Around 3 p.m. in Ho Chi Minh City, SJC Gold Company traded 9999 gold rings at VND75 million per tael for buying and VND76.7 million per tael for selling, marking an increase of VND700,000 for purchase and VND1 million for sale compared to the previous day. Meanwhile, in Hanoi, Bao Tin Minh Chau Company bought 9999 gold rings at VND76.78 million per tael and sold them at VND78.38 million per tael, an increase of VND900,000. This is the highest level of 9999 gold rings ever.
In contrast, the price of SJC gold experienced a downturn, dropping by nearly VND500,000 per tael after reaching an all-time high the day before. Specifically, in Ho Chi Minh City, SJC Gold Company listed SJC gold at VND82.4 million per tael for buying and VND84.4 million per tael for selling, down VND400,000 in both buying and selling rates compared to the previous day.
Meanwhile, in Hanoi, Doji Group also reduced by VND200,000 for buying and VND400,000 for selling to buy gold at VND82.3 million per tael and sold it at VND84.3 million per tael.
In the global gold market, the spot gold price on the Kitco exchange in the afternoon of April 10 (Vietnam time) was trading at US$2,354.53 an ounce, up by about $10 from the morning. After conversion, this price corresponds to approximately VND71.3 million per tael. Currently, the world gold price is approximately VND13.1 million per tael lower than SJC gold and VND5.1–7 million per tael lower than the price of 9999 gold rings.
After the State Bank of Vietnam proposed removing the state monopoly on gold bar production, the price of SJC gold has frequently diverged from the global gold price trend, whereas the price of 9999 gold rings has surged in tandem with the global gold market's upward movement. Regarding gold market management, the Government recently issued Resolution No.44/NQ-CP during its regular meeting in March 2024 and the online conference between the Government and local authorities.
Accordingly, the Government instructs the State Bank of Vietnam to earnestly, comprehensively, effectively, and promptly implement tasks and solutions to stabilize the gold market and address disparities between domestic and international gold prices under the direction of the Government and Prime Minister. It also emphasizes the urgent need to review and develop a Decree to amend, supplement, or replace Decree 24 on managing gold market activities, aiming to cultivate a stable, healthy, transparent, effective, sustainable, and non-gold-dependent economy.
