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Ho Chi Minh City
Wednesday, June 19, 2024

A fresh perspective on gold

By Thuy Le

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Gold hoarding has become popular as a long-term investment vehicle. Central banks worldwide have been diversifying their foreign reserves by consistently acquiring gold in recent years. This trend has extended to institutional and individual investors. The gold price waltz The price gap between local SJC-brand and global gold hit a record VND20 million per tael (equivalent to 1.2 troy ounces) in the waning days of 2023. This prompted the Prime Minister to instruct authorities to adopt effective measures for managing and regulating local gold prices, in line with market principles. The goal is to prevent the wide disparity between local and international gold prices, which can adversely affect macroeconomic stability. The State Bank of Vietnam (SBV) has also prepared market stabilization measures to mitigate the impact of gold prices on the exchange rate, inflation, and overall macroeconomic stability. One of these measures involves increasing the supply of SJC gold to the market. Due to these new developments, the local gold bar market has turned significantly volatile. Prices have rapidly fallen, surged, and then plummeted. As of January 1, 2024, the buying price of SJC gold hovered around VND70 million per tael, and the price gap between SJC and international gold […]
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