Gold has 2 prices, SJC gold bar prices between banks have large differences

While 4 state-owned commercial banks (Agribank, Vietcombank, VietinBank and BIDV) are selling SJC gold bars at 76.98 million VND/tael in the last 6 consecutive sessions, the price of SJC gold at joint stock commercial banks is still listed at a price millions of VND higher.

According to the public price listed on June 13, the price of SJC gold bars sold by Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is 82 million VND/tael, the price bought by this bank is 78.5 million VND/tael. The difference between the buying and selling price is 3.5 million VND/tael.

Compared to the selling price (VND 76.98 million/tael) at state-owned commercial banks, the price of SJC gold bars at HDBank is VND 5.02 million/tael higher.

HDBank's buying price alone is 1.52 million VND/tael higher than the selling price at 4 state-owned commercial banks.

This huge difference partly explains why people still line up to buy gold at state-owned commercial banks despite the harsh weather.

Not only at HDBank, the selling price of SJC gold bars at other commercial banks also has a large difference compared to the selling price at the 4 "big guys" Agribank, Vietcombank, VietinBank and BIDV.

The lower difference occurred at Vietnam Export Import Commercial Joint Stock Bank (Eximbank). This bank announced the selling price of SJC gold bars on June 13 at VND78.98 million/tael, while the buying price was VND74.98 million/tael.

Currently, the difference between the buying and selling price at Eximbank is 4 million VND/tael. Compared to the selling price at state-owned commercial banks, the price of gold bars sold by Eximbank is 2 million VND/tael higher.

A media representative of one of the above banks explained that the gold price at commercial banks is higher because the State Bank of Vietnam (SBV) only intervenes to sell gold directly to 4 state-owned commercial banks and SJC Company. Meanwhile, commercial banks are not subject to this category.

In the 6 recent successful gold bar auctions organized by the State Bank, in addition to gold trading enterprises, there was also the regular participation of the above credit institutions.

On the morning of June 13, state-owned commercial banks announced the selling price of SJC gold bars at 76.98 million VND/tael, unchanged from the previous 5 consecutive sessions.

Meanwhile, at the gold selling points of Saigon Jewelry Company (SJC), the price of SJC gold bars listed by this company is equal to the selling price of Big4 state-owned commercial banks, but not everyone can easily buy gold.