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Monday, June 17, 2024

Local gold prices nosedive

The Saigon Times

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HCMC – SJC gold bar prices dropped by a staggering VND2.9 million per tael this morning, May 30, following the central bank’s decision to allow four state-run commercial banks to retail the yellow metal to the public.

At around 9 a.m., Saigon Jewelry Company (SJC) in HCMC set the prices of gold bars at VND84.5 million per tael for buying and VND88 million per tael for selling, down by VND3.8 million and VND2.3 million per tael against yesterday’s close, respectively.

The difference between buying and selling prices was set at VND3.5 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.

Doji, a major jewelry firm based in Hanoi, bought gold at VND84.5 million per tael and sold it at VND87 million per tael, down by VND3.8 million and VND2.9 million per tael, respectively, compared to the previous trading session. Other jewelry firms, like Phu Quy and Bao Tin Minh Chau, sold gold bars at around VND87 million per tael, about VND1 million lower than SJC’s prices.

Gold ring prices saw a milder decline. Each tael of 24K gold rings at SJC fell by VND300,000 on both the buying and selling sides, now trading at VND74.65-76.25 million per tael.

The sharp drop in SJC gold bar prices came after the State Bank of Vietnam’s move to sell gold directly to four state-run commercial banks, which will then retail the metal to the public from June 3.

The central bank introduced these measures after recent auctions over the past month failed to effectively reduce the price gap between domestic and global gold prices.

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