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Domestic gold prices shoot up after SBV’s gold auction halt

The Saigon Times

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HCMC – Domestic gold bar prices surged by VND600,000 per tael today, May 28, a day after the State Bank of Vietnam (SBV) announced to suspend future gold auctions, according to local media reports.

The Saigon Jewelry Company (SJC) in HCMC quoted gold bars at VND88.5 million per tael for buying and VND90.5 million per tael for selling, a VND600,000 increase from yesterday’s close and a VND1 million rise against the end of last week.

Currently, SJC gold bar prices are approximately VND18.3 million per tael higher than global prices. A tael equals 37.5 grams or 1.2 troy ounces.

Other gold companies also adjusted up their prices. Bao Tin Minh Chau and DOJI sold SJC gold bars at VND90 million per tael, an increase of VND300,000. Mi Hong set its gold selling prices at VND90.3 million, up by VND600,000 from the previous trading session.

The price of gold rings also saw an uptick. A tael of 24K rings at SJC increased by VND150,000 for both buying and selling, currently trading at VND75-76.6 million per tael.

After six successful auctions with a total of 48,500 taels of SJC gold bars (over 1.8 tons of gold) finding buyers, the State Bank of Vietnam announced on May 27 that it would stop gold auctions in the future.

A new plan to stabilize the gold market is expected to be implemented soon, with a projected start date being June 3. However, specific details of the plan have yet to be disclosed.

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