According to the State Bank of Vietnam (SBV), the direct selling price of SJC gold bars on June 5 for four State-owned commercial banks and Saigon Jewelry Company (SJC) was announced at VND76.98 million per tael, down VND1 million per tael compared to yesterday. SJC gold prices on the market were also adjusted by VND1 million per tael to VND77.98 million per tael.

As of 1 p.m. in Ho Chi Minh City, the selling price of SJC gold at four State-owned commercial banks was listed at VND77.98 million per tael, down VND1 million per tael compared to yesterday.

In Ho Chi Minh City, Saigon Jewelry Company further reduced the buying price by VND500,000 and the selling price by VND1 million compared to the beginning of the morning, a total decrease of VND1 million for both buying and selling prices compared to yesterday, with transactions at VND76.48 million per tael for buying and VND77.98 million per tael for selling.

Mi Hong Gold Shop also revised down the buying price by VND600,000 and the selling price by VND1 million compared to this morning, a total decrease of VND1.2 million in the buying rate and VND1 million in the selling rate compared to yesterday, to list at VND76.8 million per tael for buying and VND77.98 million per tael for selling.

At the same time, in Hanoi, Doji Group further adjusted the buying price by VND100,000 and the selling price by VND1 million compared to this morning, a total decrease of VND800,000 for the buying price and VND1 million for the selling price compared to yesterday, to purchase gold at VND76.88 million per tael and sell it at VND77.98 million per tael.

PNJ Company also lowered the buying price by VND500,000 and the selling price by VND1 million compared to this morning, a total decrease of VND1 million for both buying and selling rates compared to yesterday, listing at VND76.48 million per tael for buying and VND77.98 million per tael for selling.

Since May 29, when the SBV announced the implementation of new measures to stabilize the market, the price of SJC gold has dropped by a total of VND12.5 million per tael.

In the global gold market, the spot gold on the Kitco exchange was at $2,331.45 an ounce at 1 p.m. on June 5 (Vietnam time). After conversion, this price is equivalent to VND71.5 million per tael, about VND6.5 million per tael lower than SJC gold.

This morning in Ho Chi Minh City, it was recorded that many people were lining up to buy gold at the headquarters of PNJ Company in District 3 and at branches of the four State-owned commercial banks in Ho Chi Minh City.

Minh Trang, living in District 4, shared that around 10:30 a.m. this morning, she went to the headquarters of PNJ Company and saw a sign indicating a temporary halt in gold sales, advising customers to return at 1:30 p.m.

"I then went to two branches of BIDV and Agribank in District 1 around 11 a.m., and both places informed me that they had run out of their morning gold allocation and asked me to return at 1:30 p.m. to get a number," Trang said.

She added that she had just sold her house, and with the money sitting idle in her account, she noticed that the price of SJC gold had dropped nearly VND13 million per tael in just one month. Therefore, she planned to buy ten taels of SJC gold but has been unable to do so for the past two days.

Not only SJC Company and the State-owned commercial banks are experiencing high demand, but also the Mi Hong Gold Shop in Binh Thanh District announced they had run out of SJC gold bars when customers came to buy this afternoon. The store manager stated they would only have gold to sell once they purchased it from customers. However, most customers at the store were there to buy gold, rather than to sell it.