Gold Market Update: SJC Gold Bars and Gold Rings See Mixed Performance

SJC gold bars ended the second trading week of September with a sideways performance. SJC gold bars. Illustrative photo: Minh Quyet/VNA

The buying price of SJC gold bars was fixed at 78.5 million VND/tael, while the selling price remained unchanged at 80.5 million VND/tael. This price is also listed by Saigon Jewelry Company Limited (SJC), DOJI Jewelry Group, and Bao Tin Minh Chau Company Limited. The difference between buying and selling prices remained at 2 million VND/tael.

Compared to the world gold price, the price difference has changed significantly. At 80.5 million VND/tael, gold bars are currently 1.8 million VND higher than the world gold price after conversion, a sharp decrease of 2.1 million VND compared to the end of last week.

The gold bar market has gone through nearly 3.5 months of selling gold under the form of price stabilization. Since the State Bank started selling gold bars directly to people through Saigon Jewelry Company (SJC) and 4 State-owned commercial banks, the difference between the price of gold bars and the world price of gold has continuously fluctuated but has generally remained below 5 million VND/tael.

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has announced the implementation of the digital financial solution digiGOLD. From September 10, 2024, customers can register to buy SJC gold bars on the VietinBank iPay Mobile digital banking application. Previously, on August 27, the Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank) also launched gold sales via the banking application.

Gold Ring Market Sees Volatility

Unlike gold bars, the gold ring market is always a volatile commodity and closely follows the developments of world gold prices. During the week, gold rings continuously changed records and surpassed new price peaks when world gold prices also continued to increase.

Specifically, gold rings at SJC are at 77.8 – 79.1 million VND/tael (buy – sell), Thang Long gold rings at Bao Tin Minh Chau are at 77.88 – 79.08 million VND/tael (buy – sell) and Hung Thinh Vuong gold rings at DOJI are at 77.9 – 79.1 million VND/tael (buy – sell).

the gold ring market increased by about 400,000 – 700,000 VND/tael for the whole week. The buying price at companies is currently around 78 million VND/tael, the selling price is around 78.9 – 79.2 million VND. The buying – selling difference is currently around 1.15 – 1.6 million VND/tael.

Forecasting Gold Prices

Expert Truong Vy Tuan, Giavang.net said that the gold bar market this week is flat, without any fluctuations due to the strong increase in the world gold market. Next week, the gold bar price is likely to increase sharply when the gold price continues to set a new peak due to the US Federal Reserve’s (FED) decision to lower interest rates. Meanwhile, the gold ring market has set an all-time high, and next week it may continue to increase.