SJC gold bar price falls to 79 million VND/tael

Today, June 4, the State Bank directly sold gold to four state-owned banks and Saigon Jewelry Company (SJC) at the price of 77.98 million VND/tael.

Banks and SJC sell to people at a price no more than 1 million VND higher than the purchase price from the management agency, which is a maximum of 78.98 million VND per tael.

At SJC, at 11am, the gold price dropped to 77.48 - 78.98 million VND/tael. The difference between buying and selling prices was narrowed by businesses to 1.5 million VND.

This morning, some sales points of 4 state-owned banks Vietcombank, BIDV, Agribank and VietinBank temporarily stopped selling gold to adjust procedures and transaction counters. This was done by the banks after recording a large number of customers buying on the first day.

At gold bar trading brands that are not in the "stabilized" gold sales category such as DOJI, PNJ, Bao Tin Minh Chau, Mi Hong... the price also decreased this morning. DOJI and PNJ simultaneously fixed this type of gold at 77.68 - 78.98 million VND/tael. At Mi Hong, the price of the precious metal also dropped to 78 - 78.98 million VND/tael.

Thus, in the past 7 days, the price of each tael of gold has decreased by 11 million VND, equivalent to an adjustment of more than 12%.

The rapid decrease in domestic gold prices has narrowed the gap with the world price to VND7 million/tael. In the international market, the precious metal is hovering around USD2,346/ounce, equivalent to VND72 million/tael at Vietcombank exchange rate.

Former Chairman of the National Financial Supervisory Commission Truong Van Phuoc acknowledged that entrusting the four banks and SJC is an effective "fever reducer" to bring domestic prices closer to the world price. According to him, selling "stabilized" gold bars with gradually decreasing prices will cause prices to continue to fall in the future.

However, according to experts, to ensure a reasonable difference with international prices in the long term, the State Bank needs to have a solution to completely eliminate the monopoly on gold bars.