At 9:00 a.m. on September 9, Ngoc Tham Jewelry and Gold Shop in Ho Chi Minh City listed SJC-branded gold bars at VND133.8 million (US$5,072) per tael for buying and VND136 million (US$5,154) per tael for selling, up VND900,000 (US$34) in both directions compared to the previous day.
Bao Tin Minh Chau, Saigon Jewelry Company (SJC), and Doji are among the country’s largest gold traders, raising both buying and selling prices by VND700,000 (US$26.50), posting quotes of VND133.8 million (US$5,072) per tael for purchases and VND135.8 million (US$5,148) for sales.
Phu Quy Group also increased buying prices by VND900,000 (US$34) and selling prices by VND700,000 (US$26.5), listing VND133 million (US$5,042) for buying and VND135.8 million (US$5,148) for selling.
This morning, 9999 gold rings also surpassed VND131 million (US$4,965) per tael. Bao Tin Minh Chau quoted VND128.5 million (US$4,872) for buying and VND131.5 million (US$4,984) for selling, up VND600,000 (US$22.7) in both directions from yesterday.
SJC listed 9999 gold rings at VND128.3 million (US$4,862) for buying and VND130.8 million (US$4,959) for selling, also up VND600,000 (US$22.7).
Phu Quy Group quoted 9999 gold rings at VND128 million (US$4,851) for buying and VND131 million (US$4,965) for selling, up VND300,000 (US$11.4) in both directions.
On the global market, spot gold on Kitco was priced at US$3,653.6 at 9:30 a.m. on September 9 (Vietnam time), up nearly US$17 from the previous session.
After conversion, this equals about VND116.6 million (US$4,420) per tael, lower than SJC gold bars by about VND19.2 million (US$728)–VND19.4 million (US$735) per tael, and lower than 9999 gold rings by about VND14.4 million (US$546)–VND14.9 million (US$565) per tael.
Regarding solutions to stabilize the gold market, the State Bank of Vietnam (SBV) stated that Vietnam abolishes the state monopoly on gold bullion, allows import-export of raw gold to produce gold bars, which will help diversify supply.
This move would give the public more choices, create a more competitive and transparent market, thereby narrowing the gap between domestic and international gold prices as well as between different gold bar brands.
The State Bank of Vietnam will also coordinate with relevant ministries and agencies, including the Ministry of Finance, to continue studying and proposing other synchronized mechanisms and policies aimed at promoting the development of the domestic jewelry and fine gold market.
To stabilize the gold market, the SBV has also requested that ministries and agencies explore solutions to explore new investment channels that could tap into gold from the public for socio-economic development.
At the same time, the State Bank of Vietnam urged consideration of appropriate tax policies for gold trading transactions to enhance market transparency and support State management objectives.
