Central bank moves to sell SJC gold bars at ‘stable prices’
The State Bank of Vietnam (SBV) on June 3 sold SJC branded gold bars to four State commercial banks and a gold and gemstones company at a stable price in an effort to narrow the disparity between domestic and global gold bar prices.
The gold bars were offered at a price of VND78.98 million/tael to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and Vietnam Bank for Agriculture and Rural Development (Agribank), as well as Saigon Jewelry Company (SJC) – one of the several largest gold and gemstones companies in Vietnam.
The four State commercial banks and SJC also began selling the gold bars to individual consumers at VND79.98 million/tael.
Notably, June 3 saw the four State commercial banks only list the gold selling price, not the buying price. They also did not conduct transactions to buy gold bars from people as previously announced.
At Saigon Jewelry Company, the trading price of SJC gold bars was adjusted to VND77.98 - 79.98 million/tael (for buying – selling prices) on June 3 afternoon, or more than VND2 million lower than prices on offer in the morning.
Immediately gold bar prices at large enterprises also dropped sharply. Phu Quy and Bao Tin Minh Chau, the two large gold and gemstones companies, listed gold bar prices at VND78 - 79.98 million/tael (for buying and selling prices).
Some other gold and gemstones businesses even offered prices lower than the stable selling prices from the four commercial banks. DOJI reduced the prices of gold bars to VND77.5 - 79.5 million/tael, while Phu Nhuan listed the bullion bars at VND77.5 - 79.75 million/tael.
Many people lined up to buy gold at gold selling points of BIDV, Vietinbank, Vietcombank and Agribank, but only a small amount of gold bars changed hands, VOV.VN has learned. Bank staff asked buyers to return on June 4.
The central bank has since late April conducted several gold bar auctions, helping to control the domestic gold market. The past week alone saw the price of SJC gold bars fall rapidly by nearly VND10 million/tael, thereby narrowing the gap between domestic and global gold bar prices, from VND18 million to VND9.5 million.
The State bank will continue its ongoing policy to narrow the difference between the domestic and global gold bar prices, said the SBV leadership.
