Specifically, at Saigon Jewelry, the price of SJC gold at 11:30 was listed at VND83.5-85.8 million/tael, an increase of VND600,000/tael compared to the early morning and an increase of VND800,000/tael compared to May 2.
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Meanwhile, the price of 24k plain gold bars at major brands dropped significantly this morning. For example, at SJC, the price of gold bars decreased by about VND400,000/tael compared to yesterday to VND73.1-74.8 million/tael. DOJI Group also reduced by VND400,000/tael to VND73.7-75.25 million/tael. Previously, the price of gold bars on May 2 also decreased by about VND400-500,000/tael.
It is noteworthy that the price of SJC gold fluctuated in the opposite direction of the world gold price. In the international market, the world gold price plummeted last night (May 2, Vietnam time), losing $40/ounce and slipping below $2,300/ounce.
This morning (May 3), the State Bank continued to organize an SJC gold bar auction, but it had to be canceled because only one entity submitted a bid. This is the second time the State Bank of Vietnam has had to cancel an SJC gold bar auction because only one entity submitted a bid. In addition, a previous auction was also canceled due to insufficient number of members registering to bid and depositing the required deposit amount.
Previously, the SBV announced that it would continue to auction gold bars on the morning of May 3, 2024. The auction method is based on price. The volume of gold bars to be auctioned is expected to be similar to previous auctions, at 16,800 taels. The gold bar volume of each transaction lot is 100 taels. The reference price for calculating the deposit value is VND82.9 million/tael. The minimum bid volume that a member is allowed to bid is 14 lots, equivalent to 1,400 taels. The maximum bid volume that a member is allowed to bid is 20 lots (equivalent to 2,000 taels). The bid price increment is VND10,000/tael. The bid volume increment is 100 taels. Each bidding member may only register one minimum price that is equal to or higher than the floor price announced by the SBV.
Regarding the gold market, Prime Minister Pham Minh Chinh has just signed and issued Directive No. 14/CT-TTg dated May 2, 2024 on implementing the task of monetary policy management in 2024, focusing on removing difficulties for production and business, promoting growth, and stabilizing the macroeconomy, in which it is requested that the State Bank strengthen inspection, examination, control, and closely monitor the credit granting of credit institutions, promptly carry out inspection and examination of the gold market, the operations of gold trading enterprises, shops, dealers and distributors of gold bars, complete the inspection and examination system to ensure smoothness, connectivity from the central to local levels, and effectiveness.
