The State Bank of Vietnam (SBV) has just issued a notice regarding developments in the gold market in recent days. Specifically, from the beginning of December 2023 until now, the international gold price has increased sharply above 2,000 USD/oz.
On December 26, 2023 alone, the international gold price traded around 2,063 USD/oz, an increase of 232 USD/oz (equivalent to an increase of 12.7%) compared to the beginning of the year.
In response to the increase in international gold prices, the domestic SJC gold bar price also increased. On December 26, 2023 alone, the SJC gold bar price fluctuated strongly, reaching VND 80 million/tael at noon. However, by the afternoon trading hours, the buying and selling price of SJC gold bars had rapidly decreased again, down to VND 77.4-79.23 million/tael.
On December 28, 2023, the international gold price increased by 19 USD/oz, the domestic SJC gold buying and selling price was around 78.2/79.87 million VND/tael.
Faced with the strong fluctuations in international and domestic gold prices in recent days, the trading volume of both buying and selling gold has increased slightly. However, the SJC gold bar market in general has not fluctuated abnormally, and there has been no phenomenon of people rushing to buy gold when the gold price increases as in the previous period.
Explaining the reason for the sharp increase in domestic SJC gold bar prices in recent days, the State Bank said it was mainly due to psychological factors due to the continuous increase in international gold prices. Therefore, on days when international gold prices fluctuate sharply, domestic SJC gold bar prices often increase at a faster rate.
Accordingly, the SBV will continue to closely monitor developments in the gold market and be ready to deploy intervention plans to stabilize the gold market. In January 2024, the SBV will submit a summary report on Decree 24, including proposals to amend and supplement a number of regulations on gold market management to suit the new market context.
Faced with the complicated and unpredictable developments of the international and domestic gold markets, the State Bank recommends that people should be cautious in gold transactions .
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