In a move that is poised to impact both investors and consumers, the Governor of the State Bank of Vietnam (SBV) has approved the sale of SJC-branded gold bullion at an unprecedented price of VNĐ77.98 million (US$3,069) per tael as of June 4.
This significant valuation marks a notable decrease of VNĐ1 million from the previous day. It’s worth noting that a tael equates to 37.5 grams or approximately 1.2 ounces.
On June 3, the state-owned lenders Agribank, BIDV, VietinBank, and Vietcombank, in conjunction with Saigon Jewellery Company Limited (SJC), engaged in the purchase of gold from the central bank at VNĐ78.98 million per tael, subsequently retailing it to the market at VNĐ79.98 million.
Economic experts are cautioning local residents to exercise prudence, highlighting the possibility of a downturn in gold prices in the near future. This projection is attributed to the SBV’s proactive measures aimed at closing the gap between domestic and global gold prices.
The SBV’s recent announcement exclusively authorizes the four aforementioned banks and SJC to procure SJC gold bars from the central bank for public distribution. This strategic directive underscores the SBV’s commitment to fostering market stability and ensuring equilibrium within the gold market.
As of 10 a.m. on June 4, SJC gold prices are pegged at VNĐ77.98 million per tael for sellers and VNĐ79.98 million for buyers, signifying a pivotal juncture in the gold market’s trajectory.
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