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Tuesday, June 18, 2024

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gold market

Will the new gold policy work?

The State Bank of Vietnam’s (SBV) policy shift to selling gold to commercial banks that then resell the metal to the public to stabilize the gold market is not at all new. Eleven years ago, the SBV also mobilized banks to cope with the then gold rush. Is there anything different this time around and what will be possible effects? Immediate effects In a short while after June 3 this year, when the SBV announced it would sell gold directly to four state-run commercial banks – Agribank, Vietcombank, VietinBank and BIDV – for resale to the public, the price of gold with the SBV-monopolized SJC brand plunged by more than VND10 million per tael. Later, the SBV added Saigon Jewelry Company Limited (SJC) to the list of entities eligible to sell gold sourced from the SBV to the public to leverage its extensive distribution network across provinces and cities. As of the middle of this week (June 6), the price of SJC-brand gold bars had dropped to around VND77 million per tael (a tael equals 37.5 grams or 1.2 troy ounces), close to the selling price of VND75.98 million per tael which the SBV quoted for the four state-run banks […]
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Central bank urges probe into suspected gold market manipulation

HCMC – The State Bank of Vietnam (SBV) has called for police to launch an investigation into misinformation, speculation, and market manipulation on the...

Local gold prices plummet further

HCMC – The domestic price of SJC gold bars plunged by VND2 million this morning, June 1, to VND85 million per tael, which is...

SBV’s gold market stabilization measure seen working

HCMC – Vietnam’s SJC gold prices have continued falling since the central bank announced a decision two days ago that it would allow four...

Local gold prices nosedive

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...

Vietnam to halt gold actions

HCMC – Vietnam’s central bank will stop gold bar auctions from June 3 and will explore other ways to stabilize the domestic gold market. The...

Two conflicting goals

If the gold market is transparent, supply would fall. Meanwhile, to stabilize the volatile gold market, more supply is needed. Therefore, if the priority...

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