Gold prices may continue to fall in the coming time.

Recently, due to the complicated developments of the world gold market, the domestic gold price has fluctuated strongly, increased rapidly, and has a high difference compared to the international price. Implementing the Prime Minister's instructions on stabilizing the gold market, the State Bank of Vietnam decided to implement a plan to sell gold directly to 4 state-owned commercial banks ( Agribank , BIDV, Vietcombank and VietinBank) and Saigon Jewelry Company Limited - SJC (SJC Company) so that these units can sell gold directly to the people in order to bring the domestic gold price closer to the world gold price.

On the afternoon of June 3, gold selling points of 4 commercial banks and SJC Company officially opened to sell SJC gold to people.

Accordingly, with the State Bank's purchase price of 78.98 million VND/tael, banks listed the selling price at 79.98 million VND/tael, which is 1 million higher than the purchase price. On June 4, the Governor of the State Bank approved the direct selling price of gold bars for the day at 77.980 million VND/tael, a decrease of 1 million VND/tael compared to the session on June 3.

This has led to many people lining up early to buy gold at gold selling locations. Economic experts have warned people to be cautious because the gold price trend may continue to decrease due to drastic measures by the State Bank to reduce the price difference in the coming days.

The State Bank said it will continue to implement the roadmap to narrow the gap between the domestic SJC gold bar selling price and the world price. State-owned commercial banks and SJC Company affirmed that the gold sale is to ensure the implementation of the goal of stabilizing the gold market according to the policy of the Government and the State Bank of Vietnam, not for profit. Based on the gold bar purchase price from the State Bank, state-owned commercial banks and SJC Company will determine and announce the SJC gold bar selling price on the websites of state-owned commercial banks and SJC Company and at gold selling locations.

To buy gold, customers need to bring their required identification documents directly to the above gold selling locations to make transactions, make payments in cash or by bank transfer and receive gold immediately. Sales invoices are provided to customers buying gold in the form of electronic invoices.

In particular, the State Bank noted that state-owned commercial banks only sell SJC gold bars to individual customers and do not buy SJC gold bars from customers. Meanwhile, SJC Company conducts all transactions of buying and selling SJC gold bars.

HL.

HL. Source