The world gold price in the early morning of November 12 (Vietnam time) was trading around 2,612 USD/ounce, down more than 70 USD compared to before, recording a decrease of nearly 5% after only one week.
Currently converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 80.1 million VND/tael.
According to IG market strategist Yeap Jun Rong, Mr. Trump's election as President has reduced expectations that the US Federal Reserve will continue to cut interest rates in 2025.
"We can expect the Fed to be more cautious in its upcoming easing, which could limit gold prices," Rong predicted.
In the domestic market, at the opening of the trading session on November 12, the price of SJC gold and gold rings both dropped sharply.
DOJI Group listed the price of SJC gold bars at 80.6-84.1 million VND/tael (buy - sell) - down 1.3 million VND/tael for both buying and selling compared to the beginning of the previous trading session.
Saigon Jewelry Company SJC listed the price of SJC gold at 80.6-84.1 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, the gold price at Saigon Jewelry Company SJC decreased by 1.3 million VND/tael for both buying and selling.
Bao Tin Minh Chau listed SJC gold price at 80.8-84.1 million VND/tael (buy - sell).
The price of 9999 Round Gold Ring at Bao Tin Minh Chau is listed at 81.43-83.38 million VND/tael (buy - sell), down 1.99 million VND/tael for buying and down 1.74 million VND/tael for selling compared to early this morning.
At DOJI, the listed price is 81.4-83.4 million VND/tael (buy - sell); down 1.95 million VND/tael for buy and down 1.75 million VND/tael for sell compared to early this morning.
Previously, at the question-and-answer session at the National Assembly on November 11, many delegates raised questions about the shortcomings of the gold market. Delegates mentioned that one of the shortcomings of the gold market is that people are not encouraged to sell gold and convert it into Vietnamese Dong (VND) to invest in production and business. Gold held by people is dead gold, while the demand for capital for production and business is very large. Delegates recommended that the State Bank have solutions to make gold a resource for the economy.
Responding to delegates' opinions, Governor Nguyen Thi Hong reiterated the policy of anti-gold and dollarization of the economy, so "people are not encouraged to hold gold".
"The value of gold is very large, but when holding it, it means that people cannot use that money. That money converted into VND has the opportunity to do business and invest in other areas such as lending for production, investing in shares, stocks, securities...", Ms. Hong analyzed.
The State Bank said it will continue to work with ministries and branches to evaluate and summarize Decree 24 on gold market management and advise and propose to the Government solutions to handle existing problems in this market.
The issues raised by the delegates are also the issues that Lao Dong Newspaper has reflected in the series of articles "Unleashing the gold market to allow capital to flow into the economy". In which, Lao Dong Newspaper proposed to soon amend Decree 24 on gold market management, eliminate the monopoly on gold bars and allow people to trade non-physical gold (in the form of certificates) to solve the need for gold investment and limit the situation of people buying gold for hoarding, not being able to circulate capital for socio-economic development.
