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The selling price of SJC gold bars this morning, May 30, evaporated by 2.3 million VND/tael after news that the State Bank approved 4 state-owned commercial banks to sell gold.
The selling price of gold today, May 30, at SJC Company is only 88 million VND/tael, down 2.3 million VND/tael. Meanwhile, the buying price of SJC gold bars is only 84.5 million VND/tael. This is the sharpest drop in the price of SJC gold bars in recent times. In the market, the drop is even sharper.
At Mi Hong gold shop, when it opened, the selling price of SJC gold bars was 89.3 million VND/tael but then dropped sharply to 87 million VND/tael. This price was 1 million VND/tael lower than the selling price at SJC Company.
Similarly, at Bao Tin Minh Chau, the selling price of SJC gold bars also plummeted from 90.5 million VND/tael yesterday afternoon to 87 million VND/tael, equivalent to a decrease of 3.5 million VND/tael. The buying price also dropped quickly to 84.5 million VND/tael.
DOJI Company also reduced the selling price of SJC gold bars from 90.4 million VND/tael to 87.5 million VND/tael.
From the difference between buying and selling prices of 2 million VND/tael in previous days, today the difference increased to 2.5 - 3 million VND/tael, pushing the risk to the buyer.
So if anyone bought yesterday at the highest price of 90.6 million VND/tael, by this morning they would have lost nearly 6 million VND/tael because the current buying price is only 84 - 84.5 million VND/tael.
This morning, the world gold price continued to plummet to 2,335 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 71.7 million VND/tael.
Compared to the converted world gold price, the price of SJC gold bars is 16.3 million VND/tael higher. Thus, the difference between domestic and world gold prices has significantly narrowed compared to yesterday.
With 9999 gold rings, this morning the selling price of 9999 gold rings at SJC Company only decreased by 300,000 VND/tael following the world price decrease, to 76.25 million VND/tael, buying at 74.65 million VND/tael.
Compared to the converted world gold price, the price of gold rings is 4.55 million VND/tael higher.
Yesterday, the State Bank informed about the plan to manage the gold market after stopping the auction. Accordingly, it assigned 4 state-owned banks, Vietcombank, Agribank, VietinBank, BIDV, to sell gold directly to the people.
From June 3, the State Bank will sell gold directly to four state-owned commercial banks at prices determined by the State Bank, based on world prices.
With abundant resources and available tools, the State Bank said it has the capacity and determination to stabilize the market and achieve the above-mentioned goals. The gap between domestic and international gold prices will quickly and sustainably narrow.
According to Mr. Nguyen Ngoc Trong - Director of New Partner Gold Company (NPJ), the new plan proposed by the State Bank is the most drastic plan ever and has a clear goal of bringing the price of SJC gold bars close to the converted world gold price.
With a network covering all provinces and cities, people will easily access to buy gold when needed, avoiding shortages. Thereby, it is also expected that the gap between domestic and international gold prices will quickly and sustainably narrow.
"In recent years, the price of gold has only increased, and people have made a profit by buying. But now, with the determination to intervene strongly from the management agency, people will have to consider more carefully and not dare to buy recklessly because of the possibility of big losses if they chase the high price peak," said Mr. Trong.
TN (according to Tuoi Tre)