Banks and SJC want to eliminate gold bar speculation

This content was mentioned in the meeting of the State Bank and gold bar buying and selling organizations last weekend.

According to the State Bank, after 3 weeks of selling gold in the new form at 4 state-owned banks (Vietcombank, BIDV, VietinBank and Agribank ) and Saigon Jewelry Company (SJC), the price of gold bars is only about 4 million VND per tael higher than the world price. This level is narrowed compared to nearly 20 million VND in the previous period.

Representatives of gold trading enterprises said that without intervention from the authorities, the high price difference will have negative impacts such as smuggling and tax evasion. This will cause imbalance in the balance of payments, affecting exchange rate management and the macro economy.

However, at the meeting, there were concerns that the market had recently seen a phenomenon of people lining up to buy gold, a sign of market manipulation and market disruption. Units participating in the sale of SJC gold bars said they would continue to improve processes and technology to facilitate people with real purchasing needs, eliminating speculation.

Mr. Nguyen Thanh Tung, CEO of Vietcombank, said that in the coming time, the bank will optimize the process of supplying and selling gold. In particular, Vietcombank plans to put gold sales on the application (app), and make non-cash payments to ensure transparency and convenience for buyers.

The State Bank representative also reiterated the view that "there are enough resources and determination" to stabilize the domestic gold market.

People buy gold at Agribank

Previously, according to the State Bank, the market spread false information that the management agency was short of gold, and that there was a situation of hiring people to line up to collect gold with the aim of pushing up prices, causing instability and damage to the economy . The management agency coordinated with the police to verify and handle these acts, and at the same time advised people to be vigilant, avoid being influenced and exploited by subjects with bad intentions.

Since the beginning of June, the State Bank has increased the supply of gold bars to the market by selling gold directly to four state-owned banks and SJC. The selling price on the market is about 1 million VND per tael higher than the price the authorities sell to the four banks and SJC.

The domestic gold bar price is currently hovering around 77 million VND per tael, maintained since June 7. However, the demand for buying from people remains high, forcing 4 state-owned banks and SJC to switch to online sales (allowing buyers to order on the website and receive gold at the branch), instead of directly at their points of sale. This is to reduce the situation of gathering and waiting in long queues in front of transaction offices and branches.

In addition, after initially announcing unlimited sales to individuals, these 4 banks recently had to limit the maximum purchase amount to 1 tael per person.

VN (according to VnExpress)

Source: https://baohaiduong.vn/cac-ngan-hang-va-sjc-muon-loai-bo-dau-co-vang-mieng-385378.html