SJC Gold Prices Plunge, Buy-Sell Spread Hits Record High Amid Market Volatility

Domestic Gold Drops Sharply While Global Prices Rise Slightly

On the morning of September 12, domestic SJC gold prices in Vietnam experienced a sharp decline, falling between 900,000 and 1.5 million VND per tael, while global gold prices inched up slightly. This created a significant gap between domestic and international markets.

At 9:30 a.m., Saigon Jewelry Company (SJC) and Doji listed SJC gold prices at 128.4–132.4 million VND/tael (buy/sell), down 900,000 VND from the previous session. Phu Quy Company listed gold at 128–132.4 million VND/tael, dropping 1.5 million VND.

Meanwhile, Phu Quy also reported a slight decline of 200,000 VND for gold rings, trading at 125.7–128.7 million VND/tael, a total decrease of 1.3 million VND compared with the previous week. In contrast, Bao Tin Minh Chau maintained stable prices at 127.7–130.7 million VND/tael for two consecutive sessions.

These movements indicate a strong decline for SJC gold, while gold rings experienced lighter fluctuations, reflecting investor caution and the influence of recent regulatory measures on the domestic gold market.

Buy-Sell Spread Remains at High Levels

A notable feature of this morning’s trading is the exceptionally high buy-sell spread maintained by gold dealers. SJC gold shows a spread of up to 4 million VND/tael, while gold rings have a spread of around 3 million VND/tael. Such a wide gap poses significant short-term risks to investors.

High spreads often reflect supply-demand pressures and cautious market behavior, as dealers respond to exchange rate fluctuations and domestic policy announcements. Experts advise investors to carefully assess the market before buying or selling gold to minimize financial risk.

New Government Directive on Gold and Monetary Market Management

The sharp drop in domestic gold prices also coincides with a new government directive. Deputy Prime Minister Ho Duc Phoc signed Official Dispatch No. 161/CĐ-TTg on September 11, 2025, addressing the Ministry of Finance and the Governor of the State Bank of Vietnam. The directive requires reporting on and proposing measures to manage and operate monetary, gold, and stock markets.

The dispatch emphasizes the need for the State Bank to report on monetary policy implementation, particularly exchange rates, gold prices, interest rates, and real estate credit, and propose management solutions. The deadline for submission is September 14, 2025.

Analysts believe that this regulatory focus may have contributed to the sharp drop in domestic gold prices this morning, as investors reacted cautiously to potential market interventions.

Global Gold Prices and Domestic-International Gap

Internationally, gold is trading around 3,650 USD/ounce, up 8 USD from the previous close. Converted at Vietcombank’s USD exchange rate, this equates to approximately 116.5 million VND/tael, nearly 16 million VND lower than domestic SJC gold prices.

This wide price gap continues to create pressure and risk for domestic investors, as high spreads make transactions unpredictable. While global gold prices rose modestly, driven by expectations of continued accommodative monetary policy and inflation trends in the US, domestic prices were more affected by exchange rates, regulatory policies, and investor sentiment.

USD Exchange Rate Fluctuations and Impact on Gold

The State Bank of Vietnam set the central USD exchange rate at 25,216 VND/USD this morning, down 5 VND from the previous session. Commercial banks also reported slight fluctuations:

Vietcombank: 26,166–26,476 VND/USD, down 6 VND on the selling side.

BIDV and VietinBank: 26,215–26,476 VND/USD, down 6 VND.

Eximbank: 26,170–26,476 VND/USD, down 6 VND.

Stable or slightly declining USD rates help reduce imported gold costs, but they are insufficient to narrow the significant gap between domestic and international prices. Investors must carefully monitor currency fluctuations when trading gold.

Monetary Policy Impact and Investor Guidance

Experts note that this morning’s gold movements reflect the combined effects of regulatory oversight, exchange rate changes, and cautious investor behavior. With buy-sell spreads at record highs, short-term trading risks are significant.

Investors are advised to closely follow gold price trends, USD rates, and official government directives. Gold investment decisions should be based on careful analysis rather than speculation. Monitoring reputable dealers and international gold price trends can help minimize risks and optimize returns.

Conclusion: Domestic and Global Gold Markets Remain Volatile

The September 12 trading session highlights stark differences between domestic and international gold markets. SJC gold prices plunged sharply, while gold rings saw lighter adjustments, and global gold prices rose modestly. High buy-sell spreads and government oversight contribute to investor caution and market volatility.

Investors should stay alert to fluctuations in USD exchange rates, global gold prices, and official policy announcements to make informed decisions. The domestic gold market currently presents both risks and opportunities, emphasizing the importance of timely and accurate market information for profitable investment strategies.