The domestic gold market's operations have been relatively stable compared to the previous period. — VNA/VNS Photo

While the domestic gold price posted an annual gain of 10 per cent last year, it closed the first quarter of 2024 with an increase of 8 per cent, reaching nearly VNĐ81 million (US$3,267.4) per tael up from VNĐ75 million at the beginning of the year.

In March, the price of SJC gold rose over 1.25 per cent, with the strongest rally recorded between March 10 and 12, reaching VNĐ82.5 million per tael.

Closing the final trading session of the first quarter, Saigon Jewelry Company listed the buying and selling prices of SJC gold at VNĐ78.3million and VNĐ80.82 million per tael, respectively.

It marked a decrease of VNĐ700,000 per tael for buying and by VNĐ200,000 for selling from the previous closing session.

Meanwhile, DOJI Gold quoted the buying and selling prices of SJC gold unchanged at VNĐ78.8 million and VNĐ80.8 million per tael, respectively.

In the gold market, spot gold finished last quarter at $2,233 per ounce, up 9 per cent in the first quarter.

At the price of VNĐ80.8 million per tael, the gap between the domestic and the global gold prices was VNĐ16.2 million.

Phạm Thanh Hà, the Deputy Governor of the State Bank of Vietnam, said that despite complex fluctuations in gold prices, the market's operations have remained relatively stable compared to the previous period.

This stability has reduced the pressure on the official foreign exchange market.

There have also been changes in people's perceptions regarding gold, and a portion of the domestic gold resources has been redirected towards economic development, Hà added.

The Deputy Governor emphasised that the gold market has undergone fundamental restructuring, leading to improved order and discipline. The buying and selling network for gold has been gradually streamlined, while activities such as mobilising and lending in gold have ceased. — VNS