Two days, gold bar price decreased by nearly 6 million VND/tael

This morning, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 82-85 million VND/tael, down 1 million for buying and 2 million for selling. In the past two days, the price of 1 tael of SJC gold bars has "evaporated" nearly 6 million VND, from the threshold of 90.9 million VND closed on May 29.

The buying and selling range this morning also narrowed after the sharp decline of precious metals, down to 3 million VND compared to 4 million yesterday.

At other brands, gold prices also decreased accordingly, most of which were traded below SJC's selling price. DOJI Gold and Gemstone Group, Bao Tin Minh Chau, and Mi Hong sold gold bars at around VND84.5 million/tael, VND500,000 lower than SJC's price.

The price of plain rings decreased slightly. Each tael of 24K rings at SJC decreased by 300,000 VND in both buying and selling directions, currently trading at 74.2-75.8 million VND.

In the international market, gold prices also plummeted. Each ounce of gold this morning lost more than 20 USD at one point, down to 2,320 USD before recovering to 2,326 USD.

The sharp decline in gold bar prices as the State Bank changes its approach to stabilizing the market.

The management agency previously organized a bidding to increase the supply of gold bars to reduce the price difference compared to the world. After 9 bidding sessions, the State Bank supplied the market with 48,500 taels of SJC gold, equivalent to more than 1.8 tons of gold.

However, after a month of bidding, the goal of "cooling down" the price of gold bars has not been achieved. The State Bank then had to stop bidding and switch to the method of selling gold directly to 4 state-owned banks.

Four state-owned banks will sell SJC gold bars to stabilize the market, but will not buy them back from the people. People will come directly to their points of sale, pay in cash or by bank transfer and receive gold immediately. Buyers will be provided with electronic invoices.

With the resources and tools available, the operator believes that it has "enough capacity and determination" to stabilize the market. The gap between domestic and world gold prices will quickly narrow.