After the Prime Minister's directive, gold prices plummeted.
At 1:45 p.m., the price of SJC gold plummeted by 2.5 million VND per tael.
Having just reached the 80 million VND/tael mark in the morning session, the price of SJC gold quickly turned around and dropped sharply in the afternoon session of December 28.
Gold prices plummeted after the Prime Minister issued a telegram requesting the State Bank of Vietnam to comprehensively assess the gold market and strictly handle manipulation.
At 1:45 p.m., Saigon Jewelry Company (SJC) listed the price of SJC gold bars in the Hanoi market at 74-77.02 million VND/tael (buy - sell), down 3.8 million VND for buying and 2.5 million VND for selling compared to this morning's session (December 28).
At PNJ in the Ho Chi Minh City market, the buying and selling price of SJC gold bars is at 76.1-78.1 million VND/tael (buying - selling), down 1.7 million VND for buying and 1.5 million VND for selling compared to the morning session of December 28.
At DOJI Gold and Gemstone Group, the price of SJC gold bars in Hanoi decreased by 3.8 million VND/tael for buying and 2.5 million VND/tael for selling, down to 74-77 million VND/tael (buying - selling).
Along with the downward trend, Phu Quy Jewelry Group reduced the price of SJC gold bars to 4.2 million VND/tael for buying and 2.8 million VND/tael for selling, to 73.5-76.5 million VND per tael (buying - selling).
At Bao Tin Minh Chau Company, each tael of gold bar decreased by 3.9 million VND/tael for buying to 74 million VND/tael and 76.8 million VND/tael for selling to 76.8 million VND/tael.
Notably, Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 1426/CD-TTg dated December 27, 2023 to the Governor of the State Bank of Vietnam; Ministers of the Ministries of Public Security, Industry and Trade, Finance, Justice, Information and Communications; and the Government Inspector General to direct solutions for gold market management.
The telegram stated that recently, the world and domestic gold markets have been complicated, domestic gold prices have fluctuated strongly and increased rapidly, negatively affecting the safety of the financial and monetary markets and social psychology.
To stabilize and develop a safe, healthy, effective and sustainable gold market, the Prime Minister requested the State Bank of Vietnam to closely monitor developments in world and domestic gold prices to promptly implement solutions according to regulations to stabilize the gold market; proactively develop scenarios and plans to respond to fluctuations in world and domestic gold prices to be ready with handling measures, using appropriate, effective and timely tools within its authority, contributing to promoting socio-economic development and stabilizing the macro-economy. Absolutely do not let the economy "goldenize", do not let it negatively impact exchange rates, interest rates, the money market, foreign exchange, and national financial and monetary security and safety.
Besides, the State Bank urgently has effective solutions to manage andManage domestic gold bar prices according to market principles, not allowing the gap between domestic and international gold bar prices to be as high as in the past. through negative impact on macroeconomic management, report implementation results in January 2024.
Source: Vietstock
