Vietnamese consumers are facing trouble purchasing gold, including supply shortages, government regulations, and the rise of informal gold trading networks, despite recent efforts by the State Bank of Vietnam to stabilize the market.
Prices of domestic gold rings continued their upward trajectory on September 27, reaching an all-time high of VND83.35 million per tael and being equal to the selling price of SJC gold bars for the first time.
The price of SJC gold continued to drop, trading below VND81 million (US$3,171) per tael on Monday morning, narrowing the gap between domestic and international gold prices of VND10.3 million (US$403) per tael.
Chairman of the HCMC People's Committee Phan Van Mai has requested Saigon Gold and Jewelry Company (SJC) to mobilize its resources to meet the State Bank of Vietnam (SBV)’s demand for SJC gold bar high-volume production to stabilize the gold market.
