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Sunday, July 14, 2024

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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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SBV further lowers gold bar price

HCMC – The State Bank of Vietnam (SBV) on June 4 sold gold bars to four authorized banks and Saigon Jewelry Company (SJC) at...

SJC buys gold from SBV for retail

HCMC – Alongside the four state-run commercial banks authorized to sell gold to the public, Saigon Jewelry Company Limited (SJC) is now entitled to...

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...

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...

How to deal with gold market volatility

Regarded as a symbol of wealth, a safe haven asset, and a cultural heritage, gold plays an important role in Vietnamese society. However, the...

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