State Bank reduces SJC gold bar selling price to 77.98 million VND/tael

People wait their turn to buy gold at an Agribank transaction point.

On the morning of June 4, the State Bank of Vietnam announced: Based on the plan to sell SJC gold bars directly to 04 State-owned commercial banks and Saigon Jewelry Company Limited (SJC) approved by the Governor of the State Bank of Vietnam, the direct selling price of gold bars on June 4, 2024 is as follows: Selling price of SJC gold bars of the State Bank of Vietnam: VND 77,980,000/tael (Seventy-seven million nine hundred and eighty thousand VND/tael)

“The State Bank of Vietnam will continue to implement the roadmap to narrow the gap between the domestic SJC gold bar selling price and the world price,” affirmed a representative of the State Bank of Vietnam.

Previously, according to the announcement of the State Bank of Vietnam, from 2:30 p.m. on June 3, 4 State-owned commercial banks and SJC Company officially sold gold bars to stabilize the market at the selling price of 79.98 million VND/tael. At SJC, the buying price of gold is 77.98 million VND/tael, selling price is 79.98 million VND/tael. The difference between buying and selling SJC gold is only 2 million VND/tael.

After these moves, the price of gold bars in the domestic market was also sharply reduced by businesses to 79.98 million VND per tael. The difference with the world market was quickly narrowed, from a difference of 18 million VND/tael, now SJC gold bars are only 7 million VND/tael higher than the world price.

At 9:00 a.m. on June 4, Saigon Jewelry Company listed the price of SJC gold bars at 77.98-79.98 million VND/tael for buying and selling, down more than 3 million VND/tael compared to the beginning of the previous morning. Other gold trading enterprises such as Bao Tin Minh Chau, Mi Hong, and Phu Quy all listed the selling price of SJC gold bars at 79.98 million VND/tael.

According to the first day of the official sale of gold bars by 4 State-owned commercial banks and SJC Company to stabilize the market, many people lined up to buy. Deputy General Director of Agribank Nguyen Thi Phuong said that the State-owned commercial banks had carefully prepared for selling gold directly to the people, but the number of customers coming was higher than expected. Therefore, on June 4, the bank will arrange more counters to serve the people's gold buying needs. "Among the customers coming to transact on June 3 at Agribank, not all customers came to buy gold, but there were people who just came to explore and survey," Ms. Phuong shared.

People wait their turn to buy gold at a Vietcombank transaction point.

According to Ms. Phung Nguyen Hai Yen - Deputy General Director of Vietcombank, at Vietcombank's gold selling points, the bank arranges for individual customers to come to buy gold to be numbered in order and serve customers in order. Vietcombank will sell to individual customers the amount of gold bars according to the customer's needs and based on the amount of gold bars available in the bank's warehouse.

“In case the warehouse runs out of gold bars when customers want to buy gold bars, the sale of gold will continue when Vietcombank buys gold bars from the State Bank of Vietnam in the next purchase sessions. Customers can return to make transactions at another time when the bank has enough gold bars,” Ms. Yen said.

It is forecasted that the gold price will continue to decrease in the near future after strong intervention from the State Bank of Vietnam. According to the assessment of Mr. Truong Van Phuoc - former Acting Chairman of the National Financial Supervision Committee, with the intervention sale plan through State-owned commercial banks, the State Bank of Vietnam will master the process of narrowing the price gap.

However, many economic experts also advise people to be cautious when buying gold because the price trend may continue to decrease. "People should be cautious, not necessarily buying gold on the first days when State-owned commercial banks start selling gold, because banks will not only sell gold for a few days, but will continue to sell until they achieve the goal of narrowing the gap between domestic and world gold prices," said a representative of the bank's leadership.

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