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Monday, June 17, 2024

Local gold prices plummet further

The Saigon Times

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HCMC – The domestic price of SJC gold bars plunged by VND2 million this morning, June 1, to VND85 million per tael, which is nearly VND6 million lower than two days ago, according to local media reports.

At 8:45 a.m. on June 1, Saigon Jewelry Company (SJC) in HCMC continued to adjust its gold bar price down. Each tael of SJC gold bars was capped at VND82 million for buying and VND85 million for selling, a decrease of VND2 million per tael compared to yesterday’s close.

The difference between selling and buying prices this morning also narrowed to VND3 million per tael following the sharp decline in precious metal prices.

Doji, a jewelry firm in Hanoi, listed its gold bar prices at VND81.95 million per tael for buying and VND84.5 million per tael for selling. Other businesses, such as Bao Tin Minh Chau and Mi Hong, also sold SJC gold bars at VND84.5 million per tael.

The prices of 24K gold rings and jewelry also dropped. This morning, gold rings were bought at VND74.2 million per tael and sold at VND75.8 million per tael, down VND400,000 per tael from yesterday.

The sharp drop in SJC gold bar prices followed the State Bank of Vietnam’s decision to sell gold directly to four state-run commercial banks, which will begin retailing the metal to the public from June 3.

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