At 3:00 p.m. on April 12, 2024, the domestic SJC gold price increased sharply despite the Prime Minister's directive. Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 82.7 million VND/tael for buying and 84.7 million VND/tael for selling.

Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted up 500,000 VND/tael for buying and up 480,000 VND/tael for selling.

The difference in the buying and selling price of SJC gold at this unit is currently at 2 million VND/tael. This puts investors at risk of losing money when buying gold in the short term.

However, at 10:00 a.m. on April 12, 2024, the price of SJC gold at this unit was adjusted to a new record, setting a new peak of 85 million VND/tael, at 83 - 85 million VND/tael for buying and selling.

Gold price listed at Saigon Jewelry Company Limited - SJC. Screenshot at 3:00 p.m. on April 12, 2024

At the same time, Bao Tin Minh Chau listed the price of SJC gold at 82.85 million VND/tael for buying and 84.75 million VND/tael for selling. Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted up 800,000 VND in both buying and selling directions.

Gold price listed at Bao Tin Minh Chau. Screenshot at 3:00 p.m. on April 12, 2024

According to experts, the continuous increase in domestic gold prices in recent days comes from the sharp increase in world gold prices. Domestic SJC gold prices are currently about VND13 million/tael higher than world gold prices. At the same time, world gold prices were at USD2,388/ounce, up USD12/ounce compared to the early morning of April 12. Converted according to the exchange rate, the world gold price is equivalent to VND71.8 million/tael excluding taxes and fees.

Regarding the gold market management policy, in the announcement concluding the Prime Minister's meeting No. 160 dated April 11, 2024 on solutions to manage the gold market in the coming time, the Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to focus on strictly implementing the provisions of Decree No. 24/2012/ND-CP, including immediately handling the situation of high difference between domestic gold bar prices and international gold prices, ensuring stable operation of the gold market.

In the near future, the domestic market will be supplemented with gold bar supply, investors should be cautious in buying gold for investment at this time. Illustrative photo

On April 12, Deputy Governor of the State Bank Pham Thanh Ha said that to stabilize the market, the State Bank has prepared intervention plans and will inspect the gold trading activities of enterprises and credit institutions nationwide in 2022 and 2023. Accordingly, the State Bank will immediately increase the supply of gold bars to reduce the price difference between domestic and international prices.

For the gold jewelry and fine art market such as gold rings, the State Bank will continue to create conditions to ensure sufficient raw materials for production activities to export gold jewelry and fine art. The State Bank will also conduct inspections, checks, and supervision according to its assigned functions, tasks, and powers; strictly handle acts of gold smuggling across the border, profiteering, speculation, and manipulation of gold prices.

In the context of the market being supplemented with gold supply, experts recommend that investors and people should be cautious in transactions at this time, especially when investing in gold. "The gold price is very hot, do not be hasty, put all your capital into investing in gold. The upcoming amendment of Decree 24 may cause the domestic gold price to cool down, so you should not buy gold at the current peak price" - some experts recommend and advise that people can keep gold but should not be too greedy to "surf", because when the world price adjusts and the Government has closer instructions, the gold price will turn around and decrease. Instead, they should wait until the gold price adjusts down, investors will be able to buy at a better price. If you buy now, both the world and domestic prices are at their "peak", the risk is quite high.

If anyone is holding gold, consider selling at this time because the profit is very attractive. Don't wait too long, then the gold price will cool down.