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Tuesday, June 18, 2024

Local gold prices decline further

The Saigon Times

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HCMC – Domestic gold prices have fallen further today, May 24, driven by a sharp drop in global prices and the Vietnamese central bank’s announcement to inspect gold trading operations.

At around 9 a.m. today, Saigon Jewelry Company (SJC) in HCMC listed the yellow metal at VND87.5 million per tael for buying and VND89.5 million for selling, a VND500,000 decline from yesterday’s close. A tael equals 37.5 grams or 1.2 troy ounces.

PNJ and DOJI maintained their buying gold bar prices at VND87.5 million per tael. For selling prices, PNJ capped it at VND89.4 million per tael while DOJI sold it at VND89.3 million per tael.

As of today, domestic gold prices have declined for the third consecutive day. From its recent peak of VND92.4 million per tael, each SJC gold bar has lost nearly VND3 million.

Gold ring prices also fell by VND400,000 to VND74.8 million per tael for buying and VND76.4 million for selling.

The sharp drop in local gold prices is attributed to declining global prices and Government moves to stabilize the volatile gold market.

Yesterday afternoon, the State Bank of Vietnam (SBV) announced a plan to conduct inspections of gold trading operations at two commercial banks and four businesses, including TPBank, Eximbank, Saigon Jewelry Company (SJC), Doji Precious Metals, Phu Nhuan Jewelry JSC (PNJ), and Bao Tin Minh Chau.

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