Dao Xuan Tuan, Director General of the State Bank of Vietnam (SBV)'s Foreign Exchange Management Department, has said.
Permanent Vice Chairman of the National Assembly (NA) Tran Thanh Man on May 13 voiced concern over skyrocketing gold prices, asking the Government to quickly review market management measures to narrow the wide gap between domestic and global prices.
Gold prices fell last weekend after remaining high for a week, and experts attributed the fall to the Government’s instruction on conducting a specialised inspection of the market.
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