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Tuesday, June 25, 2024

SBV’s gold market stabilization measure seen working

The Saigon Times

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HCMC – Vietnam’s SJC gold prices have continued falling since the central bank announced a decision two days ago that it would allow four major state-run banks to sell gold bars to the public early next week.

SJC gold bars dropped to VND87 million per tael, a decline of VND1.8 million from the previous day. However, the buy-sell price difference widened to VND3 million per tael. One tael weighs 37.5 grams or 1.2 troy ounces.

DOJI gold in Hanoi and HCMC was listed at VND83.05 million per tael for buying and VND85.55 million per tael for selling, according to data from the gold price monitoring website bieudogiavang.vn at around 3 p.m. This represents a respective decrease of VND1.7 million and VND1.55 million compared to Thursday.

Prices of gold rings and jewelry remained stable. SJC 9999 gold rings were bought at VND74.6 million per tael and sold at VND76.2 million per tael, with a buy-sell price spread of VND1.6 million per tael.

The drop in domestic prices comes despite global gold prices remaining stable at US$2,346 per ounce. The announcement that the Big 4 state-run banks – Agribank, Vietcombank, Vietinbank and BIDV – will start selling gold bars to the public from June 3 has contributed to the recent price declines.

The gap between domestic and global gold prices has narrowed to around VND15.6 million per tael.

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