From 2:30 p.m. on June 3, the five entities mentioned will initiate the sale of SJC gold bars to individual customers. Starting from June 4, sales will begin at 9 a.m.
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.
At 10:45 am on June 4, the four state-owned banks simultaneously announced that the selling price of an SJC-branded gold bar was VND78.98 million (US$3090) per tael, falling VND1 million (US$39) a tael compared to yesterday evening.
The State Bank of Vietnam (SBV) is expected to sell SJC gold through four state-owned joint stock commercial banks as opposed to through auctions from June 3 with the aim of ensuring market stabilisation.
