HCMC – Local gold bar prices plunged by over VND1 million per tael to below VND90 million per tael following falling global prices and the Government’s moves to stabilize the volatile gold market, said local media reports.
Saigon Jewelry Company (SJC) quoted its yellow metal at VND87.8 million per tael for buying and VND89.8 million per tael for selling this morning, May 23, a VND1.1 million per tael decrease compared to yesterday’s close.
The price difference between buying and selling has narrowed to VND2 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.
Other major gold companies such as Doji, Phu Quy and Bao Tin Minh Chau set their prices at around VND89.5 million per tael for buying and VND89.6 million per tael for selling.
Prices for local gold rings also fell. Each tael of 24K rings at SJC dropped by VND600,000 in both buying and selling prices this morning, ranging between VND75.2 million and VND76.8 million per tael, respectively.
At the State Bank of Vietnam’s ninth gold auction held this morning, 11 banks and enterprises purchased 134 lots, equivalent to 13,400 taels of SJC gold bars, all at the same price of VND88.73 million per tael.
With today’s successful auction, enterprises and banks have bought a total of 48,400 taels of gold bars from the central bank over the past month.
