The narrowing of the gap between domestic and global gold prices may further reduce the selling price of SJC brand gold bars of state commercial banks and the Saigon Jewelry Company (SJC) in the near future.
Hanoi (VNA) – The narrowing gap between domestic and global gold prices may further reduce the selling price of SJC brand gold bars of state commercial banks and the Saigon Jewelry Company (SJC) in the near future.
This was stated by Dao Xuan Tuan, general director of the Foreign Exchange Management Department of the State Bank of Vietnam (BEV), who advised local residents to be cautious when purchasing gold amid global price volatility.
For her part, SJC CEO Le Thuy Hang stressed that buyers should consider and choose the right time to buy and sell the precious metal to avoid risks because gold price fluctuations only occur in the short term.
Analysts maintained that the continuous decline in the price of SJC gold bars in recent days after their direct sale by the BEV has kept the difference at a reasonable level, in line with the central bank’s intervention purposes in this regard.
Truong Vi Tuan, an expert at gold price website giavang.net, highlighted that with the selling price of SJC gold bars announced by the BEV on June 4 at 77.98 million VND (3.069 thousand US dollars ) per tael, the price difference was about 6 million VND, which is quite reasonable compared to nearly 20 million VND previously.
The domestic gold bar price that day fell by one million VND from the previous day. One tael is equal to 37.5 grams or 1.2 ounces.
Previously, the BEV specified that four state commercial banks – Agribank, BIDV, Vietcombank and Vietinbank – and the company SJC participate in the purchase of gold from the BEV for direct sale to the public. This strategic move aims to promote market stability and ensure a balanced gold market./.
