gold prices

On March 22, the price of gold in Vietnam experienced a decline of VND300,000 per tael (1.2 ounces), retreating to near VND67 million per tael due to a sharp drop in the global gold price.

The price of gold in Vietnam declined on February 8 as global bullion prices plummeted after Jerome Powell, Chairman of the US Federal Reserve (Fed), sent a message that interest rates may increase further in the future to curb inflation.

Vietnam’s consumer price index (CPI) in January edged up by 0.52 % month-on-month, fueled by high consumer demand for the Lunar New Year or Tet which fell in the same month, the General Statistics Office said on January 29.

Unlike previous months, Ho Chi Minh City recorded a month-on-month decline of 0.07 percent in its December consumer price index (CPI), the municipal Statistics Office said on December 30.

After the US Federal Reserve (FED) announced to raise the benchmark interest rate by 75 basis points, or 0.75 percentage points, to 3.75-4 percent per annum as expected, gold, stocks, and US dollars at banks fell on November 3. Only the US dollar price on the free market jumped sharply.

 

The Saigon Jewelry Company Limited (SJC) has been raising the domestic gold bar prices at a much higher rate to that of gold prices in the world market. 

The price of gold in Vietnam plunged sharply on September 27 as global gold prices hit the lowest level in the past three years.

The State Bank of Vietnam is facing multiple pressures in 2022 in managing the foreign exchange rate, such as net withdrawal of hundreds of billions of dongs through the treasury bill channels, selling of foreign currency from reserves, and in adjusting the US dollar selling price.

Although the current world’s gold price is decreasing, domestic gold businesses are selling SJC gold at over VND66 million (US$2,817) per tael making the gap between domestic and international gold prices over VND18 million (US$768) per tael. 

The domestic gold price decreased by nearly VND1.5 million per tael (1.2 ounces) on the morning of July 21 as the global gold price dropped sharply, falling off the mark of US$1,700 an ounce.

Due to the unusual fluctuations in gold prices, gold trading enterprises expanded the gap between buying and selling prices to nearly VND2.6 million per tael (1.2 ounces) on July 19.

Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Trading Association, said that because the gap between domestic and world gold prices is too high, SJC-gold buyers bear many risks, especially when domestic and international gold prices have not been connected yet.

While the price of SJC gold on July 15 is more than VND20 million per tael (1.2 ounces) higher than the global gold price, other 9999-gold rings are currently VND15-16 million per tael lower than that of SJC gold bars which are also 9999 gold.

HCMC’s consumer price index inched up 0.38 percent in April compared with March, the municipal Statistical Office reported.

Besides continuously giving risk warnings to investors about buying corporate bonds in the market, authorities have also issued many regulations to restrict the issuance of corporate bonds. However, in reality, many investors still purchase corporate bonds, despite potential risks.

The current Russia-Ukraine war, along with rising global inflation, has pushed the price of gold to an all-time high.