In the afternoon trading session on March 22, Saigon Jewelry Company (SJC) listed the price of gold bars at 77.8 - 79.82 million VND/tael (buy - sell), down 800,000 VND/tael in both buying and selling compared to the morning of the same day; down 1 million VND/tael in both buying and selling compared to the previous session's closing price below 80 million VND/tael.

At DOJI Gold and Gemstone Group, the listed price is 77.5 - 79.5 million VND/tael (buy - sell), down 1 million VND/tael in both buying and selling compared to the morning of the same day; down 1 million VND/tael in both buying and selling compared to the closing price yesterday.

Thus, in the past two days, this type of gold has decreased by 1.6 million VND/tael in both directions. Compared to the peak of 82.5 million VND/tael on March 12, each tael of SJC gold is currently about 2.7 - 2.8 million VND/tael lower.

The domestic gold bar price has fallen more sharply than the world price, narrowing the gap between the two markets significantly. Currently, the price difference between the domestic and world precious metals is about VND14.6 million, down VND2.4 - 3.4 million compared to the peak on March 12.

The price of gold rings decreased with a narrower range, listed at 67.8-69.1 million VND/tael (buy - sell), down 200,000 VND each way compared to the opening price this morning.

A few weeks ago, the world gold price was only around 2,147 USD/ounce, the selling price of SJC gold bars was up to 81.3 million VND/tael, but now the world gold price has set an all-time record while the price of SJC gold bars has decreased by millions of VND/tael, selling around 80 million VND/tael.

Experts say that the reason why the price of SJC gold bars "evaporated" is because of information that there will be a series of important changes in the gold market in the near future.

Specifically, the Prime Minister requested the State Bank to thoroughly and comprehensively review the legal framework, mechanisms, and policies related to gold market management and gold bar and jewelry trading activities...

At a meeting with Deputy Prime Minister Le Minh Khai on gold market management, in the face of strong fluctuations in the gold market, the State Bank proposed changing the gold bar production plan, removing the State's monopoly on the production of this type of gold, and granting licenses to produce gold bars to a number of qualified enterprises.

This comes from the fact that the price of SJC gold bars is much different from international prices, as well as other types of gold bars, jewelry, and fine arts.

According to the representative of the State Bank, the State's monopoly on the production of gold bars in Resolution 24 is an important solution to tightly control the supply. Decree 24/2012 of the Government on the management of gold trading activities has been in place for more than 10 years.

But from 2014 until now, this agency has not bid to sell gold bars, increasing supply on the market.

"This could be one of the reasons why the difference between SJC gold bar prices and international prices is high," the State Bank explained.