SJC gold bar price in the free market 'dropped pressure' after the Prime Minister's direction

The price of SJC gold bars in the free market dropped sharply after the Prime Minister said he had directed the authorities to inspect and examine gold trading to prevent market manipulation, hoarding, and price hikes.

SJC gold bar price in the free market 'dropped pressure' after the Prime Minister 's direction - Illustration photo: NP

SJC gold bar price in the free market turned down

Regarding the fluctuations in gold prices in recent days, today there has been a series of important information affecting the gold market.

At the regular August Government meeting to discuss and evaluate the socio -economic situation in August and the first 8 months of 2025, which took place today, September 6, the Prime Minister said that he had directed the relevant authorities to take action and effectively use state management tools to strengthen inspection and examination of gold trading, to prevent market manipulation, hoarding, price gouging, and to strictly handle violations.

This afternoon, September 6, at the regular Government press conference, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha also informed about the implementation of the Government's decree on gold business management, procedures for establishing gold businesses in particular, and gold production and trading after the decree was issued.

Along with that, the Deputy Governor said that the State Bank will closely coordinate with the Ministry of Public Security, the Government Inspectorate and relevant agencies to strictly implement the Prime Minister's direction on gold market management, strictly complying with legal regulations.

After the above information, the price of SJC gold bars sold at SJC Company still maintained the new price level established this morning, but the price of SJC gold bars on the free market has "dropped pressure".

The price of SJC gold bars today increased by 1 million VND/tael, to 135.4 million VND/tael. This is also the highest price ever. The buying price also increased accordingly, to 133.9 million VND/tael.

The difference between buying and selling prices remains at 1.5 million VND/tael.

The price of SJC gold bars is 20.76 million VND/tael higher than the world gold price.

World gold prices end the trading week at a high level - Screenshot

The selling price of 9999 gold rings at SJC Company is 130.2 million VND/tael, the buying price is 127.7 million VND/tael, an increase of 1 million VND/tael compared to yesterday. The difference between buying and selling prices is up to 2.5 million VND/tael.

Domestic gold prices increased due to the sharp increase in world gold prices at the end of the trading week, reaching 3,587 USD/ounce. This is also the highest level ever.

At the current price, the world gold price converted according to the listed exchange rate at the bank is equivalent to 114.64 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 20.76 million VND/tael higher while the price of gold rings is 15.56 million VND/tael higher. This is a very high difference and a risk for gold buyers at this time.

In the free market, this morning, the price of SJC gold bars increased to 143 million VND/tael, but after receiving the Prime Minister's directive, the price of SJC gold bars in the free market decreased by 1 million VND/tael to 142 million VND/tael.

Updated to 7pm today, the selling price of SJC gold bars in the free market is only 140 million VND/tael, down 3 million VND/tael compared to this morning.

The buying price of SJC gold bars has dropped to 137 million VND/tael. Demand has also decreased as investors wait and see.

Deputy Governor of the State Bank explains the reason for the high gold price

Reporting on the gold market management situation at today's regular Government meeting, Deputy Governor of the State Bank of Vietnam Doan Thai Son said that in the past week, the world gold price has skyrocketed, the increase equivalent to 3 million VND/tael.

According to Deputy Governor Doan Thai Son, this increase is due to three main factors. First, the world gold price has increased very high. Second, the market expectation and psychology that the gold price will continue to increase, leading to a very high demand for gold from people.

Third is the supply because the State Bank is in the process of converting the gold management mechanism to the new mechanism, so the sale of SJC gold to the market is temporarily stopped. This leads to the supply of gold in the market becoming quite scarce. These are the three main factors that have caused the gold price to increase sharply recently.

State Bank data shows that gold businesses' demand for gold reserves is not high, because gold, unlike other commodities, cannot be reserved due to very high capital costs.

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Source: https://tuoitre.vn/gia-vang-mieng-sjc-tai-thi-truong-tu-do-tut-ap-sau-chi-dao-cua-thu-tuong-20250906183654524.htm